I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $636.60M | ||||
Company |
Location |
Date |
Amt. (M) |
Details |
Abeille |
Princeton, N.J. |
2/22/05 |
$1.5 |
Accredited investors participated in the Series A financing round; details were not disclosed |
Advanced Cell |
Worcester, Mass. |
2/1/05 |
$8 |
The company sold Series A preferred stock and warrants just prior to its reverse merger with A.C.T. Holdings Inc. (OTC BB:ACTH); the securities converted into ACTH stock and warrants |
Archimedes |
London |
2/9/05 |
$40 |
Warburg Pincus invested $40M in the new company, which acquired the nasal drug delivery assets of West Pharmaceutical Services Inc. |
Biosystems |
Evry, France |
2/4/05 |
€3 (US$3.8) |
Two funds managed by Société Générale Asset Management invested in the company's first financing round |
Cavis |
Mainz, Germany |
2/3/05 |
€5 (US$6.4) |
Inventages Venture Capital Investment Inc. and BASF Venture Capital invested in the Series A financing round |
FibroGen |
South San Francisco |
2/16/05 |
$100 |
Adage Capital Management led the financing; also participating were Apothecary Capital, Brookside Capital Partners, Corriente Biotechnology Partners, Duquesne Capital Management, Goldman Sachs, Janus Capital Group, Merlin BioMed Group, Och-Ziff Capital Management, The Rosewood Corp., Sigma Capital Management, T. Rowe Price, Yamanouchi Pharmaceutical Co. Ltd., SMBC Capital and Bio Fund Management |
FivePrime |
South San Francisco |
2/8/05 |
$45 |
Domain Associates LLC led the financing round that also included HealthCap, the JP Morgan Bay Area Equity Fund, Kleiner Perkins Caufield and Byers, Versant Ventures, Texas Pacific Group, Advanced Technology Ventures, The Wellcome Trust, Diamond Capital Co. Ltd. and Singapore BioInnovations Pte. Ltd.; Three Crowns Capital served as adviser to the company |
Jerini AG |
Berlin |
2/14/05 |
€15.5 (US$20.2) |
The financing round was co-lead by NGN Capital, Life Sciences Partners and The Bioscience Investment Trust plc; also participating were existing investors Healthcap, TVM, 3i Group Investments LP and funds managed by IBB Beteiligungsgesellschaft |
Kiadis BV |
Groningen, the Netherlands |
2/3/05 |
€4 (US$5.2) |
The Series B financing round was led by Life Sciences Partners and included existing investor Prelude Trust plc and new investor NV NOM |
Medisyn |
Minneapolis |
2/17/05 |
$1.5 |
MTI Investors LLC led the bridge financing round; current investors Sherpa Trek I LP, StarTec Investments, Andcor Cos. Inc. and Portage Capital took part in the offer of convertible notes and warrants |
M-phasys |
Tubigen, Germany |
2/8/05 |
ND |
Investors in the Series C financing included KfW Bankengruppe, Grazia Equity, Gradus Ventures, Heidelberg Innovation and TechnoStart Ventures |
Newron |
Milan, Italy |
2/21/05 |
€30 (US$39.7) |
HBM Partners AG was lead investor in the round; existing investors 3i Group, Apax Partners and Atlas Venture also participated |
Opsona |
Dublin, Ireland |
2/24/05 |
€6.25 (US$8.2) |
Inventages Venture Capital and Seroba BioVentures led the Series A financing, which also included Genentech Inc. and Enterprise Ireland |
Perlegen |
Mountain View, Calif. |
2/28/05 |
$74 |
The Series D financing was led by CSK Venture Capital; new investors included Brookside Capital, Mizuho Securities, Glynn Capital Management and Cape Securities; previous investors participating included Alex Zaffaroni, Maverick Capital, Lombard Odier Darier Hentsch & Cie, Zesiger Capital, Sano Ventures, BSI SA, MPM BioEquities, SB Life Sciences, Unilever Ventures, Biofrontier Partners, Private Life Biomed, CMEA Ventures and Affymetrix Inc. |
Sciona Inc. |
Boulder, Colo. |
2/28/05 |
$8.2 |
Burrill & Co. led the second closing of the third-round financing, which also included Prelude Trust, BASF Venture Capital GmbH and Bioven- tures Inc. |
Speedel Group |
Basel, Switzerland |
2/22/05 |
CHF47.8 (US$41) |
Speedel completed an equity round of financing; the majority of the funding came from current shareholders |
Stirling Medical |
Stirling, Scotland |
2/28/05 |
£97.5 (US$186.4) |
Inverness Medical Innovations Inc. set up Stirling and committed to invest £67.5M over three years; ITI Life Sciences, a public entitiy, is providing 30M to the diagnostics company, a subsidiary of IMI |
The Genetics |
Schlieren, Switzerland |
2/15/05 |
CHF17 (US$14.3) |
Nextech Venture, the Novartis Venture Fund and Varuma AG led the Series C round; they and other investors have an option to invest another CHF8M to bring the round to CHF25M |
Voyager |
Raleigh, N.C. |
2/14/05 |
$16 |
Non-institutional investors participated in the financing, with more than 90% of it from current shareholders |
Zealand |
Glostrup, Denmark |
2/21/05 |
€13 (US$17.2) |
Zealand completed a second closing of a Series C round; the first closing of €13M occurred in January; investors in the second closing included CDC Enterprises Innovation, AGF Private Equity and Life Sciences Partners |
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM EXISTING CORPORATE PARTNERS: $35.76M | ||||
Company |
Partner |
Amt. |
Triggering |
Details (Date) |
| | ||||
Affitech A/S* |
Peregrine |
ND |
Milestone |
They are collaborating on antibodies that block VEGF; it was not clear if the milestone triggered a payment (2/14) |
Affitech A/S* |
Viventia Biotech Inc. (Canada; TSE:VBI) |
ND |
Milestone payment |
Triggered by Affitech's discovery and selection of several cancer antibodies, and the subsequent screening of them using Viventia's antibody profiling platform (2/2) |
Astex |
Boehringer Ingelheim GmbH (Germany) |
ND |
Milestone payment |
Astex achieved the first milestone in a collaboration under which it is applying its Pyramid technology for drug discovery (2/14) |
Cardiome |
Fujisawa Healthcare Inc. |
$6 |
Milestone payment |
Triggered by completion of ACT 1, the first of three Phase III trials of Cardiome's antiarrhythmic product, intravenous RSD1235 (2/23) |
Cellular |
Serono SA (Switzerland; NYSE:SRA) |
ND |
Milestone payment |
Triggered by successful development of CGI's in vivo models for kinase drug discovery under their collaboration (2/15) |
ChemGenex |
Vernalis plc (UK; VNLS) |
A$0.72 (US$0.56) |
Milestone payment |
ChemGenex reached a research milestone in its depression target discovery program with Vernalis (2/23) |
Diversa Corp. |
Syngenta AG (Switzerland) |
$0.5 |
Milestone payment |
Diversa successfully delivered to Syngenta multiple qualified enzyme candidates for use as animal feed additives (2/14) |
Ligand |
GlaxoSmithKline plc (UK) |
$1 |
Milestone payment |
Triggered by GSK's start of Phase II trials of SB-497115, a small- molecule drug that mimics the activity of thrombopoietin, which promotes production of blood platelets (2/7) |
Medarex Inc. |
Amgen Inc. |
ND |
Milestone payment |
Triggered by Amgen's advancement into clinical trials of an antibody developed using Medarex's UltiMAb technology (2/24) |
MorphoSys |
GPC Biotech AG (Germany; CPGB) |
ND |
Milestone payment |
Triggered by GPC's initiation of a Phase I trial of the anticancer monoclonal antibody 1D09C3, whcih was generated using MorphoSys' technology (2/1) |
Nastech |
Questcor Pharmceuticals Inc. |
$2 |
Milestone payment |
Triggered by FDA approval of Nascobal Nasal Spray for treating vitamin B-12 deficiency; Nastech sold rights to Questor in 2003 (2/1) |
Nautilus |
Serono SA (Switzerland; NYSE:SRA) |
ND |
Milestone payment |
A milestone was reached in a collaboration to develop a next-generation human growth hormone with an improved pharmacological profile (2/22) |
Phytopharm |
Yamanouchi Pharmaceutical Co. Ltd. (Japan) |
£4 (US$7.7) |
Milestone payment |
Triggered when a trial of PYM50028 (Cogane) for Alzheimer's disease in 60 subjects met safety criteria set out in their licensing agreement (2/28) |
Santarus |
TAP Pharmaceutical Products Inc. |
$10 |
Milestone payment |
Santarus said it is entitled to the payment after prevailing in an alternative dispute resolution proceeding concerning a June 2002 sublicensing agreement (2/15) |
TopoTarget |
CuraGen Corp. (CRGN) |
ND |
Milestone payment |
Triggered by initiation of Phase II trials of PXD101 in multiple myeloma (2/1) |
Triad Pharmaceuticals Inc.* |
Kos Pharmaceuticals Inc. |
$8 |
Equity investment | Kos and its chairman each invested $4M; Kos owns 27% of the company, with which it has been collaborating on chemical entities that regulate HDL cholesterol; another $4M each would be paid in 18 months if milestones are reached; a consortium led by Kos' chairman owns 48% of Triad (2/7) |
Notes: | ||||
# Unless otherwise indicated, shares are traded on the Nasdaq exchange. | ||||
* Private company. | ||||
Currency conversions are based on exchange rates at the time of the deal. | ||||
ND = Not disclosed. | ||||
ASX = Australian Stock Exchange; FSE = Frankfurt Stock Exchange; LSE = London Stock Exchange; NYSE = New York Stock Exchange; OTC BB: Over-the-Counter Bulletin Board; TSE = Toronto Stock Exchange. | ||||
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