Our team has advised on over:
Includes transactions from previous firms
Select Transactions
Sell Side
Acquisition by Eli Lilly
Sale of preclinical protein therapeutics company
Lilly Announces Acquisition of Protomer Technologies
Acquisition by Danaher/IDT
Sale of NGS library preparation genomics kits company
Acquisition by Eli Lilly
Sale of preclinical neuroscience company
Acquisition by Boston Scientific
Sale of a privately held, venture-backed, GI company with strong early commercial traction
Sale of a privately held, venture-backed, GI company with strong early commercial traction
Xlumena’s device portfolio includes the AXIOS™ and HOT AXIOS™ Stent and Delivery Systems. The AXIOS Stent and Delivery System has received U.S. Food and Drug Administration (FDA) clearance and is the world’s first stent designed for endoscopic ultrasound-guided transluminal drainage of symptomatic pancreatic pseudocysts. The next-generation HOT AXIOS™ Stent and Delivery System incorporates cautery into the delivery of the AXIOS stent. Both systems have CE Mark and are currently sold in select countries in Europe.
Boston Scientific Corporation purchased Xlumena for an upfront payment of $62.5m, an additional payment of $12.5m upon FDA approval of the Hot AXIOS product, and further sales-based milestones based on sales achieved through 2018.
Aquilo worked closely with the Xlumena management team and Board of Directors and also provided advice on deal process, valuation and structure. The acquisition enables Boston Scientific, a leader in the EUS market, to advance its product portfolio with Xlumena’s leading interventional EUS therapeutic devices.
Acquisition Completed: April 2015
Location: Mountain View, CA
Team: Greg Patterson (President & CEO), Bill Albright (CFO)
Board of Directors: Greg Patterson (Xlumena), Tony Natale (Prism Venture Partners), Ken Binmoeller (Founder), Barr Dolan (Charter Venture Partners), Ken Hayes, Jason Hong (Third Point LLC), Eric Sillman (Aperture Venture Partners)
Private Placement & Strategic Advisory
Series D Preferred Stock
Financing for commercial-stage best-in-class epilepsy company
Series A Financing Strategic Advisor to Nuvation Bio
Financial advisory services to Nuvation related to the formation and Series A financing
Financing for leading aerosol drug delivery company
Series B Preferred Stock & Debt
Growth capital for private, commercial-stage hip and knee implant company
Growth capital for a private, commercial-stage hip and knee implant company with significant revenues and proprietary robotic and navigation platform
Funding will be used immediately to fund OMNI’s growth initiatives, including expansion of OMNI’s hip and knee product lines; commercial development of the proprietary OMNInav hip replacement solution; and doubling the number of deployed OMNInav systems.
The financing was led by Deerfield Management Company, providing OMNI a strong strategic financial partner with deep experience in the robotics and orthopedic space (previous investment in Mako Surgical), while avoiding syndicate risk.
Aquilo was the exclusive placement agent to OMNI, sourcing the new investor, playing an integral role in determining the structure of the securities, coordinating diligence and negotiating terms.
Closing: April 2014
Security: Convertible Debentures, Term Note, Series B Preferred Stock
Location: East Taunton, MA
Team: George Cipolletti (President & CEO)
Partnering
Global Partnership with AbbVie
Global partnership between AbbVie and HotSpot, a discovery company developing small molecule therapies for cancer and autoimmune diseases, around its IRF5 program.
Partnership with Sanofi
Collaboration to develop and commercialize IRAK4 protein degrader therapies for immune-inflammatory diseases
Partnership with AstraZeneca
Collaboration to develop and commercialize Anticalin-based inhaled treatments for respiratory diseases
Collaboration with AstraZeneca to develop and commercialize Anticalin-based inhaled treatments for respiratory diseases.
Pieris announced a strategic collaboration in respiratory diseases with AstraZeneca to develop novel inhaled drugs that leverage Pieris’ Anticalin® platform, including its lead preclinical drug candidate, PRS-060.
Under the collaboration, Pieris will be responsible for advancing its preclinical lead candidate, PRS-060, into Phase 1 clinical trials in 2017. PRS-060 is an Anticalin against IL-4Ra with potential in asthma. AstraZeneca will fund all clinical development and subsequent commercialization programs and Pieris has the option of co-development and co-commercialization in the US from Phase 2a onwards. In addition, the parties will collaborate to progress four additional novel Anticalins against undisclosed targets for respiratory diseases with Pieris having the option to co-develop and co-commercialize in the US two of these programs.
AstraZeneca will make an upfront and near term milestone payments to Pieris in the amount of $57.5 million — $45 million USD of upfront payments and $12.5 million USD for the initiation of the PRS-060 Phase 1 trial. Pieris has the potential to receive development-dependent milestones and eventual commercial payments for all products not exceeding $2.1 billion as well as tiered royalties on the sales of any potential products commercialized by AstraZeneca. For programs co-developed by Pieris, the Company stands to receive increased royalties or a gross margin share on worldwide sales equal, dependent on the level of investment to which Pieris commits.
Aquilo worked closely with Pieris’ senior management teams in the US and Europe to structure and negotiate the economics and other business-related items of the license and platform agreements.
The collaboration agreement is conditional upon the expiration or early termination of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
Acquisition Completed: May 2017
Location: Boston, MA
Team: Stephen Yoder (President and CEO), Louis Matis (SVP and CDO), Lance Thibault (Acting CFO), Claude Knopf (SVP and CBO), Shane Olwill (VP, Head of Development & Immuno-Oncology), Mary Fitzgerald (VP, Respiratory Medicine), Christine Rothe (VP, Head of Discovery & Alliance Management), Eckhard Niemeier (VP, Head of BD), Claus Schalper (VP, Finance)
Board of Directors: Stephen Yoder, Chau Khuong, Michael Richman, Steven Prelack, Jean-Pierre Bizzari, Julian Adams, Christopher Kiritsy
Partnership with Astellas
License and commercialization agreement for WW rights to clinical-stage oncology candidate
Global partnership with Astellas for XTANDI
Medivation was developing enzalutamide, a novel, oral anti-androgen drug candidate for prostate cancer. After a successful Phase 2 trial, Medivation advanced the drug into a pivotal Phase 3 trial in September 2009.
Aquilo assisted Medivation throughout the enzalutamide partnering process, introducing potential strategic partners and helping the company evaluate the financial, strategic and corporate governance aspects of potential partnerships.
The economic aspects of the deal with Astellas include $110 million upfront payment, up to $335 million of development milestones, up to $320 million of commercial milestones, a 50/50 split of US profits, and tiered double-digit royalties on ex-US sales.
When Phase 3 data was released it drove an $800 million increase in market cap for Medivation, and Astellas’ market cap increased by $500 million that same day.
XTANDI (enzalutamide) was approved in the US in August 2012 and commercially available in September 2012.
From the date of the announcement of the global partnership with Astellas until the commercial launch in September 2012, the market cap of Medivation increased by $3.0 billion.
Definitive Agreement: October 2009
Closing: October 2009
Location: San Francisco, CA
Team: David Hung (CEO), Patrick Machado (CFO)
Buy Side
Acquisition of Zoladex in US, CAN from AstraZeneca
Acquisition of marketed cancer therapuetic
TerSera Therapeutics enters agreement with AstraZeneca for Zoladex in the US and Canada.
TerSera Therapeutics entered into an agreement with AstraZeneca for the commercial rights to Zoladex (goserelin acetate implant) in the US and Canada. Zoladex is an injectable luteinising hormone-releasing hormone agonist, used to treat prostate cancer, breast cancer and certain benign gynaecological disorders. It was first approved in the US and Canada in 1989. Zoladex had 2016 product sales of $69 million in the US and Canada and $816 million globally. TerSera will pay AstraZeneca $250 million upon completion. AstraZeneca will also receive sales-related income through milestones totaling up to $70 million, as well as recurring quarterly sales-based payments at mid-teen percent of product sales. AstraZeneca will also manufacture and supply Zoladex to TerSera and will continue to commercialize Zoladex in all markets outside the US and Canada.
Aquilo Partners worked with TerSera to identify and execute the acquisition of Zoladex.
Acquisition of Performance Optics
Purchase of privately held ophthalmic lens manufacturer
Buyside representation on the acquisition of leading global eyeglass lens manufacturing company.
Ophthalmic eyewear lenses is the largest business unit in HOYA’s Life Care segment
The acquisition strengthens HOYA’s ability to provide customers with a broader portfolio of leading products, while continuing to provide best-in-class services to the eyewear industry.
Aquilo coordinated with the senior HOYA management team and legal and accounting advisors to structure and negotiate the transaction, provided financial analysis support, and helped manage cross-border diligence and the deal process.
Aquilo worked closely with HOYA leadership in Asia, Europe and the US.
Acquisition Completed: August 2017
Closing: August 2017
Location: Tokyo, Japan
Team: Hiroshi Suzuki (President & CEO), Ryo Hirooka (CFO), Girts Cimermans (Vision Care Company President), Augustine Yee (Chief Legal Officer and Head of Corporate Development and Affairs)
Partnership with Curetech
In-license of clinical stage immunotherapy
Buyside representation on the in-licensing of late stage cancer program
Buyside representation of Medivation on the in-licensing of an anti-PD-1 immune modulatory monoclonal antibody from CureTech Ltd. for potential applications in oncology for up to $335 million in upfront and milestone payments. Aquilo worked closely with the senior management of Medivation providing valuation and structure advisory.
The in-licensing of this program allows Medivation to diversify its cancer portfolio while also increasing its presence in immuno-oncology.
Acquisition Completed: December 2014
Location: San Francisco, CA
Team: David Hung (CEO), Rick Bierly (CFO), Lynn Seely (CMO)
Purchase of SPL
Acquisition of privately held manufacturer and supplier of heparin
Shenzhen Hepalink Pharmaceutical Co., Ltd.
Buy-side representation of Hepalink in the acquisition of privately held Scientific Protein Laboratories, LLC (“SPL”) for US$337.5 million in cash plus certain contingent payments.
Aquilo worked closely with Hepalink’s US-based business development subsidiary and with the company’s senior leadership in China, providing valuation and structure advisory, as well as cross border diligence and deal process coordination.
The acquisition of SPL allows Hepalink to expand its presence as a leading worldwide supplier of heparin, and provides the combined company with greater product development and growth opportunities in new markets.
Acquisition Completed: April 2014
Location: Shenzhen, China
Team: Li Li (Chairman & CEO), Haihua Bu, Bruce Wendel, Gary Doten
Transaction History
Licensing Agreement with AbbVie
Option agreement for license to develop and commercialize reproxalap, a RASP modulator for dry eye disease and allergic conjunctivitis.
Equity Investment by Eli Lilly
Diasome, a clinical-stage metabolic company, secures Series C funding with Eli Lilly participation
Diasome Pharmaceuticals Announces First Closing of Series C Financing Round
Diasome Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company that leverages a novel hepatocyte cell targeting platform to develop innovative therapies for diabetes, obesity, and other metabolic disorders, has announced the first closing of its Series C financing today. This funding round, led by current investors, also includes participation from Eli Lilly and Company.
Licensing Agreement with GSK
Licensing agreement for Brexafemme, a US FDA approved anti-fungal treatment of vulvovaginal candidiasis.
Global Partnership with AbbVie
Global partnership between AbbVie and HotSpot, a discovery company developing small molecule therapies for cancer and autoimmune diseases, around its IRF5 program.
Series B Preferred Stock
Financing for commercial-stage microbubble-based separation company
Acquisition by Eli Lilly
Sale of preclinical protein therapeutics company
Acquisition by Danaher/IDT
Sale of NGS library preparation genomics kits company
Series D Preferred Stock
Financing for commercial-stage best-in-class epilepsy company
Merger with Panacea — SPAC sponsored by EcoR1 Capital
Advisory services for merger with SPAC
Global Partnership with Eisai
Partnership for digital cognitive assessment technologies
Acquisition by Medtronic
Sale of hospital-based airway monitoring company
Acquisition by Eli Lilly
Sale of preclinical neuroscience company
Partnership with Sanofi
Collaboration to develop and commercialize IRAK4 protein degrader therapies for immune-inflammatory diseases
Ex-US Partnership with Santen
Licensing agreement and equity investment for ex-US rights of jCell for the treatment of retinitis pigmentosa
Acquisition by Exact Sciences
Sale of personalized cancer diagnostics company
Acquisition by Exact Sciences
Sale of company focused on biomarker discovery for cancer diagnostics
Acquisition by Becton Dickinson
Sale of point-of-care molecular diagnostics company
Acquisition by Altavant Services
Sale of rare respiratory disease company
Strategic Investment and Partnership with IQVIA
Financing and collaboration agreement for genomic data company
Global Partnership for Two Product Candidates
Collaboration for ADHD products
Series A Preferred Stock
Financial advisory services to Nuvation related to the formation and Series A financing
Merger with Oncternal
Merger with privately held oncology company
GTx and Oncternal Therapeutics Enter into Definitive Merger Agreement
GTx, Inc. (Nasdaq: GTXI) and Oncternal Therapeutics, Inc., a privately held clinical-stage biotechnology company developing potential first-in-class therapeutic candidates for cancers with critical unmet medical need, today jointly announced that they have entered into a definitive merger agreement under which the stockholders of Oncternal would become the majority owners of GTx’s outstanding common stock. The proposed merger will create a publicly-traded, clinical-stage oncology company.
The combined company will be named Oncternal Therapeutics, Inc. and plans to change its ticker symbol on the Nasdaq Capital Market to ONCT upon closing of the transaction.
The combined company will have a strong balance sheet and deep pipeline of promising oncology drug programs advancing in development:
- Oncternal’s lead program, cirmtuzumab, is an investigational, potential first-in-class anti-ROR1 monoclonal antibody. Cirmtuzumab is currently in a Phase 1/ 2 clinical trial in combination with ibrutinib for the treatment of chronic lymphocytic leukemia (CLL) and mantle cell lymphoma (MCL). In addition, an investigator-initiated Phase 1 clinical trial of cirmtuzumab in combination with paclitaxel for women with metastatic breast cancer is being conducted at the University of California San Diego (UC San Diego).
- TK216, an investigational, potential first-in-class small molecule designed to inhibit the biological activity of ETS-family transcription factor oncoproteins, is being evaluated alone and in combination with vincristine in a Phase 1 clinical trial in patients with relapsed or refractory Ewing sarcoma.
- A ROR-1 targeted chimeric antigen receptor T-cell (CAR-T) program is in preclinical development at UC San Diego for hematologic and solid tumors.
- A Selective Androgen Receptor Degrader (SARD) program, an investigational, potential first-in-class preclinical program designed for oral administration to treat castration-resistant prostate cancer in men who are non-responsive to current androgen targeted therapies.
Cash, cash equivalents and short-term investments for the combined company are expected to be approximately $26 million, if the merger closes by the end of the second quarter of 2019. These funds are expected to be sufficient to advance Oncternal’s programs into the second quarter of 2020, including the Phase 2 study of cirmtuzumab and ibrutinib, and will fund the planned SARD preclinical studies to support the submission of an investigational new drug application with the U.S. Food and Drug Administration.
James Breitmeyer, MD, PhD, cofounder, president and CEO of Oncternal and a 30-year veteran of the pharmaceutical industry, will continue as president and CEO of the combined company. David Hale, cofounder of Oncternal and a 35-year veteran of numerous successful private and public biotech companies, will continue as Chairman of the Board of the combined company.
“This merger introduces Oncternal and its promising oncology pipeline to the public market and provides additional capital resources to advance our programs to potential value inflection points,” said Dr. Breitmeyer. “In addition to clinical data expected from our cirmtuzumab and TK216 programs later this year and during the first half of 2020, we also plan to have preclinical results that get us ready for clinical testing of our ROR1 CAR-T program. The addition of GTx’s SARD technology strengthens our pipeline and augments our entire oncology franchise, which includes a range of therapeutic approaches for a variety of difficult to treat cancers.”
“This transaction with Oncternal reflects the continued commitment of our management team and Board of Directors to deliver value to stockholders and make a difference in patients’ lives,” said Robert J. Wills, PhD, Executive Chairman of GTx. “Following a thorough review of strategic alternatives, we have determined that a reverse merger with Oncternal will enable GTx investors to participate in Oncternal’s broader pipeline of oncology opportunities, including product candidates designed to address rare disease indications, and enable the continued development of our first-in-class SARD technology by a company whose leadership has deep experience in developing oncology medicines.”
Aquilo Partners, L.P. is acting as exclusive financial advisor to GTx on the proposed transaction and Cooley LLP serves as legal counsel to GTx. Piper Jaffray is acting as exclusive financial advisor to Oncternal on the proposed transaction and Latham & Watkins, LLP serves as legal counsel to Oncternal.
Acquisition by undisclosed Global Life Sciences Company
Licensing and option agreement for life science tools company with global partner
Acquisition by Private Equity-backed Pharma Company
Sale of specialty pharma company
US Partnership for APADAZ with KVK
Merger with privately held oncology company
KemPharm Enters Into License Agreement with KVK Tech for the Commercialization of APADAZ®
KemPharm entered into a collaboration and license agreement with KVK for the US commercial rights to its FDA-approved prodrug product, APADAZ.
APADAZ (benzhydrocodone and acetaminophen tablets) was developed from KemPharm’s proprietary LAT technology, and is intended for the short-term management of acute pain.
KemPharm and KVK will collaborate on outreach and plan adoption by PBMs and MCOs for the exclusive use of APADAZ over currently available hydrocodone / acetaminophen products.
Aquilo worked closely with KemPharm’s senior management team to structure and negotiate the economics and other business-related items of the license agreement.
Closing: October 2018
Management: Travis Mickle, Ph.D. (Chairman, President & CEO), LaDuane Clifton (CFO), Rusty Johnson (CBO)
Financing for leading aerosol drug delivery company
Acquisition by Ligand
Sale of therapeutic antibody discovery company
Ligand Acquires Crystal Bioscience
Acquisition by Ligand
Acquisition Completed: October 2017
Location: Emeryville, CA
Spinout from Mt. Sinai Health Systems
Spinout of clinical genetic diagnostics business from Mt. Sinai Health System
Spinout from Mount Sinai Health System
Sema4 aims to revolutionize clinical diagnostics by combining comprehensive screening and diagnostic testing, predictive modeling, cutting-edge technologies, and open-access data. “We will incorporate patient information—including genetic, environmental, clinical, pharmaceutical, and device data—to model the complexity of disease and wellness and to generate more personalized, precise, and real-time insights for our patients. Ultimately, Sema4 will help transform how diseases are predicted, diagnosed, treated, and prevented,” said Dr. Schadt, CEO of Sema4 as well as Dean for Precision Medicine and the Jean C. and James W. Crystal Professor of Genomics at the Icahn School of Medicine. Sema4 combines more than 160 years of experience within Mount Sinai, including cutting-edge clinical expertise, world-class academic research, and pioneering information science. Sema4 will continue to offer high-quality genetic testing developed through years of research and patient interaction at Mount Sinai Health System. This includes its market-leading offering, Sema4 Expanded Carrier Screen (formerly NextStep), which tests for 281 genetic diseases by using six different testing technologies to provide a more meaningful result for patients. The Sema4 diagnostics menu will be quickly expanded to include an enhanced non-invasive prenatal test, newborn screening, and oncology testing.
Dennis S. Charney, MD, Anne and Joel Ehrenkranz Dean, Icahn School of Medicine at Mount Sinai, commented: “The launch of Sema4 is a natural extension of Mount Sinai’s vision to unlock and apply discoveries, clinical testing, and data-powered approaches that will drive greater health. We look forward to collaborating closely with the Sema4 team and to rapidly deploying the tools they develop throughout the Mount Sinai Health System.” Spinning out of Mount Sinai will allow Sema4 to raise the capital it needs to dramatically scale its genetic testing business and data sciences capabilities in order to collect and analyze significantly more data, and to build and implement platforms that enable patients and providers to fully make use of its analyses and diagnostic interpretations for clinical decision-making. As it expands, Sema4 will actively engage patients and physicians across the country with products that will transform molecular diagnostics through information-rich offerings and promote longer-term relationship with and knowledge about one’s health.
Sema4 will also build new digital platforms to engage patients and empower them to take control of their longitudinal health data, while facilitating analysis of the data to improve well-being. Sema4 is committed to being the first to create such platforms and expand the availability of digital health, enabling aggregation across all institutions and putting the patient first in that journey so that that they can benefit the most from that data. “During our time at Mount Sinai, the team now launching Sema4 has been committed to enabling patients to take charge of their data and be active participants in choosing a healthier life. We have spent years proving the value of multiscale biology and are eager to scale this at the national level,” said Dr. Schadt. “We will break down silos by openly sharing our information platform, network models, and data with the biomedical community, academic medical centers, and nonprofit researchers around the world. Providing broad access to data, rather than hoarding it or restricting its use, is a proven path to accelerating new discoveries and drastically improving patient care. Our efforts are designed to empower the patient to take their own data and share it with whomever they want during their lifetime.”
Mount Sinai has made a substantial investment in Sema4 and in the future of genetic research, diagnostics, and next-generation treatments. “By creating Sema4, we can bring this tremendous expertise to a national audience and use what we learn from the broader population to help us deliver better care to our Mount Sinai patients, shaping health care for decades to come,” said Kenneth L. Davis, MD, President and CEO of the Mount Sinai Health System.
Sema4 will have a staff of more than 300, including scientists, doctors, engineers, clinicians, genetic counselors, and business leaders. Spearheading our diagnostic operations are Lisa Edelmann, PhD, Sema4’s Chief Diagnostics Officer and long-time Executive Director of the Mount Sinai Genetic Testing Laboratory in New York City, and Todd Arnold, PhD, Chief Laboratory Operations Officer.
Aquilo worked closely with the senior management teams at Sema4 Genomics and at the Mount Sinai Health System in spinning out the rapidly growing company.
Location: New York, NY
Team: Eric Schadt (Chief Executive Officer), Lisa Edelmann (Chief Diagnostics Officer), Tom Neyarapally (Chief Commercial Officer), Matt Rosamond (Chief Financial Officer), Dan Clark (General Counsel)
Partnership with AstraZeneca
Collaboration to develop and commercialize Anticalin-based inhaled treatments for respiratory diseases
Collaboration with AstraZeneca to develop and commercialize Anticalin-based inhaled treatments for respiratory diseases.
Pieris announced a strategic collaboration in respiratory diseases with AstraZeneca to develop novel inhaled drugs that leverage Pieris’ Anticalin® platform, including its lead preclinical drug candidate, PRS-060.
Under the collaboration, Pieris will be responsible for advancing its preclinical lead candidate, PRS-060, into Phase 1 clinical trials in 2017. PRS-060 is an Anticalin against IL-4Ra with potential in asthma. AstraZeneca will fund all clinical development and subsequent commercialization programs and Pieris has the option of co-development and co-commercialization in the US from Phase 2a onwards. In addition, the parties will collaborate to progress four additional novel Anticalins against undisclosed targets for respiratory diseases with Pieris having the option to co-develop and co-commercialize in the US two of these programs.
AstraZeneca will make an upfront and near term milestone payments to Pieris in the amount of $57.5 million — $45 million USD of upfront payments and $12.5 million USD for the initiation of the PRS-060 Phase 1 trial. Pieris has the potential to receive development-dependent milestones and eventual commercial payments for all products not exceeding $2.1 billion as well as tiered royalties on the sales of any potential products commercialized by AstraZeneca. For programs co-developed by Pieris, the Company stands to receive increased royalties or a gross margin share on worldwide sales equal, dependent on the level of investment to which Pieris commits.
Aquilo worked closely with Pieris’ senior management teams in the US and Europe to structure and negotiate the economics and other business-related items of the license and platform agreements.
The collaboration agreement is conditional upon the expiration or early termination of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
Acquisition Completed: May 2017
Location: Boston, MA
Team: Stephen Yoder (President and CEO), Louis Matis (SVP and CDO), Lance Thibault (Acting CFO), Claude Knopf (SVP and CBO), Shane Olwill (VP, Head of Development & Immuno-Oncology), Mary Fitzgerald (VP, Respiratory Medicine), Christine Rothe (VP, Head of Discovery & Alliance Management), Eckhard Niemeier (VP, Head of BD), Claus Schalper (VP, Finance)
Board of Directors: Stephen Yoder, Chau Khuong, Michael Richman, Steven Prelack, Jean-Pierre Bizzari, Julian Adams, Christopher Kiritsy
Merger with Daré
Reverse merger of US-listed public, biopharma company with a private, clinical-stage women’s health company
Cerulean simultaneously enters into a stock purchase agreement with Daré and two other separate agreements to sell assets.
On March 20, 2017 Cerulean Pharma Inc. (“Cerulean”) and Daré Bioscience, Inc. (“Dare”), a privately-held, clinical-stage pharmaceutical company advancing products for women’s reproductive health, announce that the two companies entered into a stock purchase agreement under which Dare would become the majority owners of Cerulean. Depending on the relative net cash positions of Cerulean and Dare at the time of closing, it was expected that existing Cerulean stockholders would own between 30% and 49% of the combined company.
Cerulean also announced that it had entered into two agreements for the sale of assts. Cerulean sold its clinical product candidates, CRLX101 and CRLX301, for $1.5 million to NewLink Genetics (NASDAQ:NLNK). Cerulean also entered into an agreement with Novartis (SWX:NOVN), an existing collaborator, pursuant to which Novartis would acquire all rights to Cerulean’s Dynamic Tumor Targeting Platform for $6 million.
The Dare transaction and the Cerulean asset sales aimed to result in a NASDAQ-listed company with a focus on the development and commercialization of products for women’s reproductive health. Dare’s product candidate, Ovaprene®, is a clinical stage, non-hormonal contraceptive ring for monthly use that potentially addresses a significant unmet need.
On July 19, 2017, Cerulean and Dare announced the closing of the transactions completed by the stock purchase agreement. As a result of the transactions, the former holders of Cerulean held approximately 49% of the combined company. Also on July 19, 2017, in connection with the transactions, Cerulean effected a 1-for-10 reverse stock split and changed the Company’s name to “Dare Bioscience, Inc.”
Aquilo served as Cerulean’s sole financial advisor and provided a Fairness Opinion in regards to the transaction with Dare.
Acquisition Completed: March 2017
Closing: July 2017
Location: Waltham, MA
Team: Cristopher D.T. Guiffre (President and CEO), Scott Eliasof (SVP and CSO), Adrian Senderowicz (SVP and CMO)
Fairness Opinion on CTP-656 Acquisition by Vertex
Fairness opinion for sale of clinical stage drug candidate to large pharma
Fairness Opinion on CTP-656 Acquisition by Vertex
Concert Pharmaceuticals and Vertex Pharmaceuticals completed an asset purchase agreement under which Vertex acquired CTP-656 which is being studied for use in the treatment of cystic fibrosis. In exchange for all worldwide development and commercialization rights, Concert Pharmaceuticals received $160 million in cash with potential for $90 million in future regulatory approval milestone payments.
The asset acquisition supplemented Vertex’s pipeline portfolio of cystic fibrosis assets in development. CTP-656 is an investigational cystic fibrosis transmembrane conductance regulator (CFTR) potentiator that has the potential to be used as part of a once-daily combination regimen of CFTR modulators.
Concert Pharmaceuticals is a clinical stage biopharmaceutical company focusing on applying its DCE Platform to create novel medicines designed to address unmet patient needs, as well as developing their broad pipeline of innovative medicine targeting pulmonary diseases.
Aquilo Partners completed a fairness opinion for Concert Pharmaceuticals.
Acquisition of Zoladex in US, CAN from AstraZeneca
Acquisition of marketed cancer therapuetic
TerSera Therapeutics enters agreement with AstraZeneca for Zoladex in the US and Canada.
TerSera Therapeutics entered into an agreement with AstraZeneca for the commercial rights to Zoladex (goserelin acetate implant) in the US and Canada. Zoladex is an injectable luteinising hormone-releasing hormone agonist, used to treat prostate cancer, breast cancer and certain benign gynaecological disorders. It was first approved in the US and Canada in 1989. Zoladex had 2016 product sales of $69 million in the US and Canada and $816 million globally. TerSera will pay AstraZeneca $250 million upon completion. AstraZeneca will also receive sales-related income through milestones totaling up to $70 million, as well as recurring quarterly sales-based payments at mid-teen percent of product sales. AstraZeneca will also manufacture and supply Zoladex to TerSera and will continue to commercialize Zoladex in all markets outside the US and Canada.
Aquilo Partners worked with TerSera to identify and execute the acquisition of Zoladex.
Merger with Capnia
Reverse merger into publicly held company
Essentialis Merges with Capnia Creating Rare Disease Therapeutics Company
Capnia, Inc. announced a merger with Essentialis, Inc. to advance the clinical development of Capnia’s lead therapeutic asset in development for the treatment of Prader-Willi Syndrome. In a concurrent financing to the merger agreement, new and existing investors of Essentialis invested $10 million in newly-issued Capnia shares of common stock.
The lead clinical asset, diazoxide choline controlled-release tablet, is under development as a once-daily oral tablet to treat patients with Prader-Willi Syndrome, as well as potential applications in other indications.
Aquilo Partners acted as a financial advisor to Essentialis in the merger with Capnia.
Acquisition Completed: 3/8/2017
Acquisition of Performance Optics
Purchase of privately held ophthalmic lens manufacturer
Buyside representation on the acquisition of leading global eyeglass lens manufacturing company.
Ophthalmic eyewear lenses is the largest business unit in HOYA’s Life Care segment
The acquisition strengthens HOYA’s ability to provide customers with a broader portfolio of leading products, while continuing to provide best-in-class services to the eyewear industry.
Aquilo coordinated with the senior HOYA management team and legal and accounting advisors to structure and negotiate the transaction, provided financial analysis support, and helped manage cross-border diligence and the deal process.
Aquilo worked closely with HOYA leadership in Asia, Europe and the US.
Acquisition Completed: August 2017
Closing: August 2017
Location: Tokyo, Japan
Team: Hiroshi Suzuki (President & CEO), Ryo Hirooka (CFO), Girts Cimermans (Vision Care Company President), Augustine Yee (Chief Legal Officer and Head of Corporate Development and Affairs)
N. & S. America and Indian Partnership with Metchuen
Regional license and commercialization agreements for Americas and India. One of four regional agreements.
Avanafil Partnership with Metuchen Pharmaceuticals LLC
VIVUS, Inc. announced an exclusive license agreement with Metuchen Pharmaceuticals for STENDRA (avanafil) commercial rights in the US., Canada, South America, and India. Under the license agreement, VIVUS received $70 million and Metuchen would be responsible for royalties due to Mitsubishi Tanabe Pharma Corporation based on net sales. Simultaneously, the companies signed a commercial supply agreement in which VIVUS will be responsible for the manufacturing and supply of STENDRA to Metuchen for a period of 180 days.
Metuchen has the option to assume the manufacturing and supply rights of STENDRA for its territories.
STENDRA (avanafil) is an oral phosphodiesterase type 5 inhibitor approved by the FDA in 2012 for the treatment of erectile dysfunction in the United States and sold under the name SPEDRA in the European Union.
Avanafil is licensed from Mitsubishi Tanabe Pharma Corporation and VIVUS owns worldwide development and commercial rights to avanafil for the treatment of sexual dysfunction, with the exception of certain Asian-Pacific Rim countries. VIVUS has granted exclusive license to the Menarini Group through its subsidiary Gerlin-Chemie AG to commercialize SPEDRA in over 40 European countries plus Australia and New Zealand.
Additionally, VIVUS has granted exclusive license to Sanofi to commercialize avanafil in Africa, the Middle East, Turkey, and Commonwealth of Independent States including Russia.
VIVUS is a biopharmaceutical company committed to the development and commercialization of innovative therapies that focus on advancing treatments for patients with serious unmet medical needs. Metuchen Pharmaceuticals is a privately-held specialty pharmaceutical company focused on improving men’s health.
Aquilo Partners acted as financial advisor to VIVUS in the license agreement of STENDRA.
Closing: October 2016
Location: Mountain View, CA
Preferred Stock
Financing for clinical-stage cardiovascular biotech company
Private financing for a private, late-stage precision medicine company developing dalcetrapib to be the first genetically targeted medicine in cardiovascular disease
DalCor is the first company developing precision treatments for cardiovascular disease in a genetically distinct population of patients who will derive the most clinical benefit. By integrating clinical and genetic insights, DalCor intends to deliver superior clinical cardiovascular outcomes. The company’s first development program, dalcetrapib, is intended to reduce cardiovascular events in a specific genetic subset of patients.
The company received a total of $150 million in private financing to continue development of dalcetrapib. DalCor will use the proceeds to fund a Phase 3 clinical trial in patients who have recently experienced Acute Coronary Syndrome. An investigational companion diagnostic test developed by Roche Molecular Systems will be used as an aid in determining if a patient is eligible to receive the drug.
Aquilo Partners, L.P. served as a strategic advisor to DalCor Pharmaceuticals.
Acquisition by Becton Dickinson
Sale of privately held single cell genomic analysis company
Sale of a privately held company with advanced tools for massively parallel single cell genetic analysis
Sale of a privately held company with advanced tools for massively parallel single cell genetic analysis
Cellular Research has developed highly sensitive single cell genetic analysis technologies and products based on its proprietary Molecular Indexing technology to enable gene expression profiles.
Aquilo worked closely with the Cellular Research team and also provided advice on deal process, valuation and structure. The acquisition will enable BD Life Sciences to provide researchers with tools to quantify and study gene expression in large numbers of individual cells by providing an integrated sample prep workflow.
Acquisition Completed: August 2015
Location: Menlo Park, CA
Team: Steve Fodor (CEO, Founder), Ari Chaney (CFO, Founder), Glenn Fu (Senior Scientist, Founder)
Acquisition by Midatech
Sale of publicly traded specialty pharma company
Sale of a public, specialty pharmaceutical company focused on the commercialization of oncology and oncology supportive care products in a cross-border transaction to UK-based Midatech.
For each share of common stock, DARA shareholders will receive 0.272 shares of Midatech stock and a CVR, representing a right to additional contingent cash payments.
The upfront consideration represents a 60% premium over the 15 day volume weighted average DARA price prior to signing. The total consideration represents approximately 10x 2014 sales.
Acquisition Completed: November 2015
Location: Raleigh, NC
Acquisition by Boston Scientific
Sale of a privately held, venture-backed, GI company with strong early commercial traction
Sale of a privately held, venture-backed, GI company with strong early commercial traction
Xlumena’s device portfolio includes the AXIOS™ and HOT AXIOS™ Stent and Delivery Systems. The AXIOS Stent and Delivery System has received U.S. Food and Drug Administration (FDA) clearance and is the world’s first stent designed for endoscopic ultrasound-guided transluminal drainage of symptomatic pancreatic pseudocysts. The next-generation HOT AXIOS™ Stent and Delivery System incorporates cautery into the delivery of the AXIOS stent. Both systems have CE Mark and are currently sold in select countries in Europe.
Boston Scientific Corporation purchased Xlumena for an upfront payment of $62.5m, an additional payment of $12.5m upon FDA approval of the Hot AXIOS product, and further sales-based milestones based on sales achieved through 2018.
Aquilo worked closely with the Xlumena management team and Board of Directors and also provided advice on deal process, valuation and structure. The acquisition enables Boston Scientific, a leader in the EUS market, to advance its product portfolio with Xlumena’s leading interventional EUS therapeutic devices.
Acquisition Completed: April 2015
Location: Mountain View, CA
Team: Greg Patterson (President & CEO), Bill Albright (CFO)
Board of Directors: Greg Patterson (Xlumena), Tony Natale (Prism Venture Partners), Ken Binmoeller (Founder), Barr Dolan (Charter Venture Partners), Ken Hayes, Jason Hong (Third Point LLC), Eric Sillman (Aperture Venture Partners)
Strategic Investment by Hanmi
Strategic investment and out-licensing of lead product in Korea and China
Private placement representation on the strategic investment from Asian partner
Private placement representation of Allegro Ophthalmics, LLC on the $20 million strategic investment from Hanmi Pharmaceutical Co., Ltd. as part of Allegro and Hanmi’s license agreement for Allegro’s Luminate program for Korea and China. Aquilo worked closely with the senior management of Allegro on valuation and structuring of the strategic investment.
The licensing agreement for Korea and China along with the strategic investment provides Allegro a strong development and commercial partner in these countries along with additional capital to to significantly advance the development of Luminate in many ophthalmic indications.
Closing: January 2015
Location: San Juan Capistrano, CA
Acquisition of SPRIX from Luitpold
Acquisition of marketed pain management therapeutic
Acquisition of marketed pain product, SPRIX®
In two transactions, Egalet acquired SPRIX® and in-licensed OXAYDO™, transforming the company into a fully integrated specialty pharmaceutical company focused on developing and commercializing products indicated to treat patients living with moderate to severe pain.
Aquilo worked closely with Egalet management in identifying SPRIX® as a potential acquisition target as well as in providing advice on valuation and deal structure.
Partnership with Curetech
In-license of clinical stage immunotherapy
Buyside representation on the in-licensing of late stage cancer program
Buyside representation of Medivation on the in-licensing of an anti-PD-1 immune modulatory monoclonal antibody from CureTech Ltd. for potential applications in oncology for up to $335 million in upfront and milestone payments. Aquilo worked closely with the senior management of Medivation providing valuation and structure advisory.
The in-licensing of this program allows Medivation to diversify its cancer portfolio while also increasing its presence in immuno-oncology.
Acquisition Completed: December 2014
Location: San Francisco, CA
Team: David Hung (CEO), Rick Bierly (CFO), Lynn Seely (CMO)
Acquisition by Nicox S.A.
Sale of a privately held, venture-backed, therapeutic ophthalmology company
Sale of a privately held, venture-backed, therapeutic ophthalmology company with a strong near-term pipeline
Aciex’s product pipeline includes clinical stage and pre-IND assets to treat ocular diseases. Aciex’s lead asset is AC-170, a novel formulation of cetirizine (a leading antihistamine marketed under brand names including Zyrtec®), being developed for topical application in the eye for the first time for the treatment of allergic conjunctivitis. AC-170 has completed two Phase 3 safety and efficacy studies, demonstrating statistically significant results over vehicle control for the primary endpoint of ocular itching.
Nicox S.A., a French public company, purchased Aciex for $65m in newly issued Nicox shares upfront, plus contingent value rights giving right to Nicox shares, for a potential additional value of up to $55m.
Aquilo worked closely with the Aciex management team and Board of Directors and also provided advice on deal process, valuation and structure. The combined company now has ophthalmic diagnostic and therapeutic strength and is poised for growth in the US and internationally.
Acquisition Completed: October 2014
Location: Boston, MA
Team: Les Kaplan (Executive Chairman), Tom Cavanagh (President)
Board of Directors: Les Kaplan, Ph.D. (Aciex), Mark Abelson, M.D. (Ora Investment Group), Dayton Misfeldt (Bay City Capital), Hal Werner (HealthCare Ventures), Jake Nunn (NEA), Raj Rai (Akorn)
Series B Preferred Stock & Debt
Growth capital for private, commercial-stage hip and knee implant company
Growth capital for a private, commercial-stage hip and knee implant company with significant revenues and proprietary robotic and navigation platform
Funding will be used immediately to fund OMNI’s growth initiatives, including expansion of OMNI’s hip and knee product lines; commercial development of the proprietary OMNInav hip replacement solution; and doubling the number of deployed OMNInav systems.
The financing was led by Deerfield Management Company, providing OMNI a strong strategic financial partner with deep experience in the robotics and orthopedic space (previous investment in Mako Surgical), while avoiding syndicate risk.
Aquilo was the exclusive placement agent to OMNI, sourcing the new investor, playing an integral role in determining the structure of the securities, coordinating diligence and negotiating terms.
Closing: April 2014
Security: Convertible Debentures, Term Note, Series B Preferred Stock
Location: East Taunton, MA
Team: George Cipolletti (President & CEO)
Acquisition of SPL
Acquisition of privately held manufacturer and supplier of heparin
Shenzhen Hepalink Pharmaceutical Co., Ltd.
Buy-side representation of Hepalink in the acquisition of privately held Scientific Protein Laboratories, LLC (“SPL”) for US$337.5 million in cash plus certain contingent payments.
Aquilo worked closely with Hepalink’s US-based business development subsidiary and with the company’s senior leadership in China, providing valuation and structure advisory, as well as cross border diligence and deal process coordination.
The acquisition of SPL allows Hepalink to expand its presence as a leading worldwide supplier of heparin, and provides the combined company with greater product development and growth opportunities in new markets.
Acquisition Completed: April 2014
Location: Shenzhen, China
Team: Li Li (Chairman & CEO), Haihua Bu, Bruce Wendel, Gary Doten
Acquisition by Becton Dickinson
Sale of privately held diagnostic instrument company
Sale of privately held diagnostic instrument company with a commercialized product in the point-of-care market.
Alverix developed the Veritor System, a novel image-based instrument ideally suited for the point-of-care market and based on the company’s proprietary optical reader platform. The Veritor System is supplied to Becton Dickinson (“BD”) for the rapid detection of Flu A+B, Group A Strep, Adenovirus, and Respiratory Syncytial Virus in clinical laboratories and in physicians’ offices.
Aquilo managed a competitive process with multiple interested parties and assisted Alverix in evaluating and executing the merger.
BD acquired Alverix for an upfront total of $40 million cash.
Closing: January 2014
Location: San Jose, CA
Team: Ric Tarbox (President & CEO), Pat Petruno (Founder & COO), Tong Xie (CTO & VP of R&D)
Board of Directors: Gary Kurtzman, Stephen Socolof
Africa, Middle East & CIS Partnership with Sanofi
Regional license and commercialization agreements for Africa, Turkey, Middle East, and CIS. One of four regional agreements.
Avanafil Partnership with Sanofi
VIVUS has entered into a License and Commercialization Agreement with Sanofi to commercialize avanafil on an exclusive basis in Africa, the Middle East, Turkey, and the Commonwealth of Independent States (CIS) including Russia. Sanofi will be responsible for obtaining regulatory approval in its territories. Sanofi intends to market avanafil under the tradename SPEDRA™ or STENDRA™.
Under the terms of the agreement, VIVUS is eligible to receive up to $61 million in upfront payments, regulatory and sales milestones. VIVUS will also receive escalating royalties based on net sales over the life of the agreement.
In July 2013, VIVUS announced an exclusive license with the Menarini Group to commercialize avanafil in Europe, Australia and New Zealand. In October 2013, VIVUS announced an exclusive license with Auxilium Pharmaceuticals, Inc. to commercialize avanafil in the United States and Canada. Under the Menarini, Auxilium and Sanofi agreements, avanafil is expected to be commercialized in over 100 countries worldwide.
SPEDRA™, the trade name for avanafil in the EU and certain other territories outside of the U.S., has been approved by the EMA for the treatment of ED in the EU.
STENDRA™, the trade name for avanafil in the U.S. and certain other territories, is approved by the FDA for the treatment of ED in the U.S.
Aquilo Partners acted as exclusive financial advisor to VIVUS in the partnering of avanafil to Sanofi. Aquilo assisted in the negotiation of the economics and other business-related items of the license agreement.
Closing: December 2013
Location: Mountain View, CA
Team: Seth H.Z. Fischer (CEO), Timothy E. Morris (SVP, CFO), John L. Slebir, Esq. (VP, BD)
Board of Directors: Michael J. Astrue, J. Martin Carroll, Samuel F. Colin, M.D., Alexander J. Denner, Ph.D., Seth H.Z. Fischer, Johannes J.P. Kastelein, Mark B. Logan, David York Norton, Jorge Plutzky, M.D., Herman Rosenman, Robert N. Wilson
Series C Preferred Stock
Financing for GI device company
Placement Agent for Xlumena’s $25 million Series C financing
North American Partnership with Auxilium
Regional license and commercialization agreements for United States and Canada. One of four regional agreements.
VIVUS entered into an agreement with Menarini to commercialize and promote SPEDRA™ (avanafil) in over 40 European countries plus Australia and New Zealand
VIVUS entered into an agreement with Menarini to commercialize and promote SPEDRA™ (avanafil) in over 40 European countries plus Australia and New Zealand.
VIVUS entered into an agreement providing Auxilium the exclusive rights to STENDRA™ (avanafil) in the U.S. and Canada.
VIVUS entered into a License and Commercialization Agreement with Sanofi to commercialize avanafil on an exclusive basis in Africa, the Middle East, Turkey, and the Commonwealth of Independent States (CIS) including Russia.
Avanafil is a new phosphodiesterase-5 inhibitor (PDE5-i) approved under the trade name STENDRA™ by the U.S. FDA in April 2012 and by the European Commission (EC) in June 2013 for the treatment of erectile dysfunction (ED).
Under the Menarini, Auxilium and Sanofi agreements, avanafil is expected to be commercialized in over 100 countries worldwide.
Under the Menarini license agreement, VIVUS is expected to receive approximately €39 million including upfront payments totaling €16 million and VIVUS is eligible to receive up to €79 million in milestones and other payments over the life of the agreement in addition to royalties.
Under the Auxilium license agreement, VIVUS is eligible to receive up to $300 million based on certain regulatory and sales milestones, including an upfront licensing fee of $30 million and a $15 million payment contingent upon a potential label amendment regarding onset-of-action, in addition to royalties on product sales.
Under the Sanofi license agreement, VIVUS is eligible to receive up to $61 million in upfront payments, regulatory and sales milestones and VIVUS will also receive escalating royalties based on net sales over the life of the agreement.
Aquilo introduced the parties and assisted in the negotiation of the economics and other business-related items of the license agreements.
Client: Vivus, Mountain View, CA
Partnered with: Menarini Group / Auxiluim / Sanofi
Closing: Jul. 2013, Oct. 2013, Dec. 2013
Management:
Leland F. Wilson (CEO)
Peter Y. Tam (President)
Michael P. Miller (SVP, CCO)
Timothy E. Morris (SVP, CFO)
John L. Slebir, Esq. (VP, BD)
Acquisition by Actelion
Sale of privately held, specialty pharma company with FDA-approved orphan drug for early stage mycosis fungoides
Sale of privately held, specialty pharmaceutical company with FDA-approved orphan drug for early stage mycosis fungoides
Ceptaris developed VALCHLOR™, a proprietary gel formulation of mechlorethamine for the treatment of early stage (IA and IB) mycosis fungoides, a type of cutaneous T-cell lymphoma (CTCL). VALCHLOR was the first FDA-approved topical mechlorethamine product available to treat the signs and symptoms of this rare cancer.
A $25 million payment was made at signing, with FDA approval of VALCHLOR as a closing condition. VALCHLOR received FDA approval on August 26, 2013.
Aquilo managed a competitive process with multiple interested parties, augmented discussions between Actelion and Ceptaris, and assisted Ceptaris in evaluating and negotiating the merger agreement.
The transaction included a total of $250 million through closing, and additional payments based on net sales and/or the achievement of certain commercial milestones.
Acquisition Completed: September 2013
Location: Malvern, PA
Team: Stephen Tullman (Chairman & CEO), Tim Henkel (EVP, Head of R&D), Doug Gessl (COO & CFO)
Board of Directors: Stephen Tullman, Albert Cha, M.D., Ph.D., John Doux M.D., David Drahms, William Hamilton Ph.D.
European Partnership with Menarini
Regional license and commercialization agreements for United States and Canada. One of four regional agreements.
European Partnership with Menarini
VIVUS has entered into a License and Commercialization Agreement and a Supply Agreement with Menarini and its wholly-owned subsidiary BERLIN-CHEMIE AG/MENARINI, to commercialize and promote SPEDRA™ (avanafil) in over 40 European countries plus Australia and New Zealand.
SPEDRA is a new phosphodiesterase-5 inhibitor (PDE5-i) approved under the trade name STENDRA™ by the U.S. FDA in April 2012 and by the European Commission (EC) in June 2013 for the treatment of erectile dysfunction (ED).
The Menarini Group is the leading Italian pharmaceutical company in the world with over 125 years of history. Menarini, a private company headquartered in Florence, Italy, has a 2012 turnover of more than €3.2 billion ($4.2 billion) and has over 16,000 employees worldwide. In the EU, Menarini expects to field a sales force of 1,350 representatives to promote SPEDRA.
The financial terms of the transaction include an upfront payment and various approval and sales milestones plus royalties on SPEDRA sales. Within the first year, VIVUS is expected to receive approximately €39 million (or approximately $51 million at current exchange rates) including upfront payments totaling €16 million (or approximately $21 million at current exchange rates). VIVUS is eligible to receive up to €79 million (or approximately $102 million at current exchange rates) in milestones and other payments over the life of the agreement in addition to royalties.
Aquilo Partners acted as exclusive financial advisor to VIVUS in the partnering of SPEDRA to Menarini. Aquilo assisted in the negotiation of the economics and other business-related items of the license agreement.
Closing of European Partnership: July 2013
Location: Mountain View, CA
Team: Leland F. Wilson (CEO), Peter Y. Tam (President), Michael P. Miller (SVP, CCO), Timothy E. Morris (SVP, CFO), John L. Slebir, Esq. (VP, BD)
Board of Directors: Mark B. Logan, J. Martin Carroll, Charles J. Casamento, Ernest Mario, Ph.D., Jorge Plutzky, M.D., Linda M. Dairiki Shortliffe, M.D., Peter Y. Tam, Leland F. Wilson, Robert N. Wilson
Acquisition by Pfizer
Sale of biopharma company with approved ADHD treatment
Sale of specialty pharmaceutical company with an FDA-approved drug for attention deficit/hyperactivity disorder (ADHD)
NextWave is the developer of Quillivant XR™ (methylphenidate hydrochloride) for extended-release oral suspension, the first once-daily liquid medication approved in the U.S. for the treatment of ADHD.
Quillivant XR received approval from the FDA on September 27, 2012.
Aquilo introduced Pfizer and NextWave, and assisted NextWave in evaluating and negotiating the option and merger agreement.
The transaction included $275 million in upfront payments, and up to $425 million based on certain sales milestones.
Aquilo previously assisted NextWave in its $45 million Series C financing in January 2011.
Acquisition Completed: November 2012
Location: Cupertino, CA
Team: Jay P. Shepard (Principal & CEO), Cynthia M. Butitta (SVP & CEO), Craig Chambliss (SVP & CBO)
Board of Directors: Jay P. Shepard, Gaurav Aggarwal, Robert Casale, Steve Elms, Hingge Hsu, Frank Kung, Anand Mehra, Dayton Misfeldt, Patrick J. Zenner
European Partnership with Baxter
License and commerialization agreement for clinical stage oncology candidate in Europe
European Partnership with Baxter for Rigosertib Equity Investment by Baxter
Onconova granted Baxter the European rights to its novel targeted anti-cancer compound rigosertib, which is currently in a Phase 3 study for the treatment of a group of rare hematologic malignancies called Myelodysplastic Syndromes (MDS) and a Phase 2/3 study for pancreatic cancer. MDS includes a wide range of bone marrow disorders associated with an increased risk of progression to acute myeloid leukemia (AML).
The financial terms of the European rights transaction are $50 million upfront payment, up to an additional $515 million of pre-commercial milestones in Myelodysplastic Syndromes (MDS) and pancreatic cancer, and potential commercial milestones and royalties
One of the largest licensing deals to date solely for European rights to a drug candidate. Importantly, Onconova retains 100% of the commercial rights in the US and outside of Europe (excluding Korea and Japan following an agreement with SymBio in 2011).
Baxter also made a separate $50 million equity investment in Onconova.
Aquilo introduced Baxter and assisted Onconova in evaluating and negotiating equity investment and licensing agreement.
Closing of European Partnership: September 2012
Closing of Equity Investment: July 2012
Location: Newtown, PA
Team: Ramesh Kumar, Ph. D. (CEO), Francois E. Wilhelm, M.D., Ph.D. (CMO)
Board of Directors: Michael B. Hoffman, Henry S. Bienen, Jodi Devlin, Ramesh Kumar, Chandra Shekhar Reddy Kundur, Viren Mehta, Pankaj R. Patel, K. Ravindra, E. Premkumar Reddy, Alan R. Williamson
Strategic Investment by Baxter
License and commerialization agreement for clinical stage oncology candidate in Europe
Onconova granted Baxter the European rights to its novel targeted anti-cancer compound rigosertib, which is currently in a Phase 3 study for the treatment of a group of rare hematologic malignancies called Myelodysplastic Syndromes (MDS) and a Phase 2/3 study for pancreatic cancer. MDS includes a wide range of bone marrow disorders associated with an increased risk of progression to acute myeloid leukemia (AML).
The financial terms of the European rights transaction are $50 million upfront payment, up to an additional $515 million of pre-commercial milestones in Myelodysplastic Syndromes (MDS) and pancreatic cancer, and potential commercial milestones and royalties.
One of the largest licensing deals to date solely for European rights to a drug candidate. Importantly, Onconova retains 100% of the commercial rights in the US and outside of Europe (excluding Korea and Japan following an agreement with SymBio in 2011).
Baxter also made a separate $50 million equity investment in Onconova.
Aquilo introduced Baxter and assisted Onconova in evaluating and negotiating equity investment and licensing agreement.
Closing of European Partnership: September 2012
Closing of Equity Investment: July 2012
Location: Newtown, PA
Team: Ramesh Kumar, Ph.D. (CEO), Francois E. Wilhelm, M.D., Ph.D. (CMO)
Acquisition by Bionomics
Sale of privately held oncology company
Sale of a private biotechnology company focused on developing novel therapeutic product candidates that target cancer stem cells in oncology
A spin-off of the Biogen Idec oncology franchise, Eclipse Therapeutics is developing novel drug candidates that target cancer stem cells (CSCs) in oncology, and has a validated cancer stem cell platform technology called CSC Rx Discovery™.
Eclipse’s lead compound ET101 is aimed at an undisclosed CSC target which is over-expressed on most solid tumors. ET101 is expected to move into human trials in 2014.
Aquilo Partners led the outreach to strategic parties, including the introduction to Bionomics, and assisted in the negotiation of the structure and the financial parameters of the deal with Bionomics. Eclipse shareholders received approximately 6.5% of Bionomics’ issued capital and rights to receive cash earn-outs.
Closing: September 2012
Location: San Diego, CA
Team: Jonathan Lim, M.D. (CEO), Peter Chu, Ph.D. (President), Christopher Reyes, Ph.D. (CSO)
Acquisition by Sanofi
Sale of privately held pharmaceutical company
Sale of a specialty pharmaceutical company with a new drug application filed for Sklice™
Sell-side representation of Topaz in competitive process with multiple bidders.
Venture-backed Topaz is a specialty pharmaceutical company focusing on the development and commercialization of pediatric and dermatology pharmaceutical products.
Topaz’s Sklice® (ivermectin) 0.5% topical lotion represents a new standard for Rx care providing single dose efficacy by breaking the lice life cycle combined with an unparalleled safety record in an appealing, consumer friendly formulation.
In February 2012, the U.S. Food and Drug Administration approved Sklice® (ivermectin) lotion, 0.5% for the topical treatment of head lice, in patients 6 months of age and older. Effective and well-tolerated, Sklice Lotion treats lice in most patients with a single 10-minute application of the lotion, without nit combing.
Closing: October 2011
Location: Horsham, PA
Team: Robert Radie (President & CEO), Tom Beck, M.D. (CMO), Mark Strobeck, Ph.D. (CBO)
Board of Directors: Bob Casale, Cameron Durrant, Dov Goldstein, Nick Spring, Robert Weisskoff
Series B Preferred Stock
Financing for healthcare equipment company focused on vein visualization solutions
Financing of medical imaging company commercializing an industry-leading, hand-held vein illumination device
Commercial stage company with: AV300 hand-held vein illumination solution for venipuncture that allows health care professionals to see a map of peripheral veins on the skin’s surface for procedures including blood draws, IV infusions and blood donations, sales at more than 750 U.S. hospitals and in 63 countries worldwide, proprietary technology useful for a broad range of imaging and medical diagnostic applications
Funding will be used to provide growth capital to continue expansion into untapped markets and enhance focus on customers globally
Closing: July 2011
Security: Series B Preferred
Location: Long Island, NY
Team: Ron Goldman (CEO)
New Investors: MVM Life Science Partners, Bessemer Venture Partners
Board of Directors: Eric Bednarski, Chris Gabrieli, Jimmy Lackie, Frank “Trey” Flautt, III, Ron Goldman
Series C Preferred Stock
Sale of biopharma company with approved ADHD treatment
Financing of specialty pharmaceutical company focused on cardiovascular and CNS diseases
Funding will be used to:
- Commercialize recently launched NEXICLON™XR for the treatment of hypertension
- Expand the CNS portfolio
- Prepare for the introduction of a novel extended-release liquid methylphenidate for Attention Deficit Hyperactivity Disorder (ADHD), currently under review by the FDA
Closing: January 2011
Location: Cupertino, CA
Team: Jay P. Shepard (President & CEO), Craig Chambliss (SVP & CBO)
New Investors: Bay City Capital, Panorama Capital, Kearny Venture Partners
Existing Investors: Aisling Capital, Fidelity Biosciences, Sofinnova Ventures, Vivo Ventures
Board of Directors: Jay P. Shepard, Gaurav Aggarwal, Robert Casale, Steve Elms, Hingge Hsu, Frank Kung, Anand Mehra, Dayton Misfeldt, Patrick J. Zenner
Acquisition of ROXRO PHARMA
Purchase of privately held specialty pharma company focused on pain
Buy-side representation on the acquisition of a specialty pharmaceutical company with an FDA-approved drug for pain
Buy-side representation of Luitpold in competitive process for the privately held ROXRO PHARMA, Inc.
Aquilo worked closely both with US-based subsidiary Luitpold and with Tokyo-based parent company Daiichi Sankyo.
ROXRO’s SPRIX® – an intranasal formulation of keterolac tromethamine – was approved by the FDA in May 2010 for the short-term treatment of acute moderate to moderately severe pain that requires analgesia at the opioid level.
Closing: December 2010
Location: Shirley, NY
Team: Mary Jane Helenek (President & CEO)
Acquisition by OriGene
Sale of gene synthesis company while spinning out a new oligonucleotide synthesis technology into a new company
Sale of a market leader in the gene synthesis field
Venture-backed OriGene is a gene-centric tool company committed to providing everything a researcher would need to conduct gene-based research.
Blue Heron has developed the industry’s most advanced gene synthesis technology and is capable of handling the most difficult DNA sequences.
A complete product solution for gene researchers is provided by OriGene’s complete collection of human cDNA clones combined with Blue Heron’s gene synthesis capabilities.
Definitive Agreement: July 2010
Closing: August 2010
Location: Bothell, WA
Team: John Fess (CEO), John Mulligan (CSO & Founder)
Board of Directors: John Richards, Jeff Szekeres, John Fess, John Mulligan
Acquisition of PharmaForce, Inc.
Acquisition of specialty injectable generic pharma company
Buy-side representation on the acquisition of a fully integrated specialty injectable pharmaceutical company
Buy-side representation of Luitpold in competitive process for the privately held PharmaForce.
Aquilo worked closely both with US-based subsidiary Luitpold and with Tokyo-based parent company Daiichi Sankyo.
PharmaForce focused on difficult to manufacture sterile products and sole source or first-to-market generic injectable products.
Closing: December 2009
Location: Shirley, NY
Team: Mary Jane Helenek (President & CEO)
Acquisition by Clarient
Sale of cancer diagnostics company
Sale of company with novel tools for the detection and classification of human cancer
Rapidly growing cancer diagnostics company Clarient has the powerful commercial engine that is expected to drive the sale of the proprietary technology/tests developed by AGI.
Several AGI-developed tests ready for market launch by Clarient at time of the transaction close, including Pulmotype(R) for classifying lung cancer patients.
AGI uses a proprietary process whereby complex gene expression data is used to target antibody production and generate datasets of protein expression across thousands of tumor tissues.
Definitive Agreement: December 2009
Closing: December 2009
Location: Huntsville, AL
Team: Rob Seitz (CEO), Doug Ross (CSO)
Board of Directors: Jim Hudson, Roy Nichols, Lonnie McMillian, Rob Seitz, Doug Ross
Partnership with Astellas
License and commercialization agreement for WW rights to clinical-stage oncology candidate
Global partnership with Astellas for XTANDI
Medivation was developing enzalutamide, a novel, oral anti-androgen drug candidate for prostate cancer. After a successful Phase 2 trial, Medivation advanced the drug into a pivotal Phase 3 trial in September 2009.
Aquilo assisted Medivation throughout the enzalutamide partnering process, introducing potential strategic partners and helping the company evaluate the financial, strategic and corporate governance aspects of potential partnerships.
The economic aspects of the deal with Astellas include $110 million upfront payment, up to $335 million of development milestones, up to $320 million of commercial milestones, a 50/50 split of US profits, and tiered double-digit royalties on ex-US sales.
When Phase 3 data was released it drove an $800 million increase in market cap for Medivation, and Astellas’ market cap increased by $500 million that same day.
XTANDI (enzalutamide) was approved in the US in August 2012 and commercially available in September 2012.
From the date of the announcement of the global partnership with Astellas until the commercial launch in September 2012, the market cap of Medivation increased by $3.0 billion.
Definitive Agreement: October 2009
Closing: October 2009
Location: San Francisco, CA
Team: David Hung (CEO), Patrick Machado (CFO)
Series B Preferred Stock
Financing for commercial-stage pain company
Financing of specialty pharmaceutical company focused on women’s healthcare and pain management
Commercial stage company with: Significant pain franchise, Zipsor recently launched and Lysteda NDA filed.
Closing: October 2009
Security: Series B Preferred
Location: Newport, KY
Team: Michael Valentino (President & CEO), Rita O’Connor (CFO), Gary Shangold (CMO), Natasha Giordano (CCO)
New Investors: Longitude Capital, Silver Point Capital, Skandia Asset Management
Existing Investors: AIG Global, Aisling Capital, Apax Partners, Blue Chip Venture, Essex Woodlands Health Ventures, HealthCare Ventures, MPM Capital, Union Springs
Board of Directors: Rolf Classon, Vaughn Kailian, Dennis Purcell, Steven St. Peter, James Shannon, Craig Tooman, Michael Valentino
Acquisition by Roche
Sale of antibody therapeutic company
132% premium over closing price on day Aquilo engaged
ARIUS developed a proprietary antibody platform called FunctionFIRST™, which rapidly identifies and selects antibodies based on their functional ability to affect disease before progressing into clinical development.
Aquilo helped ARIUS evaluate multiple strategic options, from single product licensing deals to broad platform deals to a full acquisition of the company.
The final acquisition price of C$2.44/share (transaction value of approximately US$184m) represented a premium of 44% to the 20-day volume-weighted average closing price ending May 15, 2008 (the last trading day prior to ARIUS’ announcement that third parties had shown interest in ARIUS and its technologies) and 132% over the closing price on the day ARIUS engaged Aquilo.
Definitive Agreement: July 2008
Closing: September 2008
Location: Toronto, Canada
Team: David S. Young (CEO), Warren Whitehead (CFO)
Board of Directors: David S. Young, Carl L. Gordon, Joseph Zakrzewski, James Rae, Graham Strachan
Acquisition by Tethys Bioscience
Sale of clinical diagnostic tools company
Sale to Tethys Bioscience, Inc.
Lipomics established a leadership position in personalized medicine for metabolic disorders by combining world-class expertise in lipid biology with its technology for quantitative metabolite profiling.
Lipomics has developed clinical diagnostic tools with an emphasis on high-density lipoprotein metabolism, diabetes, weight loss and inflammation.
Aquilo ran the sale process and advised Lipomics on structuring a private-to-private acquisition by Tethys Bioscience, a personalized predictive medicine company led by noted biotech executive Mickey Urdea (Chiron and Bayer) and backed by Kleiner Perkins and Mohr Davidow.
Definitive Agreement: September 2008
Closing: September 2008
Location: Sacramento, CA
Team: Steven Watkins (CEO & CSO), Brian Sway (CFO)
Board of Directors: Roger Salquist, Steven Watkins, Anula Jayasuriya, Scott Lenet, Michael Miille
Acquisition by Thermo Fisher
Sale of provider of RNAi, gene expression, and protein detection products
Competitive process involved multiple large companies
Open Biosystems is a provider of RNA interference (RNAi), gene expression, and protein detection products for life science research.
Aquilo helped to position Open Biosystems as the market leader in short-hairpin RNA (shRNA) and viral-vector systems for delivering shRNA into living cells.
Competitive process with multiple bidders.
Definitive Agreement: June 2008
Closing: June 2008
Location: Huntsville, AL
Team: Brian Pollock (CEO), Troy Moore (CTO)
Board of Directors: Jim Hudson, Geoff Duyk, Lonnie McMillian, Richard Myers, Brian Pollock, Troy Moore, Matt Baker
Series C Preferred Stock
Financing for life sciences company focused on DNA sequencing platform for human genome sequencing and analysis
Large hedge fund-led financing
Preemptive term sheet 1 month after initiation of financing
Handful of additional introductions generated multiple leads
Single investor with large bite size cut back to $16 million
2x step-up in valuation, 1.5x senior non-participating liquidation preference
Complete Genomics completed IPO in November 2010 and was acquired by BGI in March 2013
Closing: February 2008
Location: Mountain View, CA
Team: Cliff Reid (President & CEO), John Curson (CFO), Rade Drmanac (CSO)
New Investors: Highland Capital Management
Existing Investors: OVP Venture Partners, Enterprise Partners Venture Capital, Prospect Venture Partners, Genentech
Board of Directors: Alex Barkas, Drew Senyei, Charles Waite, Cliff Reid
Series D Preferred Stock
Strategic investment and out-licensing of lead product in Korea and China
Laboratory Partners Raises $16 Million in Private Financing
Acquisition financing by private equity firm.
Reengaged Aquilo Partners after successful Series B preferred stock and debt financing in March 2007.
Total raised by Aquilo Partners for Laboratory Partners in 2007 was $69m.
Closing: December 2007
Security: Series D Preferred
Team: Richard Daly (President & CEO)
New Investors: Primus
Existing Investors: Chrysalis Ventures, Undisclosed Investor, Oxford Bioscience Partners, Marathon, Fort Washington Private Equity, Hillside Capital Management
Board of Directors: Jonathan Fleming, David Jones, Jack Davis, Richard Daly, Keith Kerman
Acquisition by Ocimum
Sale of drug discovery company's Genomics Division
Sale of Genomics Division to India-based Ocimum Biosolutions, Ltd.
Gene Logic’s Genomics Division has developed a significant clinical network, a quality-driven large scale data production facility, and flexible data management and data analysis skills from over more than a decade of working with the largest drug developers.
Gene Logic’s Genomics Division included a comprehensive biorepository with toxicogenomic, pharmacogenomic and clinical genomic databases and software tools.
Aquilo successfully positioned the Genomics Division as a valuable asset creating a competitive process among domestic and international life science companies.
Definitive Agreement: October 2007
Closing: December 2007
Location: Gaithersburg, MD
Team: Charles Dimmler (President & CEO), Philipo Rohrer (CFO), Larry Tiffany (SVP, GM, Genomics)
Board of Directors: Stark Thompson, Michael Brennan, Charles Dimmler, Mark Gabrielson, Mark Gessler, Anthony Gorry, David Urdal
Series C Preferred Stock
Sale of clinical stage oncology and infectious disease company
Financing of platform immunotherapy company led by a large US hedge fund
GlobeImmune is an immunotherapy company focused on the Tarmogen® platform for treating cancer and infectious diseases with a lead product candidate that has completed Phase 1b clinical trials for the treatment of chronic hepatitis C infection.
Aquilo managed a global distribution effort and built a diverse syndicate of investors comprised of a large US hedge fund, US and Asian venture funds, a large foundation and a major biotechnology company.
Closing: September 2007
Security: Series C Preferred
Location: Louisville, CO
Team: Tim Rodell (CEO), David Apelian (CMO), Jeff Rona (CBO)
New Investors: Wexford Capital, Celgene, Mellon Family Investment Company, Richard King Mellon Foundation, Eminent Venture Capital, Boston Life Science Venture, and WRF Capital
Existing Investors: HealthCare Ventures, Morgenthaler Ventures, Sequel Venture Partners, Lilly Ventures, Medica Venture Partners, Adams Street Partners, Biogen Idec, Pac-Link Bioventures, China Investment and Development, Yasuda Enterprise Development, Partners Healthcare, and GC&H Investments
Board of Directors: Tim Rodell, Richard Duke, Darren Carroll, Chris Christoffersen, Ehud Geller, Gus Lawlor, Dan Mitchell, Paul Mieyal
Acquisition by LabCorp
Sale of company focused on robotic systems and automation solutions for diagnostic testing and biomedical research processes
Sale of company focused on robotic systems and automation solutions for diagnostic testing and biomedical research processes
Closing: May 2007
Location: Windsor, CT
Team: Fran Tuttle (CEO), Peter Massaro (CTO)
Series E Preferred Stock
Financing for late-stage biopharma company
Financing of late-stage company by international syndicate of investors
QuatRx is a late-stage private company with a portfolio of drug candidates that each address an important medical need and represents a potential billion-dollar commercial opportunity.
QuatRx is led by an experienced management team that previously worked at Parke-Davis, where they were responsible for the clinical development and commercialization of the largest selling drug in history, $12 billion Lipitor.
QuatRx selected Aquilo Partners to help it with a last private round after withdrawing its registration statement for an IPO due to market conditions.
Aquilo Partners managed a global distribution effort and built a strong syndicate of U.S. and European investors.
Aquilo Partners worked with the company specifically to identify crossover investors that could support the company going forward.
“The strong interest we’ve received from these leading investors and the continued support from our existing investors reflect the excitement we share as we approach upcoming milestones for our clinical development programs.” – Robert Zerbe, CEO & Founder, QuatRx Pharmaceuticals.
Closing: May 2007
Security: Series E Preferred
Location: Ann Arbor, MI
Team: Robert Zerbe (CEO), Gary Onn (CFO)
New Investors: Venrock, T. Rowe Price, Catella Healthcare, Hercules Technology Growth Capital
Existing Investors: Frazier Healthcare Ventures, TL Ventures, MPM Capital, InterWest Partners, Thomas Weisel Healthcare Ventures, Stockwell Capital, H&B Capital, BioMedical Ventures, Bio Fund Ventures, Twilight Venture Partners
Board of Directors: Christopher Ehrlich, Richard Fox, Patrick Heron, Anders Hove, Christopher Moller, Nicholas Simon, August Watanabe, Anders Wiklund, Robert Zerbe
Series C Preferred Stock
Financing for company with approved point-of-care blood diagnostic platform
$31.0 million with a single crossover investor
Epocal is a developer of the FDA 510(k) approved enterprise point-of-care blood diagnostic platform that delivers lab-quality results to the bedside at a significantly lower manufacturing cost than conventional point-of-care tests.
Term sheet received one month after initiation of financing.
Closing: April 2007
Security: Series C Preferred
Location: Ottawa, ON
Team: Imants Lauks (CEO)
New Investors: Highland Capital Management
Existing Investors: Genesys Capital Partners
Board of Directors: Kelly Holman, Nathan Hukill, Kirk Mandy, Imants Lauks
Series B Preferred Stock & Debt
Financing for diagnostic services company
Laboratory Partners Raises $53 Million in Private Financing
Closing of private placement concurrent with acquisition of regional clinical laboratory.
Acquisition financing including debt and equity.
Closing: March 2007
Security: Series B Preferred & Debt
Team: Richard Daly (President & CEO)
New Investors: Marathon, Undisclosed
Existing Investors: Oxford Bioscience Partners, Chrysalis Ventures, Fort Washington Private Equity, Hillside Capital Management
Board of Directors: Jonathan Fleming, David Jones, Jack Davis, Richard Daly
Series C Preferred Stock
Financing for clinical-stage company
Worked closely with board and management to bring in two of the largest VCs focused on life sciences
Aerovance is a company that is focused on the development and commercialization of biologics for respiratory and inflammatory diseases.
The company is a spinout of Bayer.
The $60 million financing is structured in two tranches: $28 million at first closing in May 2006 and $32 million at second closing in March 2007 following completion of milestones.
Closing: May 2006
Security: Series C Preferred
Location: Berkeley, CA
Team: Bill Newell (President), Rick Fuller (Executive VP, COO), Tony Rimac (VP, Principal Financial Officer)
New Investors: Clarus Ventures, Alta Partners
Existing Investors: Apax Partners, Lehman Brothers, NGN Capital, Burrill & Co.
Board of Directors: Farah Champsi, Lee Douglas, Nick Galakatos, Hingge Hsu, Mark Perry, John Walker
Series B Preferred Stock & Debt
Financing for commercial-stage specialty biopharmaceutical company
One of the largest financings of 2006 will be used to support the commercialization of Myobloc
Specialty biopharmaceutical company with commercial-stage product Myobloc® (Botulinum Toxin Type B) is indicated for patients with cervical dystonia.
Lead investor is a SEC-registered investment adviser specializing in credit and alternative investment currently managing over $30 billion in leveraged loans, high yield bonds, structured products and other assets for banks, insurance companies, pension plans, foundations, and high net worth individuals.
Closing: November 2006
Security: Series B Preferred & Debt
Location: Malvern, PA
Team: Shawn Patrick O’Brien (President & CEO), Michael Pagnotta (CFO)
New Investors: Highland Capital Management
Existing Investors: Thomas, McNerney & Partners, Investor Growth Capital, Morgan Stanley Venture Partners, Oxford BioSciences Partners
Board of Directors: Doug Fambrough, Brian Gallagher, Nathan Hukill, Fazle Husain, Liza Page Nelson, Shawn Patrick O’Brien, Brett Pope, James Thomas
Acquisition by Genetix
Sale of company focused on automated imaging and image analysis systems
147% premium to shareholders in sale to UK-based Genetix
Applied Imaging is a leading supplier of automated imaging and image analysis systems for genetics and cancer applications.
Aquilo successfully positioned Applied Imaging as a valuable asset creating a competitive process leading to a bidding war between UK-based Genetix and a rival bidder.
The final offer represented a 147% premium over the 30-day closing price prior to the original announcement of the merger between Applied Imaging and Genetix.
Definitive Agreement: November 2006
Closing: November 2006
Location: San Jose, CA
Team: Robin Stracey (CEO), Terry Griffin (CFO)
Board of Directors: G. Kirk Raab, John Blakemore, Carl Hull, Andre Marion, Robin Stracey, Pablo Valenzuela
Acquisition by Nektar
Sale of respiratory device company
Offer was a 159% premium to common shareholders
Aerogen develops products based on its OnQ Aerosol Generator technology to improve the treatment of respiratory disorders in the acute care setting.
Aquilo worked with management, board and shareholders to deliver maximum value to all parties.
The offer represented a 159% premium to common shareholders.
Definitive Agreement: August 2005
Closing: October 2005
Location: Mountain View, CA
Team: John Hodgman (CEO), Bubba Breuil (CFO)
Board of Directors: Jean-Jacques Bienaimé, Bernard Collins, Dick Daly, Phyllis Gardner, Ehud Ivri, Robert Roe, Jane Shaw, John Hodgman
Acquisition by Invitrogen
Sale of biomolecular detection company
Sold Quantum Dot to leading reagent company, Invitrogen
Quantum Dot Corporation offers novel solutions for biomolecular labeling and detection that employ Quantum Dot (Qdot(R)) nanocrystals.
Multiple term sheets including large and small companies as well as potential investors.
Definitive Agreement: September 2005
Closing: October 2005
Location: Hayward, CA
Team: George Dunbar (CEO), Gayle Kuokka (CFO)
Board of Directors: George Dunbar, Jonathan MacQuitty, André Marion, Robert Overell, Rebecca Robertson, Mickey Urdea
Acquisition by Fisher Scientific
Sale of systems provider for High Content Screening and High Content Analysis
Sale process generated interest from several large companies
Cellomics is a provider of systems for High Content Screening and High Content Analysis.
Aquilo worked with the company to successfully position Cellomics as a market leader in the high-content cellular-analysis field.
Competitive process with multiple bidders.
Definitive Agreement: August 2005
Closing: September 2005
Location: Pittsburgh, PA
Team: Dan Calvo (CEO), Bill Sharp (VP, BD)
Board of Directors: Jim Sharp, Dan Calvo, D. Lansing Taylor, Norbert Gorny, Uli Simon, Jonathan Fleming, Buck Phillips
Series D Preferred Stock
Financing for anti-infectives company
$62.5 million transaction with crossover investors
Replidyne is a biopharmaceutical company focused on developing and commercializing innovative anti-infective products.
Aquilo worked with the company to secure multiple term sheets and increase the size of the transaction from $40 million due to demand.
In 2006, Replidyne successfully completed its IPO with Merrill Lynch, Morgan Stanley, Cowen and Company, and Pacific Growth Equities as underwriters.
Closing: August 2005
Security: Series D Preferred
Location: Louisville, CO
Team: Ken Collins (CEO), Roger Echols (CMO), Pete Letendre (CCO)
New Investors: Duquesne Capital Management, Healthcare Investment Partners, MDS Capital Corp., undisclosed investor
Existing Investors: HealthCare Ventures, TPG Ventures, Morgenthaler Ventures, Perseus-Soros BioPharmaceutical Fund, Sequel Venture Partners, Temasek Holdings Pte Ltd and Quintiles Transnational
Board of Directors: Chris Christoffersen, Ken Collins, Geoff Duyk, Chris Earl, Nebojsa Janjic, Gus Lawlor, Dan Mitchell
Acquisition by Agilent Technologies
Sale of software company for gene expression analysis
Sale process generated multiple interested parties
Silicon Genetics is a leading provider of software solutions for gene expression analysis.
Aquilo worked closely with the founder and majority shareholder to explore liquidity alternatives.
Definitive Agreement: August 2004
Closing: October 2004
Location: Redwood City, CA
Team: Andrew Conway (Chariman & Founder), Michael Bates (CFO)
Board of Directors: Andrew Conway, Scott Hunicke-Smith, Jay Littlefield
Series C Preferred Stock
Financing for pain management company
AlgoRx’s $65 million financing was one of the largest life science financings in 2004 and included foreign and domestic investors.
AlgoRx is a pharmaceutical company focused on the development of pain management products that address areas of unmet need.
The round of financing received over $100 million of interest, and the deal size increased from $30 million due to demand.
Aquilo served as exclusive placement agent, owning and driving the transaction process to a close.
In 2005, AlgoRx merged with Corgentech to form public company Anesiva (NASDAQ: ANSV).
Closing: February 2004
Security: Series C Preferred
Location: Cranbury, NJ
Team: Ron Burch (CEO), Jeff Rona (CFO)
New Investors: Advent International, S.R. One, Pacific Rim, Index Ventures, Lehman Brothers, Hunt Ventures, EGS Healthcare Capital, Piper Jaffray, NIF, Axiom, Cogene BioTech, William Harris Investors
Existing Investors: JP Morgan Partners, InterWest Partners, Sofinnova Ventures
Board of Directors: Ron Burch, Charlie Cohen, Rod Ferguson, Arnie Oronsky, Mike Powell