BNP Paribas Asset Management Alts to exit its stake in biotechnology company LimmaTech Biologics AG in Sale Transaction to Lilly
BNP Paribas Asset Management Alts on behalf of its Global Health strategy is pleased to announce that portfolio company LimmaTech Biologics AG, a Swiss clinical-stage biotech company, has entered into a definitive agreement to be acquired by US pharmaceutical company Eli Lilly and Company (“Lilly”), for a total consideration of up to $780m, inclusive of an upfront payment and additional potential payments based upon the achievement of certain clinical and regulatory milestones.
LimmaTech is developing vaccines against bacterial pathogens with significant unmet medical need—including Staphylococcus aureus, Neisseria gonorrhoeae, and Chlamydia trachomatis—where rising antimicrobial resistance is driving substantial morbidity and mortality. The company's platform is designed to generate broad, durable immune responses against complex bacterial targets by targeting the toxins and superantigens that drive disease. LimmaTech's lead program is a Staphylococcus aureus vaccine currently in a Phase 1 clinical trial, intended to prevent the most common infection complicating surgical procedures. The company's preclinical pipeline is pursuing other serious bacterial pathogens.
BNP Paribas Asset Management Alts' Global Health strategy co-led the Series A financing for LimmaTech Biologics in 2023 and served on the Company’s board of directors since that time. The proceeds were utilised to advance its self-adjuvating and multi-antigen vaccine platform and accelerate the development of vaccines targeting common bacterial infections that currently cannot be prevented. The investment reflects the strategy’s commitment to addressing conditions of significant health, aligning with the United Nations Sustainable Development Goal 3 (Good Health and Well-being), which aims to support vaccine and medicine research and development, whilst improving access to affordable essential treatments.
The BNP Paribas Asset Management Alts’ Global Health strategy, which in the case of LimmaTech Biologics was investing from its 2022 fund vintage, seeks to invest in companies developing innovative, affordable solutions to global health challenges, targeting high-volume markets, where demand for new products has the potential to benefit from rapid growth in healthcare spending and population growth.
Zina Affas Besse, Partner and Deputy Head of Healthcare Private Equity at BNP Paribas Asset Management Alts, commented: “We are delighted with the progress LimmaTech Biologics AG has achieved in addressing antimicrobial resistance, a growing threat recognised by major international and national health bodies. Through this agreement, with this successful impending exit, we aim to achieve attractive financial returns, whilst fulfilling BNP Paribas Asset Management Alts’ broader impact objectives of delivering intentional, measurable, and positive healthcare outcomes.”
The closing of the transaction is subject to customary closing conditions.
Capital at risk. The value of investments may fall as well as rise and you may not get back the full amount invested.
About BNP Paribas Asset Management Alts
BNP Paribas Asset Management Alts (BNPP AM Alts) is the alternative investments platform of BNP Paribas Asset Management. It is the largest alternatives asset manager in Europe and a global leader, with approximately €300 billion in assets under management across Real Estate, Infrastructure, Alternative Credit and Private Equity. With more than 30-year track record, BNPP AM Alts has built a reputation as a pioneering and innovative asset manager, combining an entrepreneurial investment culture with strategic discipline. BNPP AM Alts finances the real economy by providing equity and debt to help companies to expand by developing, managing and financing infrastructure and buildings essential to economic growth. Sustainability is at the core of our investment decision-making processes, with a particular focus on decarbonization.
About BNP Paribas Asset Management
BNP Paribas Asset Management (BNPP AM) is the asset manager of BNP Paribas, a leading banking group in Europe with international reach.
Among the top three asset managers in Europe, BNPP AM manages more than €1.6 trillion in assets for institutional, corporate, retail and wealth clients worldwide, combining liquid and alternative capabilities with a leadership position in long-term savings management for insurers and pension funds (€850 billion AUM).
BNPP AM offers a broad range of liquid investment solutions, spanning fixed income, high conviction active strategies and a fast-growing ETF offering, together representing over €1 trillion in assets under management.
The alternatives platform, built on over 30 years of experience, is the largest in Europe and a global leader, managing approximately €300 billion across real estate, infrastructure, alternative credit and private equity.
Sustainable and thematic investment capabilities are embedded across the business, supporting client’s long-term objectives.
BNPP AM brings together expert professionals across nearly 40 countries, blending global reach with local expertise.
Source for combined AUM: BNPP AM, as of December 2025.
Based on BNPP AM internal data analysis.
Based on Assets under Management ranking as published by major Asset Managers in 2024 - IPE Report 2025.
Disclaimer
The investment identified does not represent all of the investments purchased, sold, or recommended for the strategy. There is no guarantee that the investment we make were or will be profitable. Developments of the past offer no guarantee and are no indicator for any future returns or trends.
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