Wrexham-based medtech business Aparito has been acquired by global pharmaceutical company Eli Lilly and Company, generating a return on investment for previous backer the Development Bank of Wales.
Founded in 2014 by Dr Elin Haf Davies, the company digitises clinical trials and captures real-world data through mobile apps, video assessments and wearable devices.
One of its tools is Atom5, a software platform that allows patients to input their health data in the app, such as medication times, dosage, and how they feel and function.
Clinicians can see and speak to the patient via secure video conference, and the platform can conduct a wide range of reporting and data analysis.
The technology is said to generate real-time warnings if it suspects adverse events or unexpected deterioration in the patient.
Aparito is now a wholly-owned subsidiary of Eli Lilly and Company, a firm with offices in 18 countries that sells medical products globally.
While the full terms of the deal have not been disclosed, it is set to generate an initial return of 2.9x for the Development Bank of Wales’ £1.2m equity investment into Aparito. According to the state-owned bank, there is potential for this to rise to a 3.2x return on investment, depending on Aparito’s performance.
The Development Bank of Wales made the first of the startup’s three equity investments alongside co-investors Bethnal Green Ventures, Wealth Club and Ascension VC. This investment came after Aparito joined Bayer Pharmaceuticals’ G4A health tech accelerator back in 2017.
Davies, who began her career as a children’s nurse before completing her PhD at the University College London, remains with the business as chief executive along with all 26 staff in Wrexham and five in Barcelona. The company will continue its operations in Wrexham.