Advent led a syndicate of institutional investors to fund Cochlear Pty Ltd’s commercialisation into world markets for its bionic ear. Advent worked with management as it adjusted its strategy in selling a revolutionary product in changing circumstances. After achieving market leadership, it switched to a strategy of price leadership. Advent eventually negotiated the sale of Cochlear to Pacific Dunlop Limited, achieving an IRR of 34% over three and a half years. |
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