w w w. b i o t e c h - f i n a n c e s . c o m
CONTENTS
January 11, 2010 – No. 445
€ deals Special
Europe • Today, everything’s for sale in Europe................................p. 1-2
Eco Note by H. ELLA • France 2009: potential riches and missed opportunities..................p. 2
France • The climate warms for biotechnology as 2009 ends ................................p. 5
British Isles • Academics push seed projects in medtech and diagnostics sectors ..p. 6
Germanic countries • Trade sales are becoming more profitable ..................................p. 6
Switzerland • Pick-up in M&A, but slow-down in private financing ........................p. 8
Nordic countries • The need for funds still dominates in Nordic countries ......................p. 9
Benelux • Movetis re-opens the stock market window ........................p. 10
Italy • Asset consolidation has started ..p. 10
Spain • Some great rounds brighten the end of 2009..............................p. 12
Eastern Europe • An unfavorable climate for life sciences ..............................p. 12
Israel • Life sciences attract most capital risk investments ........................p. 13
€Deals • Financial biotransactions in Europe and Israel in H2 2009 ........p. 16-26
TODAY, EVERYTHING’S FOR SALE IN EUROPE The second half of 2009 has been marked by some excellent public fund capitalizations, notably in France, where government funds are very dynamic. The launch of various investment vehicles, such as the Strategic Fund for Innovation (FSI), InnoBio and Kurma Biofund (1) are shining examples of this dynamic. Amongst the companies that have taken advantage of these tools are Cellectis, raising 22 M€ in October (2), NicOx with 100 M€ end November, ExonHit with 15.6 M€ and Hybrigenics with 2.8 M€ mid December, and finally Innate Pharma with 25 M€ end December. In the rest of Europe, notably in Belgium, there have been very active regional funds. However, private capitalizations have been very modest during the last six months. Early stage has suffered most of this shortfall, with painfully limited funds being raised. Fortunately some successful following rounds have saved the day. In terms of M&A, transactions have carried lower prices than before. Today, everything’s for sale in Europe. Buyers are flooded by demand, and sellers have difficulty in finding buyers. Some management teams have insufficient cash to negotiate with pharmas, and sometimes appear too weak to potential buyers. Amongst the best M&A transactions in 2009 H2 we have to mention the impressive acquisition of Fovéa Pharmaceuticals by Sanofi-Aventis last October for 370 M€, and Novexel by AstraZeneca for 350 M€ in the closing days of 2009. These transactions took the shape of earn-outs, a more and more common process in the pharmaceutical industry, that minimizes the risk involved
in early-stage compounds. Around one quarter of deals is currently carried out in this way, and this trend is set to grow in the next few years. Another excellent exit was the one completed by ESBATech, selling all its assets to the giant Alcon for 400 M€ (3), and Evolva has merged its company and its programs with Arpida. American big pharma Abbott has absorbed Solvay Pharma in late fall, one of the last remaining mid-sized European pharmas. For the American company this
INVESTOR INTEREST for MOVETIS IPO was INTENSE was a strategic incorporation, because it results in a more decentralized US company with a foothold in Europe. Also in the news was BioXell, which was at a low point after the negative press on the results of its lead clinical program, and was then acquired by Cosmo Pharmaceuticals for its cash. BioVitrum for its part didn’t hesitate to sell certain upstream programs, such as the leptin modulator, which was transferred to AstraZeneca at preclinical stage – for a potential total of 186 M€ including upfront and milestones –thus strengthening their presence on the market by integrating new commercialized products. The acquisition of specialty pharma Swedish Orphan for over 330 M€ in November 2009 was a clear sign of repositioning. Amongst the most successful deals during the last six months of 2009 we have to single out product deals. Sometimes it’s easier to transfer a program rather than (continued p.2)
Eco Note by H. ELLA
H.ELLA
oversubscribed and completed on a share price within the targeted range, valuing Movetis at 245 M€. Secondary capitalizations are slowly picking up again, which gives a promising outlook for the next few months. In addition to NicOx, which was very successful towards the end of the year, the English company Phytopharma raised just under 30 M€ and the Swedish biotech Karo Bio (4) also managed to raise 14 M€, which is very encouraging. The hope is that the dozen or so candidates for an IPO will go down the same route and make a successful flotation in 2010. ❚
Frédéric Catherine Desdouits, Pichereau, Managing Partner, Manager, Cabinet Bionest Partners 1 – See “Kurma attempts a return to the biofuture”, in BF No. 442 from 14 December 2009. 2 – See “Cellectis capital increase is a good sign”, in BF No. 436 from 23 October 2009. 3 – See “Opthalmology: Alcon acquires ESBATech AG for 400 M€”, in BF No. 431 from 21 September 2009. 4 – See “karoBio: the next target for a major pharma-biotech deal?” in BF No. 404 from 2 February 2009.
FRANCE 2009: POTENTIAL RICHES AND MISSED OPPORTUNITIES
Is France a country of paradoxes? It seems to be the case if you look at the latter part of 2009, in which things were looking bright for biotech in France in terms of business and finances, but at the same time, things were also looking glum in terms of the strategic choices made by those in power. Highlights such as the impressive exits by Fovéa at 390 M€ and Nevexel at 350 M€, as well as the involvement of the leading French VC Sofinnova with Medtronic to create a unique incubation structure in the field
of medical implants, have all shown the inspired potential that can be found in France. And while we’re on the subject, it is disappointing to see how little attention these successes have received in the national financial press. However, what can be said about the famous Grand Loan (Grand Emprunt), about which the media have been buzzing? While the special commission’s announcement on how these funds should be used had listed the biotech sector as one of the main recipients, the
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mountain has now brought forth a mouse, with an amount of around 100 M€to be invested in biotechnology. As a result, this political tool is a feeble participant that has lost its ability to deliver structural change. Once again, the public powers have missed the opportunity to build a solid bio-industry in our country. All the ingredients that were lacking only recently for building a business are available today: high quality academic research, seed investments, serial managers, real estate clusters, anticipation and investment in researchers and clinicians, and efficient service networks. But we’re painfully short of businesses that are capable of financing the growth in these extremely innovative companies and to complete the hefty financing rounds (of 50 to 80 M€ or more) that would allow them to move their product development forward in efficient clinical phases. It’s another failure, and it’s an error that we will sorely regret, because biotechnology is the sector of the future, and in places where it has had the opportunity to develop, it has proven to be a fantastic creator of employment and value. ❚
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the whole company without significantly affecting the company value. Some big pharmas such as GlaxoSmithKline, which signed three large product deals worth 300 M€in the previous half-year, are particularly active in this type of deal, one of which was signed with Astex Therapeutics and another with ProSensa. Stock market flotation has been almost non- existent in this period. Only the Belgian company Movetis has attempted it successfully. There was intense investor interest for this move, which allowed the company to raise 85 M€. The offering was 1.5 times
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FRANCE
THE CLIMATE WARMS FOR BIOTECHNOLOGY AS 2009 ENDS
“The second half of 2009 was marked by increased activity in biotechnology financing in France. On the stock exchange, good news is pouring in. Transgene announced an imminent industrial partnership agreement for its product for targeted immune therapy; ExonHit is launching its diagnostic test for Alzheimer’s onto the market and is starting a new recapitalization round (1); Nicox closed a very successful financing round which should cover the commercialization of its first drug (2); BioAlliance, Genfit, Tigenix and Hybrigenics all have positive news, which should attract the interest of the markets. On the stock exchange, rumors of fundraising are rife, possibly with the support of the French Strategic Investment Fund (FSI), which seems to indicate that a window is opening. This creates good exit opportunities for the venture capital investors that have been able to wait for the liquidity situation to improve. Can we also expect our first flotation on Euronext at the start of 2010? Private companies have played the game of industrial transfer skillfully. The
acquisition of Fovéa by Sanofi Aventis (3) hasn’t gone unnoticed, and demonstrates a major change in Sanofi’s business strategy. J&J has just announced the acquisition of Gloster Santé in Toulouse. On the private side, Nokad, Alizé Pharma, FAB Pharma, Force A and Trod Médical have closed their first rounds or completed recapitalizations. The exact amounts are not as important as the fact that we’re seeing a sustained trend. In collaboration with the FSI and biopharmaceutical groups, the French state-owned financial institution Caisse des Dépôts et Consignations (CDC) has announced the launch of a program of direct liquidity investments, due to be injected into biotechnology businesses at different developmental stages. Some people have expressed concern about the distortion that an unmeasured influx of funds could generate in a recovering market. Nonetheless, there is so much more to do. Will this improvement continue? Will it restart the process, improve the performance of capital risk investment funds and generate renewed interest in this sorely neglected type of asset from institutional investors who have the capability to make long-term investments?
institutions and our universities. It should also help to build a type of further education that will bring us new generations of entrepreneurs and innovative companies that will be better prepared for international competition. Soon, the time for investments for the FCPI (mutual funds for innovation) and the FIP (proximity investment funds) will be reduced. We must avoid any adverse effect on the performance of the funds, which would also be to the detriment of biotechnology financing, at the very moment that the development process in the industry is getting longer. Market indications are that the difficult search for capital is putting off entrepreneurs. Investors for their part are always on the lookout for good opportunities, of which there are, according to them, far too few. But nevertheless, the relationship between entrepreneurs and investors is improving.” ❚
1 – See “Positive diagnosis for ExonHit”, in BF No. 441 from 7 December 2009. 2 – See “NicOx moves forward to integration under a barrage of questions”, in BF No. 439 from 23 November 2009. 3 – See “Sanofi-Aventis signs agreement to
In the long term, the priorities of the “Grand Emprunt” (Grand Loan) should help to better organise the sources of innovation, which are our large research
acquire Fovéa”, in BF No. 433 from 5 October 2009.
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Jean-Yves Nothias, General Partner BioConvergence Team Société Générale Asset Management Private Equity
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BRITISH ISLES
Hakan Goker, Associate Atlas Venture
“The confidence of investors and, to an extent, of public markets in biotech seems to have improved in 2009, with a steady increase in investments and some positive news of a few IPOs giving hope to investors and management alike. The private market transactions in the biotech/pharma space that triggered interest in the second half of the year started with in fact one of our own investments; BiCycle Therapeutics, where Atlas Venture and Novartis Venture Fund seeded this novel biotherapeutic entity platform resulting from the efforts of two highly acclaimed labs; those of Sir Greg Winter of LMB, Cambridge, UK, and Prof. Christian Heinis of EPFL, Switzerland. The platform combines the features of small molecules and biologics with the aim of creating highly specific and stable drugs. The investment was closed in July and the financial details have not been released as of yet. This was followed by another novel seed company, Crescendo Biologics (1), again based in the Cambridge hub of biopharma, led by Sofinnova Partners of France with an 8 M$
investment. The company develops fully human VH fragment antibodies by bringing together in-vivo and in-vitro technologies. The company's transgenic mouse platform under development promises to have the potential to rapidly and predictably generate high-affinity human heavy chain antibodies that readily yield VH fragments and that have no requirement for humanization. These two early stage investments into novel entities/technologies were then followed by formidable investments into existing companies; Spirogen (closed Oct 09) (2), Oxagen (closed Nov 09) (3) and Circassia (closed Dec 09). Spirogen targets cancers with DNA selective small molecules and the raise, led by Celtic Therapeutics, will help the company to push the lead clinical program of SG2000 into PhII trials in ovarian cancer in the new year. Oxagen has been active in the intractable target space of GPCRs and recently had completed PhIIa trials with their lead CRTH1 antagonist, a novel oral anti-inflammatory agent, demonstrating efficacy in both asthma and allergic rhinitis. Novartis Venture Fund led the new financing of 28 M$ which will help continue the Phase IIb dose-range finding studies and the novel macrophage targeting efforts which are in an earlier stage of development. Circassia, a developer of Tcell targeted vaccines to induce immune tolerance for various allergies and organ transplant rejection also
raised 27 M$ to continue their clinical development, led by Imperial Innovations and joined by existing investors. A change to the first half of the year was more pronounced in the medical technology/diagnostics sectors where Quanta Fluid Solutions, Oxford Immunotech, BiancaMed, Enigma Diagnostics, and Molecular Vision received an aggregate of approximately 60 M$ in new funding. The medtech/diagnostic sectors seem to be heading for another high in the UK and Ireland, where the world renowned high technology focused universities and other academic organizations are pushing out more market relevant products and technology platforms for private funding rather than straight licensing to larger medtech players. As we approach the end of the year, the feel in the biotech venture circles seem to be warming up towards early stage investments which has been concerning many young biotech CEOs. It will be interesting to see if the new year will bring any more changes in the dynamics of appetite for various stages of opportunities”. ❚
1- See “Crescendo increases its seed round to 4.9 M€”, in BF No. 436 from 23 October 2009. 2 – See “Spirogen regains rights to its first-in-class anticancer agent”, in BF No. 435 from 19 October 2009. 3 – “See “Oxagen’s made-to-measure recapitalization”, in BF No. 442 from 14 December 2009.
GERMANIC COUNTRIES
TRADE SALES ARE BECOMING MORE PROFITABLE Hanns-Peter Wiese, Partner The Global Life Science Ventures GmbH “The number of investments by venture capital in the German and Austrian biotech/medtech field in the second half of 2009 has certainly increased compared to the first six months – although they remain at
modest levels: about a dozen deals were closed compared to a handful previously. Still many VCs are hampered by the closed public exit market and a lack of money to invest in new projects. Therefore, only a couple of companies succeeded in securing 1st or 2nd rounds of finance, most of them after previous seed financings supported by Government sponsored agencies. Of the sizable later stage financings that were reported by mtm Laboratories AG, Nabriva AG and Probiodrug AG, two were extensions of previous rounds or
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internal financings and only the last closed a major round led by new investors. The respective syndicates included both national and international venture capital funds. On the exit front, one stellar deal dominated the news: BRAHMS GmbH was sold, allowing VCs to reap more than 20 times their investment. This trade exit breaks yet another lance for European life sciences, which of late has been reporting an increasing number of exits with multiples above 5-7 times.” ❚
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ACADEMICS PUSH SEED PROJECTS IN MEDTECH AND DIAGNOSTICS SECTORS
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SWITZERLAND
Dr Ulrich Geilinger, Board Member HBM Partners
“During the second half of 2009 (up to 14 December 2009), the performance of the Swiss biotech stocks was mixed. Five stocks showed a positive performance: Actelion (+3.0%), Cytos (+3.9%), Cosmo (+11.9%), Bioxell (+29.1%) and Arpida (+90.3%). Four stocks had declines: Santhera (-2.4%), Basilea (-16.2%), Newron (-29.2%) and Addex (-65%). Addex’s stock collapsed after the company announced that its lead product will be discontinued. Overall, most Swiss biotech stocks show high losses compared to their IPO price (losses on average of over 50%); the only exception being Actelion (+354%) and Speedel (which was sold to Novartis at approximately the IPO price). Mondobiotech, which listed on the Swiss Exchange in August 2009 without raising any capital, also saw its share price decline by 51.3%. Before year end, Cosmo offered to acquire fellow biotech company Bioxell for CHF 41 million (1). The transaction is expected to close during Q1 2010. Also in December, private biotech company Evolva closed a reverse merger with publicly listed Arpida, raising over CHF 40 million at the same time. Arpida
previously sold its remaining business to Acino Holding. The private biotech financing market in Switzerland during the second half of the year was a bit less active than in the first half of the year when private companies raised a record sum of CHF 195 million (€125 million). In H2 09 about CHF 80 million was raised (not counting Evolva’s fund raising). The largest fund raising was closed just before year end by Molecular Partners in a CHF 46 million Series B round led by US Essex Woodlands. Also Xigen received CHF 20 million (€13 million) from several VCs and Biocartis, a diagnostics company, raised CHF 15 million (€10 million). Smaller fund raisings were completed by Amvac (raise of CHF 1.5 million / €1 million) and Covagen (undisclosed amount). M&A activity in the biotech sector picked up during the second half of the year. Already mentioned were the proposed take-over of listed Bioxell by Cosmo and the reverse merger of Evolva into Arpida. In July 2009, Sanofi Aventis took over Helvepharm, a Swiss generics producer with sales of CHF 24 million. The transaction value was not disclosed. In September 2009, venture-backed Esbatech announced the sale of its ophthalmology business to Alcon for $150 million in cash plus $439 million potential milestone payments. The remaining activities of Esbatech will be
continued under the name of Delenex. Also in September, two further privatelyheld (but not venture-backed) companies were bought: Japanese Zeria Pharmaceuticals acquired Tillotts Pharma AG, the seller of Asacol, a major drug to treat inflammatory bowel syndrome. Tillotts was formed in 1999 as a spin-off from Medeva/UCB. In addition, OM Pharma, a Swiss specialty pharma company with sales of over CHF 100 million, was sold to Galenica, the Swiss pharma distribution and specialty pharma company. The values of both transactions were not disclosed. During the second half of 2009, financing activity was rather low, but M&A activity picked up as expected. Two public biotech companies that had failed in their clinical trials had to find new homes. The fund raising environment will remain tough during 2010 for young biotech companies, even though the IPO market might open up again. If so, the public investors will only be receptive for commercial or very late-stage companies like Belgian Movetis which “broke the ice” during the last quarter of 2009 (2). Most likely some more companies in the EU and Switzerland will test the public markets during the year to come”. ❚ 1 – See “Cosmo absorbs BioXell for its cash”, in BF No. 440 from 30 November 2009. 2 – See “Belgium: Movetis launches in Euronext”,
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in BF No. 440 from 30 November 2009.
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PICK UP IN M&A, BUT SLOW DOWN IN PRIVATE FINANCING
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NORDIC COUNTRIES
Thomas Dyrberg, Senior Partner Novo A/S
“In H2 2009 several trends started emerging. The first is that early-stage companies are not progressing into a mature model. Only some four to six seed rounds have been completed, by companies such as Epitherapeutics and Inagen, and several recapitalizations of more advanced companies such as
Santaris Pharma and Symphogen, a specialist in recombinant monoclonal and polyclonal antibodies. The financial crisis of 2009 remains firmly anchored in the minds of VCs, who are still reluctant to make earlystage investments. Institutional investors are equally hesitant, especially after Danish investment bank BankInvest ended its involvement with life sciences, to which it was a major contributor. Even though this didn’t come as a surprise, investors in Denmark are still reeling from this change. As to the stock markets, some good news has boosted the sector. Several targeted
secondary recapitalizations, such as those completed by TopoTarget and Biovitrum, have been very successful. Some more mature companies are in the starting blocks, ready for flotation as soon as the markets allow. Amongst them are Symphogen and Santaris. These few pieces of good news give new hope for 2010. We are today in a better position than this time last year. However, there is one area that remains unchanged: the need for funds by far outweighs the available funds, and the need for cash is still a major factor in the Nordic countries.” ❚
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THE NEED FOR FUNDS STILL DOMINATES IN NORDIC COUNTRIES
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BENELUX
Pieter van der Meer, Investment Director Gilde
“The biotech sector in the Benelux has seen a remarkably positive development in the last six months. There were several successful private placements, such as molecular diagnostics company Agendia's 16.6 M€financing round (1), 8 M€raised by ProFibrix (2), developing
a new tissue sealant that stops acute and severe bleeding during surgery and 12.5 M€ raised by Argen-X (3), a nextgeneration antibody platform. In addition, the public markets were showing a receptive attitude again by not only accommodating various successful secondary placements with Devgen and Galapagos, but also with the recent IPO of Movetis, raising nearly 100 M€ fresh money to further exploit their gastro-intestinal franchise. Dutch bellwether Crucell signed a major partnership with J&J which includes a 300 M€ equity investment at a significant premium to the market price.
The healthy cash position of Crucell will enable the company to accelerate its growth via acquisitions. The favorable biotech climate is fueled by government policies to stimulate entrepreneurship via IWT-grants in Belgium and Technostarter-subsidies in The Netherlands. In both countries there is significant activity in seed capital and the creation of new biotech companies”. ❚ 1 – See “Agendia eyes the US with its additional 15.8 M€”, in BF No. 433 from 5 October 2009. 2 – See “ProFibrix closes a round B at 8 M€”, in BF No. 429 from 7 September 2009. 3 – See “arGEN-X raises 9.5 M€ at early
ITALY
ASSET CONSOLIDATION HAS STARTED Simone Zanolo, General Manager Filarete Investimenti S.p.a. “Cornerstone Therapeutics announced that Chiesi Farmaceutici, an Italian drug company, completed its purchase of a 51% stake in the North Carolina firm. “We believe this agreement has the potential to significantly increase our footprint in the U.S., the world's largest pharmaceutical market,” Chiesi President and CEO Alberto Chiesi said. Enzon Pharmaceuticals agreed to sell its specialty pharmaceuticals unit to Sigma-Tau for as much as 327 M$. The deal, which might be finalized in the first quarter of 2010, covers Enzon's Oncaspar, Adagen, DepoCyt and Abelcet. The VC Fund Toscana Innovazione (owned by the Toscana Region and several Tuscan banks) invested 760 k€for 55% of Toscana Biomarkers (autoimmune diagnostics) and 3 M€for 54% of Protera, a spin-off from the University of Firenze. Cosmo Pharmaceuticals S.p.A. (SIX Swiss Exchange: COPN) announced today that it has published its public tender offer to acquire all outstanding shares of BioXell
S.p.A. Its Board of Directors supports the intended public takeover by Cosmo Pharmaceuticals S.p.A. The offer is expected to be launched in December 2009 and will be closed in March 2010. Previously in 2009, following the review of its development portfolio in light of the recently announced Phase IIb data of Elocalcitol in Overactive Bladder (OAB), the Company decided to terminate its clinical development activities for Elocalcitol in the indications OAB and Benign Prostatic Hyperplasia (BPH). Beforehand, the Company had already communicated its decision to suspend the Phase II trial of Elocalcitol in Male Infertility as well as to put on hold the initiation of the Phase I study of BXL746 in the prevention of post-surgical adhesions. All research activities with regards to the Company’s Vitamin D3 and TREM technologies will be terminated. BioXell intends to focus its future development efforts on the development of its monoclonal antibody BXL1H5 for the treatment of chronic pain. The antibody, still in preclinical development, is expected to enter the clinical phase in the first half of 2011. The Italian-French company Nicox (1) has announced its intention to raise 100 M€to market the anti-inflammatory drug Naproxcinod in the USA. The Fonds Stratégique d’Investissement will contribute 25 M€. The FDA will issue its judgment on
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the drug within 2Q10. Intesa Sanpaolo and Ares Life Sciences, a private equity fund specialized in investments in the biomedical and health care sectors and headed by former Serono owner Ernesto Berrelli, have reached an agreement to create a new consortium of investors for purposes of acquiring 100% of the share capital of Esaote SpA. In addition to Intesa Sanpaolo and Ares Life Sciences, the new consortium will include Equinox Two S.C.A, MPS Venture 2, Carige and a group of managers led by Carlo Castellano, current Chairman and CEO of Esaote. The agreement provides for the transfer of 100% of Esaote for a total consideration of about €280 million to a newly incorporated company: 40% owned by Ares Life Sciences, 20% by the Intesa Sanpaolo Group, about 13% each by Equinox Two SCA and Mps Venture 2 and 8% by Carige. Members of Esaote management will hold the remaining stake. Previously, the Intesa Sanpaolo Group held 57% of Esaote’s share capital, with 13% held by Equinox Investment S.C.P.A, 12% by Carige, 11% by MPS Venture 1 and the remaining stake held by a group of managers of the company.” ❚ 1 – See “NicOx moves forward to integration under a barrage of questions”, in BF No. 439 from 23 November 2009.
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MOVETIS RE-OPENS THE STOCK MARKET WINDOW
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SPAIN
Joël Jean-Mairet, Co-founding Partner Ysios Capital Partners
There have been several smaller capitalizations and recapitalizations of between 1 and 1.5 M€, one of them being ERA Biotech’s round B of 3.75 M€, led by the French VC Crédit Agricole Private Equity. The company has developed the patented tools Zera® and StorPro®, which enable the production of proteins “Cellerix provided the highlight of the last that are difficult to extract and improve six months with the successful first closing the performance of cell-based of its third financing round, raising 27 M€ biomanufacturing. Numerous other (1). This financing round is particularly projects are being investigated by significant in that it’s one of the only large investors, and may lead to their late-stage capital increases that have been participation in 2010. For our part, we closed so far in Spain. Amongst the have researched almost 100 dossiers participating VCs were Ysios Capital this year. Partners, Life Science Partners, Ventech, Genetrix, Roche Venture Fund, Novartis In M&A, the first transaction took place in Venture Fund and A&G; a hefty syndicate. the last six months between two The round C should be completed within businesses within Spain. Oryzon S.A., a the next few weeks and reach a total of 35 biotech that specializes in the to 36 M€. development of biomarkers and
therapeutic targets in oncology and in neurodegenerative diseases, has acquired Crystax Pharmaceuticals S.L., a biopharma that is specialized in cancer treatments. The value of the resulting company is estimated at 55 M€, and Crystax shareholders have 5.7% of Oryzon shares. On the stock markets, several companies are waiting for opportunities, but the conditions are not right yet for a flotation. If the climate continues to improve, some of them may enter the door to the ❚ markets.”
1 – See “Spain: Cellerix pulls off a first closing of 27 M€”, in BF No. 439 from 23 November 2009.
EASTERN EUROPE
AN UNFAVORABLE CLIMATE FOR LIFE SCIENCES Matej Penca, Managing Director Horizonte Venture Management GmbH
The last six months of 2009 haven’t been very dynamic in term of investments in life sciences in Eastern Europe. Just a few
small financing rounds have been completed, with only modest amounts being raised. Ekliptik, a company focused on the production of medical instruments for improving surgery and reducing its costs, has for example raised 200,000 €in a round B. Meanwhile, BIA Separations, a world leader in the field of liquid separation through biochromatography is in the progress of completing a more significant round, probably in the region of 8 M€. Several investors have been probed
BIOTECH FINANCES • January 11, 2010 • No. 445
12
and a response should follow early 2010. As to the stock market, things are equally quiet and results are satisfactory. The shares of KrKa Pharmaceuticals for example have increased by 30% since the start of the year, which is very encouraging given the current climate in Europe. The only negative is that Slovenia is very dependent on German markets, which are not faring all too well.” ❚
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SOME GREAT ROUNDS BRIGHTEN THE END OF 2009
€deals Special
(continued)
ISRAEL
Marianna Shapira, Research Manager Israel Venture Capital Research Center
“In the third quarter of 2009 the Life Sciences sector led capital raising with 27% of the total capital raised, followed by the Software sector with 21% and the Internet with 15%. Twenty-seven Life Science companies attracted 83.5 M$ in Q3 2009, compared with 76 M$ in the previous quarter (again representing 27% of total capital raised) and 65 M$ or 11% in the third quarter of 2008.
Within the Life Sciences sector, the Medical Devices subsector attracted 63 M$ or 75.5% of the amount raised by the entire sector, and 21% of total capital raised by all sectors. From among Seed investments in the quarter, Life Science companies attracted the largest share of capital – 41% – followed by Software companies with 36%. Within Early Stage investments, Life Science companies also attracted the largest share – 34% – followed by other companies with 30.5%. Within Mid-Stage investments, Life Science companies attracted the largest share as well – 26.5% – followed by Software companies with 20%. From among Late Stage investments, Software companies attracted the largest share of capital – 32% – followed by the Life Sciences sector with 23%. P R E M I U M
In the first three quarters of 2009, Life Sciences led all sectors, raising 210 M$ or 25% of total capital raised, which compares with 253 M$ or 15% in the first three quarters of 2008. The Life Sciences sector was followed by Software with 21% and Communications with 19% of total capital raised”. The best capital increases of 2009 were completed by companies such as BioPure Technology Ltd, at 8.4 M€, MacroCure at 5.6 M€ (1), D-Pharm Ltd at 10.2 m€ and BioLineRx Ltd at 9 M€. ❚
1 – See “MacroCure poised for the international scene”, in BF No. 430 from 14 September 2009.
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LIFE SCIENCES ATTRACT MOST CAPITAL RISK INVESTMENTS
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€deals Special
BIOTECH FINANCES • January 11, 2010 • No. 445
14
(continued)
€deals Special
(continued)
I N F O M E R C I A L
“TVG HAS A REPUTATION FOR BEING THE FIRST AND THE BEST” On January 7th, 1992, TVG opened for business and started planning for the first BioPartnering™ conference in London to encourage partnering between US and European life science companies. Today, as we celebrate TVG’s 18th birthday, BioPartnering, which was merely a concept before 1992, is a truly global activity and the catalyst for growth and innovation in our industry. We have witnessed tremendous change in our industry over these 18 years and we know that what we have experienced to date is only a shadow of the innovation and growth that we will realize over the next two decades. In contrast to this incredible change, our mission at TVG remains the same. Since our inception, our goal has been to build and expand networks for the life science industry, which are dedicated to developing novel solutions in the areas of human, animal and plant health; food; energy; materials; and various industrial processes which will contribute to a new sustainable global economy in the 21st century. This is termed the “bio-economy” – an economy based on the use of living systems. In contrast, the petroleum-based economy is based on extracting non-renewable energy from the earth. The most effective way to grow and develop the companies that will usher in the bio-economy is by using networks to tap global innovation. TVG has been doing this for nearly 20 years and now a critical mass of players has arisen around the world, creating a need for a new kind of network. The TVG partnering network is built upon biopartnering.com™ – a powerful web-based platform that allows TVG clients to maximize networking opportunities before, during, and after events. biopartnering.com showcases the companies and people driving life science innovation around the world and connects you to them. In just a few weeks at BioPartnering North America™ (24-26 January, Vancouver, BC, Canada), TVG will launch the first Global BioPartnering Platform powered by biopartnering.com. This new network allows life science companies to access global innovation, raise new sources of capital, and tap into skilled workforces around the world. We have focused on six of the most important markets for life science companies, including USA, Canada, Europe, India, China, and Latin America. For several years, TVG has been laying the foundation for this expansion, and together with industry leaders, we are able to offer our clients a seamless partnering experience through biopartnering.com. Your 2010 Global BioPartnering Calendar: January 24-26: BioPartnering North America™ (Vancouver, BC, Canada) May 25-27: C21 BioVentures™ (Napa, California, USA) June 2-4: BioPartnering India™ at BangaloreBio 2010 (Bangalore, India) September 19-21: BioPartnering Latin America™ (Rio de Janeiro, Brazil) October 10-12: BioPartnering Europe™ at QEII Conference Centre (Europe) October 31- November 2: BioPartnering China™ (Shanghai, China) In each of these markets, TVG is working with leading organizations who will act effectively on the ground, working closely with key government agencies, public and private companies, science parks, bio-clusters and biotech associations, and the many leading service companies that support the life science industry – globally and locally. TVG has a reputation for being the first and the best at what we do because we have a simple formula. We always put the needs of our clients first, and we choose partners who do the same. We have built an unrivalled global network to support our clients as they grow their businesses. Join with us in 2010 and be a part of an ever-expanding network of individuals and organizations who are working together to deliver the innovative solutions necessary in this expanding global bio-economy.
BIOTECH FINANCES • January 11, 2010 • No. 445
15
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by Robert Lee Kilpatrick Partner at Technology Vision Group LLC
€deals Special
(continued)
FINANCIAL BIOTRANSACTIONS IN FRANCE FOR H2 2009 Acquiror Target country name code
Target All Deal values Deal country th EUR type code
Deal status
Quantum Genomics SA
FR
6,00
Completed
Cash
n.a.
n.a.
2 -
Bioquanta SA
FR
8,00
Completed
Cash
n.a.
10 815,81
3 -
Plant Advanced Technologies PAT SAS FR
2,00
Completed
Cash
n.a.
4 785,91
AB Science Alizé Pharma SAS
50,000.00 * 3000,00
Rumour Capital increase Completed Development capital Corporate venturing Venture capital Pending - awaiting Capital increase - private placing
Cash Cash
n.a. n.a.
n.a. n.a.
1 -
4 5 Société Hospitalière d'Assurance Mutuelle Octalfa SAS CEMA Inc. 6 YA Global Master SPV Ltd Bertin Technologies SAS
FR FR CA FR
7 Bioam Gestion SA CDC Innovation SAS 8 H Lundbeck A/S 9 Sanofi-Aventis SA 10 ResMed Inc. 11 12 CIC Finance SA TechFund Capital Europe Management SAS Fonds Stratégique d'Investissement SA, Le 13 Qualified investors 14 Qualified investors 15 Sanofi-Aventis SA 16 Danisco A/S 17 Cap Décisif SAS G1J-Ile-de-France SHAM 18 Institutional Investors Fonds Stratégique d'Investissement SA, Le 19 Shareholders Fonds Stratégique d'Investissement SA, Le 20 Apsis SAS 21 Fonds Stratégique d'Investissement SA, Le
FR FR DK FR US FR FR FR FR DK FR FR FR FR FR FR FR FR FR
FR FR
Initial public offering 0.015% on Euronext Paris Initial public offering 0.074% on Euronext Paris Initial public offering 0.042% on Euronext Paris Planned IPO unknown stake % Minority stake unknown %
Deal financing
Deal method Ent. value Estimated of payment th EUR Ent. value th EUR
Hybrigenics SA
FR
5,000.00 *
Institut de Developpement de Produits de Santé FAB Pharma
FR
2650,00
Minority stake 12.3% shareholder approval Acquisition 100%
FR
2300,00
Minority stake unknown %
Elaiapharm SA Fovea Pharmaceuticals SA Laboratoires Narval SA Sanofi-Aventis SA Forenap Pharma EURL
FR FR FR FR FR
n.a. n.a. n.a. 6,120.00 * 11000,00
Acquisition 100% Acquisition 100% Acquisition 100% Minority stake 0.009% Minority stake unknown %
Completed Development capital - 1st round Venture capital Completed Announced Completed Completed Completed Venture capital Development capital
Cellectis SA Cellectis SA Laboratoire Oenobiol SAS Sorbial SAS Nokad SA
FR FR FR FR FR
20000,00 10,788.00 * n.a. n.a. 1600,00
Minority stake 16.652% Minority stake 9.109% Acquisition 100% Acquisition 100% Minority stake unknown %
Announced Rumour Announced Announced Completed Private Equity
Capital increase - private placing
NicOx SA
FR
30491,00
Minority stake 7.863%
NicOx SA
FR
69940,00
Minority stake 27.932%
Completed Private Equity Announced
Gloster Europe Genfit SA
FR FR
n.a. n.a.
Acquisition 100% Minority stake unknown %
82,744.06 *
22 Alphatec Holdings Inc.
US
Scient'X SA
FR
23 AstraZeneca plc
GB
Novexel SA
FR
Acquisition 100% shareholder approval 296,607.85 * Acquisition 100%
Cash
n.a.
38 501,41
n.a.
2890,00
Cash
n.a.
n.a.
Cash
n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a.
Development capital - 2nd round Cash
n.a. n.a. n.a. n.a. n.a.
91 560,69 71 224,46 n.a. n.a. n.a.
Capital increase - private placing
Cash
n.a.
287 558,20
Capital increase - rights issue
Cash
n.a.
150 173,81
Development capital
Cash
n.a. n.a.
n.a. n.a.
Capital increase - vendor placing
Shares
n.a.
85 160,06
Cash
n.a.
215 231,85
Completed
Completed Rumour Private Equity Pending - awaiting Announced
Cash
Earn-out
FINANCIAL BIOTRANSACTIONS IN THE BRITISH ISLES FOR H2 2009 Acquiror name
Target country code IE IE
All Deal values th EUR
Deal type
Deal status
Deal financing
Deal method of payment
Ent. value Estimated th EUR Ent. value th EUR n.a. 4 770 955,98 n.a. 2 649 168,71
706 579,82 18,245.13 *
Minority stake 18.4% Minority stake increased from 6.407% to 7.442% Minority stake unknown %
Announced Completed
Capital increase - placing
Cash
Completed
Development capital Corporate venturing Venture capital
Cash
n.a. n.a.
3 370 789,44
Completed
Development capital - 1st round Venture capital
Cash
n.a.
n.a.
Completed Completed
Capital increase - vendor placing Shares
n.a. n.a.
n.a. 349,89
Completed
Capital increase - private placing Cash
n.a.
114 121,17
Capital increase - private placing Cash Capital increase - private placing Cash
n.a. n.a.
114 121,05 114 119,75
1 2
Johnson & Johnson Wellington Management Co LLP
3
Enterprise Equity (Ireland) Ltd Merit Medical Systems Inc. Western Development Commission, The -
IE US
Vysera Biomedical Ltd
IE
n.a.
Elan Corporation plc
IE
2,980.05 *
Private Investors National Endowment for Science Technology and the Arts YFM Venture Finance Ltd Imperial Innovations Group plc Proximagen Neuroscience plc Tarsus Group plc
GB GB
OSspray Ltd
GB
3 514,59
GB GB GB GB
Cambridge Biotechnology Ltd CapRegen plc
GB GB
n.a. 3,660.35 *
Azure Ventures Ltd Wild Indigo Mr Ignace Goethals Institutional Investors Employees Shareholders Grupo CH Werfen SA
MT
Allergy Therapeutics plc
GB
15 386,04
Acquisition 100% Acquisition increased from 17.406% to 100% Minority stake 40.704%
Allergy Therapeutics plc Allergy Therapeutics plc
GB GB
8 365,83 2,510.57 *
Minority stake 22.132% Minority stake 6.642%
Completed Completed
Acquisition 100%
Completed
n.a.
n.a.
GB
Binding Site Ltd's auto-immune division, The Novacta Biosystems Ltd
GB
Celtic Pharma Holdings Advisors LLP
GB
15 285,24
Completed
Private Equity
n.a.
n.a.
H Lundbeck A/S Shareholders ICON plc CN Innovations Holdings Ltd Grupo CH Werfen SA
LifeHealth Ltd Amarin Corporation plc Veeda Laboratories Ltd Zyoxel Ltd The Binding Site Group Ltd's autoimmune diagnostics business QinetiQ Group plc Nanoco Group plc
GB GB GB GB GB
105 202,94 39,361.64 * n.a. 1 165,21 n.a.
Announced Announced Completed Completed Completed
Cash Capital increase - private placing Cash
IE HK ES
Institutional buy-out unknown majority stake % Acquisition 100% Acquisition 79.706% Acquisition 100% Minority stake unknown % Acquisition 100%
n.a. n.a. n.a. n.a. n.a.
82 072,21 37 752,53 n.a. n.a. n.a.
GB GB
9,566.87 * 1,541.97 *
n.a. n.a.
1 684 244,91 91 860,21
Cyprotex plc Covenant Healthcare Group Ltd Delphic Diagnostics Ltd
GB GB GB
GB
Avacta Group plc Probe Scientific Ltd
GB GB GB GB GB
4 5 6 7 8
9 10 11 12 13
14 15 Kisco Ltd
Légende * = valeur estimée
Acquiror Target country name code US Elan Corporation plc US Elan Corporation plc
16 17 General Healthcare Group Ltd 18 MMC Ventures Ltd YFM Venture Finance Ltd 19 National Endowment for Science Technology and the Arts Catapult Venture Managers Ltd Cegedim Strategic Data UK Ltd 20 Scottish Enterprise Tri Capital Ltd Kapital Venture Equity LLP 21 -
ES
DK
GB GB GB GB
99,043.15 *
Minority stake increased from 11.89% to 12.01% Minority stake unknown %
Completed
n.a. n.a. 984,73
Minority stake 0.917% Minority stake increased from 1.714% to 3.273% Minority stake unknown % Acquisition 100% Minority stake unknown %
Rumour Rumour Completed
GB GB
546.74 * 707,20
Minority stake 3.201% Minority stake unknown %
Completed Completed
Hospital Marketing Services Ltd Antoxis Ltd
GB GB
n.a. 293,12
Acquisition 100% Minority stake
Completed Completed
PuriCore plc
GB
2 352,07
Minority stake 4.6%
Completed
Capital increase - private placing Cash
Completed Completed Capital increase
n.a.
Development capital Venture capital
Cash
n.a. n.a. n.a.
n.a. n.a. n.a.
Development capital
Cash
n.a. n.a.
15 859,69 n.a.
Cash
n.a. n.a.
n.a. n.a.
Cash
n.a.
44 336,85
Venture capital Angel Investment Development capital - 1st round Venture capital Capital increase - placing
(continued p.17)
BIOTECH FINANCES • January 11, 2010 • No. 445
16
To subscribe, please call Biotech Finances Customer Service et + 33 478 24 35 20. Copiright © 2009 Ed Européennes de l’Innovation. Reporoductions is stricly prohibited. Visit our website at www.biotech-finances.xcom
Acquiror name
€deals Special
(continued)
FINANCIAL BIOTRANSACTIONS IN THE BRITISH ISLES FOR H2 2009
22 PuriCore plc 23 24 25 26 27 28 29
SmithKline Beecham Corporation Great Point Partners LLC EiRx Pharma Ltd RH Acquisitions Ltd Millipore Corporation GAM London Ltd
Acquiror Target country name code GB Labcaire Systems Ltd
Target All Deal values Deal country th EUR type code GB 3,194.91 * Acquisition 100%
Completed
US US GB GB
Vernalis plc GW Pharmaceuticals plc Physiomics plc York Pharma plc Alizyme plc BioAnaLab Ltd Vernalis plc
GB GB GB GB GB GB GB
2 050,52 6 842,14 29,48 n.a. n.a. n.a. 3,149.60 *
Completed Completed Announced Completed Rumour Completed Completed
Provexis plc NextGen Group plc Altacor Ltd
GB GB GB
343.67 * 872,41 1 161,26
Nanoco Group plc
GB
2,561.92 *
ReGen Therapeutics plc Axis-Shield plc NextGen Group plc Molecular Vision Ltd
GB GB GB GB
110,21 2,544.23 * 568,08 2 272,32
Minority stake increased from 1.286% to 4.234% Minority stake 10.247% Minority stake 1.194% Minority stake 16.41% Minority stake unknown %
Completed Completed Completed Completed
Optivite Ltd
GB
3 743,81
Acquisition 100%
Completed
Kiotech International plc Optos plc ReGen Therapeutics plc Provexis plc
GB GB GB GB
5 197,37 1,655.33 * 136,77 1,607.72 *
Completed Completed Completed Completed
US GB
30 31 32 Angel Investors Beringea Ltd Esperante Capital for Enterprise Ltd 33 Cantor Fitzgerald Europe
GB NL GB GB
Shareholders Shareholder Acrongenomics Inc. Imperial Innovations Ltd 38 Kiotech International plc
GB
34 35 36 37
GB US GB GB
39 40 41 Barclays plc
Minority stake 10.101% Minority stake 5.844% Minority stake 3.783% Acquisition 100% Acquisition 100% Acquisition 100% Acquisition increased from 40.615% to 58.438% Minority stake 2.98% Minority stake 19.753% Minority stake unknown %
Completed Completed Completed
42 -
Sinclair Pharma plc
GB
1 145,79
43 -
Sinclair Pharma plc
GB
1 419,39
Minority stake 4.723%
Completed
Lab901 Ltd
GB
2 749,88
Minority stake unknown %
Completed
Sareum Holdings plc Myconostica Ltd
GB GB
359,88 1 947,83
Minority stake 16.144% Minority stake unknown %
Completed Completed
GB
573.52 *
Completed
GB
44 Archangel Informal Investment Ltd Scottish Equity Partners Ltd Foresight 3 VCT plc Tri Capital Ltd Alliance Trust Equity Partners Ltd 45 46 -
GB GB GB GB GB
47 Rock Island Investments Ltd
KY
Avacta Group plc
48 49 50 Imperial Innovations Group plc
GB
Angel Biotechnology Holdings plc GB Axis-Shield plc GB Cell Medica Ltd GB
154.29 * 4,409.15 * 2 152,27
Minority stake increased from 2.085% to 5.437% Minority stake 2.872% Minority stake 2.015% Minority stake unknown %
Martindale Pharmaceuticals Ltd Dechra Pharmaceuticals plc ProStrakan Group plc Sinclair Pharma plc
GB GB GB GB
165,981.60 * 1,680.83 * 33,906.46 * 13,464.89 *
Institutional buy-out 100% Minority stake 0.57% Minority stake 12.047% Minority stake 22.516%
Capital increase - private placing Capital increase - private placing Capital increase - converted debt
Completed
Completed Completed Completed
Capital increase - private placing Capital increase Capital increase - private placing Venture capital Development capital Capital increase - vendor placing
Cash
Capital increase - placing Capital increase - placing
Cash
Capital increase - private placing Cash Capital increase - convertible loan notes Capital increase - convertible loan notes Cash Capital increase - private placing Angel Investment Cash Venture capital Development capital
5 487,20 1 085,98 18 365,44
Minority stake 19.599% Minority stake 24.233% Acquisition 100%
Completed Completed Unconditional
Capital increase - placing Capital increase - placing New bank facilities
Allergy Therapeutics plc Zeroderma Ltd Hikma Pharmaceuticals plc Ark Therapeutics Group plc
GB GB GB GB
2 187,44 n.a. 15,425.49 * 1,167.43 *
Minority stake 5.558% Acquisition 100% Minority stake 1.552% Minority stake increased from 3.499% to 4.706% Minority stake unknown %
Completed Completed Completed Completed
Capital increase - private placing
Completed
Venture capital Development capital - seed
65 Standard Life Investments Ltd
GB
Vectura Group plc
GB
3,167.42 *
66 Celtic Therapeutics Holdings LP
VG
67 68 69 70 Finance Wales plc RAB Capital plc Management 71 -
GB GB
72 Sofinnova Partners Avlar Bioventures Ltd Rainbow Seed Fund Aitua Ltd 73 74 Shareholder 75 IP Group plc Aquarius Equity Partners Ltd 76 YFM Venture Finance Ltd
FR GB GB GB GB GB GB GB
77 78 79 Sofinnova Ventures Inc. OrbiMed Advisors LLC Tavistock Life Sciences Inc. Great Point Partners LLC RA Capital Management LLC Longitude Capital Management Company LLC Fountain Healthcare Partners Ltd APG Groep NV Abingworth LLP
US US US US US US IE NL GB
Spirogen Ltd
GB
10 188,78
Axis-Shield plc Sareum Holdings plc Sinclair Pharma plc
GB GB GB
11,190.74 * 482,18 13,464.89 *
Acquisition 4.806% Minority stake 15.576% Minority stake 22.516%
Envirogene Ltd
GB
551,86
Minority stake unknown %
Envirogene Ltd
GB
1 103,73
Crescendo Biologics Ltd
GB
4 847,36
EpiStem Holdings plc NextGen Group plc Retroscreen Virology Ltd
GB GB GB
1 594,24 1 095,48 2 780,27
n.a. n.a. n.a. n.a.
11 392,03 100 156,71 1 591,31 112 119,85
n.a.
n.a.
n.a.
36 817,69
n.a.
n.a.
n.a. n.a.
1 924,15 n.a.
n.a.
15 903,44
Cash
GB GB GB
Minority stake increased from Completed 4.922% to 5.02% Minority stake increased from Completed 3.977% to 5.05% Minority stake unknown % Completed
4 110,02
193 068,69 312 030,34 280 347,73 66 475,68
Provexis plc Omega Diagnostics Group plc Medical House plc, The
n.a.
n.a.
n.a. n.a. n.a. n.a.
GB
42,890.21 *
1 106,55 221 536,68 3 720,65 n.a.
5 915,19 227 266,49 n.a.
GB
GB
79 871,66
n.a. n.a. n.a. n.a.
n.a. n.a. n.a.
56 Institutional Investors 57 58 Consort Medical plc
GB
n.a.
Cash
Acquisition 100%
AstraZeneca plc
9 571,10 4 678,04 n.a.
Development capital Venture capital Private Equity Capital increase
87,354.78 *
Bicycle Therapeutics Ltd
n.a. n.a. n.a.
Cash Cash
GB
GB CH BM
23 466,33 100 759,42 778,08 n.a. n.a. n.a. 20 894,23
Capital increase - placing Venture capital Development capital - 4th round
DxS Ltd
63 Atlas Venture UK Ltd Novartis Venture Fund 64 Invesco Ltd
Cash Cash Shares Cash Cash
NL
GB
Ent. value Estimated th EUR Ent. value th EUR n.a. 5 973,62
Earn-out Cash Cash n.a. Cash n.a. Converted Debt n.a. n.a. n.a. n.a. n.a. Cash Cash
55 QIAGEN NV
Thornton & Ross Ltd Welcome Trust Ltd, The
Deal method of payment
Capital increase - placing Angel Investment Development capital - 2nd round Private Equity
Rumour Completed Completed Pending - awaiting Capital increase - placing shareholder approval Completed
59 60 61 62
-
Deal financing
Completed
Minority stake 38.685% Minority stake 2.785% Minority stake 8.764% Minority stake increased from 7.118% to 8.528% Minority stake unknown %
51 52 53 54
Légende * = valeur estimée
Deal status
Capital increase
Earn-out n.a. Cash Deferred payment Cash n.a. Cash n.a. Cash n.a. Loan notes Cash n.a. n.a. n.a. n.a. Cash
91 541,26 26 155,85 6257,00 18 660,92 110 509,88 n.a. 1 111 453,27 53 373,65
n.a.
n.a.
n.a.
48 658 652,20
n.a.
214 396,85
Development capital Venture capital Completed Completed Capital increase - placing Pending - awaiting Capital increase - placing shareholder approval Completed Venture capital Development capital
Cash
n.a.
n.a.
Cash Cash
n.a. n.a. n.a.
240 906,83 2 809,58 66 475,68
Cash
n.a.
n.a.
Minority stake unknown %
Rumour
n.a.
n.a.
Completed
Development capital Venture capital Venture capital Development capital - seed
Cash
Minority stake unknown %
Cash
n.a.
n.a.
Minority stake 5.54% Minority stake 20.846% Minority stake unknown %
Completed Completed Completed
Cash Cash
n.a. n.a. n.a.
24 885,05 5 504,19 n.a.
Completed
Capital increase - private placing Venture capital Development capital - 2nd round Development capital Venture capital
Atlas Genetics Ltd
GB
n.a.
Minority stake unknown %
Shire plc Omega Diagnostics Group plc Amarin Corporation plc
GB GB GB
6,735.73 * 8,250.06 * 46 997,05
Minority stake 0.107% Completed Acquisition unknown stake % Rumour Minority stake unknown % Completed
Capital increase - private placing
Cash
n.a.
n.a.
Cash
n.a. n.a. n.a.
6 901 225,69 n.a. n.a.
(continued p.18)
BIOTECH FINANCES • January 11, 2010 • No. 445
17
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Acquiror name
€deals Special
(continued)
FINANCIAL BIOTRANSACTIONS IN THE BRITISH ISLES FOR H2 2009
80 Comvest Ltd Inc. Esmée Fairbairn Foundation Imperial Innovations Ltd Mr Mark Rowan Longbow Capital LLP 81 Shareholders 82 83 84 Barclays plc 85 86 MTI Partners Ltd National Endowment for Science Technology and the Arts 87 Standard Life Investments Ltd 88 -
GB
89 90 91 Pfizer Inc. GlaxoSmithKline plc 92 93 94 Biota Holdings Ltd 95 Italian Angels for Growth Succès Europe Swiss investor 96 Oxfordshire Investment Opportunity Network Ltd, The London Business Angels Ltd 97 TiGenix NV 98 Viking Club, The YFM Group (Holdings) Ltd Yorkshire Association of Business Angels Ltd 99 Mr Neil Ewin Mr Mark Woodward Mr Nick Stringer 100 101 102 103 104 105 106
Bayer MaterialScience AG Trafalgar Capital Advisers Ltd Tri Capital Ltd
US GB AU IT FR CH GB GB BE GB GB GB GB GB GB
DE GB GB
107 International Biotechnology Trust plc Novartis Venture Fund Bessemer Venture Partners Advent Venture Partners LLP MPM Capital Wellcome Trust Ltd, The Red Abbey Venture Partners LLC SV Life Sciences Omega Fund Management UK LLP Abingworth LLP Matrix Corporate Capital LLP 108 Lab 21 Ltd
GB CH US GB US GB US US GB GB GB GB
109 Sumitomo Chemical Co., Ltd 110 Investors Hartford Growth (Trading) Fund Ltd 111 112 113 Japan Radio Co., Ltd
JP
Target All Deal values Deal country th EUR type code GB 1 316,93 Minority stake unknown %
Deal status
Deal financing
Deal method of payment
Completed
Development capital Venture capital Corporate venturing
Cash
GB GB GB GB GB GB
1 602,93 603,28 4,501.54 * 1,417.62 * 2,857.34 * 1,087.24 *
Minority stake 7.972% Minority stake 2.935% Minority stake 1.767% Minority stake 5.233% Minority stake 0.899% Minority stake unknown %
Completed Rumour Completed Completed Completed Announced
Capital increase - placing Capital increase - placing Capital increase
Cash Cash
Development capital Venture capital
Axis-Shield plc Q-Chip Ltd
GB GB
1,748.86 * 884,72
Minority stake 0.697% Minority stake unknown %
Completed Completed
ReGen Therapeutics plc e-Therapeutics plc ViiV Healthcare Ltd
GB GB GB
83,49 2 771,36 n.a.
Minority stake 6.806% Minority stake 9.998% Joint venture 100%
Completed Completed Completed
Venture capital Development capital - 8th round Capital increase - placing Capital increase - placing
Mediwatch plc Futura Medical plc Prolysis Ltd's key assets and programs Quotient Diagnostics Ltd
GB GB GB GB
387,60 1 649,72 6 705,77 1000,00
Minority stake 4.325% Minority stake 7.208% Acquisition 100% Minority stake unknown %
Completed Completed Completed Completed
Anaxsys Technology Ltd
GB
1 466,23
Minority stake unknown %
Completed
OrthoMimetics Ltd Paraytec Ltd
GB GB
16000,00 n.a.
Retrogenix Ltd
GB
171,44
Cash
n.a. n.a. n.a. n.a. n.a. n.a.
18 939,66 19 396,28 181 223,30 19 474,70 334 866,20 n.a.
Cash
n.a. n.a.
118 788,41 n.a.
Cash Cash
n.a. n.a. n.a.
1 256,84 27 263,16 n.a.
Capital increase - placing Capital increase - placing Capital increase - vendor placing Venture capital Development capital - 5th round
Cash Cash Shares Cash
n.a. n.a. n.a. n.a.
n.a. 22 003,08 n.a. n.a.
Development capital - 1st round
Cash
n.a.
n.a.
Shares Cash
n.a. n.a.
15 586,43 n.a.
Cash
n.a.
n.a.
Cash
n.a.
8 231,19
Cash Cash Cash Cash Cash
n.a. n.a. n.a. n.a. n.a. n.a.
n.a. 4 381,03 n.a. 106 124,62 9 931,90 n.a.
Cash
n.a.
n.a.
Venture capital Capital increase - vendor placing Venture capital Development capital Angel Investment Minority stake unknown % Completed Development capital Venture capital Angel Investment Minority stake 26.569% Pending - awaiting Capital increase - placing shareholder approval Minority stake 8.737% Announced Capital increase - placing Acquisition 100% Completed Acquisition unknown stake % Rumour Minority stake 9.075% Completed Capital increase - placing Minority stake 47.187% Announced Capital increase - private placing Minority stake unknown % Completed Development capital Private Equity Minority stake unknown % Completed Development capital - 3rd round Corporate venturing Venture capital Acquisition 100% Minority stake unknown %
Ent. value Estimated th EUR Ent. value th EUR n.a. n.a.
Announced Completed
Plethora Solutions Holdings plc
GB
1 260,75
3D Diagnostic Imaging plc PolyBioMed Ltd Fulcrum Pharma plc EpiStem Holdings plc Angel Biotechnology Holdings plc NovaBiotics Ltd
GB GB GB GB GB GB
848,04 1 100,76 6,223.40 * 3,166.25 * 4,437.89 * 117,25
Oxagen Ltd
GB
17764,00
ReNeuron Group plc Delphic Diagnostics Ltd's business and assets Atrium Innovation Ltd FuturaGene plc
GB GB
5,516.17 * n.a.
Minority stake 32.037% Acquisition 100%
Announced Completed
Capital increase - private placing
Cash
n.a. n.a.
18 527,67 n.a.
GB GB
8,749.78 * 3 287,56
Acquisition 100% Minority stake 10.672%
Completed Announced
Capital increase - placing
Cash
n.a. n.a.
9 217,31 30 151,24
Phytopharm plc Provexis plc
GB GB
27 872,39 2,354.67 *
Acquisition 72.727% Minority stake 7.692%
Announced Announced
Capital increase - rights issue Capital increase - rights issue
Cash Cash
n.a. n.a.
30 468,05 28 756,89
BS JP
FINANCIAL BIOTRANSACTIONS IN GERMANIC COUNTRIES FOR H2 2009
Légende * = valeur estimée
Acquiror name 1 BWT AG 2 Austria Wirtschaftsservice GmbH
Acquiror country code AT AT
3 eBioscience Inc. 4 Life Science Ventures GmbH Novartis Venture Fund Wellcome Trust Ltd, The HBM Partners AG Nomura Phase4 Ventures Ltd 5 Edmond de Rothschild Investment Partners SAS MIG Verwaltungs AG 6 Baxter International Inc. BAST AG Value & Invest Development Arax Private Equity 2008 GmbH & Co KG 7 Hypo Equity Management AG Fides Privatstiftung Buschier GmbH Dr Gerd Holzknecht 8 Tirol province Österreichische Forschungsförderungsgesellschaft mbH
US DE CH GB CH GB FR DE US AT AT AT AT AT AT AT AT
Target name
All Deal values Deal th EUR type
Deal status
zeta Holding GmbH Savira Pharmaceuticals GmbH
Target country code AT AT
35,000.00 * Acquisition 1000,00 Minority stake unknown %
Completed Completed
Bender MedSystems GmbH Nabriva Therapeutics AG
AT AT
n.a. 15000,00
Acquisition 100% Minority stake unknown %
Completed Completed
PDC Biotech GmbH
AT
4,000.00 *
Minority stake unknown %
Completed
Avir Green Hills Biotechnology AG AT
n.a.
Minority stake unknown %
Completed
Innovacell Biotechnologie AG
AT
3000,00
Minority stake unknown %
Completed
Innovacell Biotechnologie AG
AT
2530,00
Minority stake unknown %
Completed
Deal financing
Development capital - seed Venture capital Venture capital Development capital
Development capital - 1st round Venture capital Corporate venturing Venture capital Development capital Capital increase - private placing Development capital Venture capital Capital increase - private placing
Deal method of payment Cash Cash
Ent. value Estimated th EUR Ent. value th EUR n.a. n.a. n.a. n.a.
Cash Cash
n.a. n.a.
n.a. n.a.
Cash
n.a.
n.a.
Cash
n.a.
n.a.
Cash
n.a.
n.a.
Cash
n.a.
n.a.
(continued p.19)
BIOTECH FINANCES • January 11, 2010 • No. 445
18
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Acquiror Target country name code US BioCeramic Therapeutics Ltd GB GB GB GB GB Avacta Group plc Avacta Group plc Antisoma plc GB Phytopharm plc Dechra Pharmaceuticals plc GB Lein Applied Diagnostics Ltd GB
Acquiror name
€deals Special
(continued)
mtm Laboratories AG
Target All Deal values Deal Target All Deal values Deal country th EUR type code DE 39000,00 Minority stake unknown %
Completed
Schwarz Pharma AG
DE
Completed
DE
GPC Biotech AG Biofrontera AG
DE DE
21,423.00 * Acquisition increased from 99.59% to 100% 35,732.00 * Acquisition 100% 1800,00 Minority stake 16.349%
HeidelbergCapital Asset Management GmbH
DE
Accovion GmbH
DE
n.a.
Completed
13 14 15 16
Institut Stvolovykh Kletok Cheloveka OAO Private equity fund Ascenion GmbH BC Partners Ltd
RU DE GB
SymbioTec GmbH SymbioTec GmbH Kinaris Biomedicals GmbH SynLab GmbH
DE DE DE DE
Institutional buy-out unknown majority stake % 1,000.00 * Minority stake 25.01% n.a. Minority stake 18.8% n.a. Minority stake unknown % n.a. Minority stake 40%
17 18 19 20
Amola GmbH Thermo Fisher Scientific Inc.
DE US
ItN Nanovation AG Adinotec AG Adinotec AG B.R.A.H.M.S. Holding GmbH
DE DE DE DE
1,018.00 * 2,000.00 * 4000,00 330000,00
Minority stake 4.349% Minority stake 33.333% Minority stake 20.513% Acquisition 100%
Completed Completed Private Equity Completed Pending - awaiting Private Equity New bank facilities regulatory approval Completed Capital increase Announced Capital increase - rights issue Announced Capital increase - converted debt Completed
DE
Wilex AG DE Sloning Biotechnology GmbH DE
n.a. n.a.
Minority stake unknown % Minority stake unknown %
Completed Completed
9 Heidelberg Innovation GmbH Wellington Partners Venture Capital GmbH Swissfirst Bank AG HBM BioVentures AG Mannheim LLC HBM Partners AG Gilde Healthcare Partners BV Nexus Medical Partners National Technology Enterprises Company LBBW Venture Capital GmbH 10 UCB SP GmbH 11 Agennix AG 12 -
21 22 Deutsche Effecten- & WechselBeteiligungsgesellschaft AG HBM BioVentures AG KfW Bankengruppe LBBW Venture Capital GmbH 23 Yorkville Advisors LLC 24 SKion GmbH
CH DE DE US DE
25 Lonza Group AG 26 VI Partners BioMedPartners AG Vesalius Biocapital Partners S.a.r.l Abalis Finance AG 27 BB Biotech AG Life Sciences Partners BV HBM BioVentures AG Edmond de Rothschild Investment Partners SAS TVM Capital GmbH Biogen Idec New Ventures Goodvent Beteiligungsmanagement GmbH & Co. KG CFH Beteiligungsgesellschaft mbH Private Investors 28 Existing Investors Sparkasse Köln-Bonn NRW.Bank Private Investors Creathor Venture Management GmbH Institutional Investors KfW Mittelstandbank 29 CTI Clinical Trial and Consulting Services
Légende * = valeur estimée
Acquiror Acquiror country code DE DE CH CH US CH NL US KW DE DE
30 31 32 33 BioM AG Max-Planck-Gesellschaft zur Förderung der Wissenschaften KfW Mittelstandbank Prof Dr Axel Ullrich Dr Hellmut Kirchner Mountain Partners AG High-Tech Gründerfonds GmbH & Co. KG Leifina GmbH & Co. KG Conmit Invest GmbH Mr Manfred Ferber 34 35 KfW Bankengruppe EMBL Ventures GmbH Wagnisfinanzierungsgesellschaft für Technologieförderung in Rheinland-Pfalz mbh 36 GlaxoSmithKline Biologicals
CH NO CH LU CH CH NL CH FR DE US DE DE
Target Target name
Deal Deal status
Completed Completed
Deal Deal financing
Deal method Deal method of payment
Development capital - 3rd round Private Equity
Cash
Ent. value Estimated Ent. value Estimated th EUR Ent. value th EUR n.a. n.a.
Cash
n.a.
5 693 624,95
Shares Cash
n.a. n.a.
5615,00 32 055,40
n.a.
n.a.
n.a. n.a. n.a. n.a.
6 592,49 n.a. n.a. n.a.
Capital increase - vendor placing Capital increase - rights issue Capital increase Private Equity
Private Equity
Cash n.a. 23 342,68 Cash n.a. 10 029,06 Converted Debt n.a. 23 528,83 Debt assumed 330000,00 n.a. Deferred payment Cash n.a. n.a. Cash n.a. n.a.
Development capital
Sygnis Pharma AG Altana AG
DE DE
Rumour Announced
Capital increase - private placing
Cash Cash
n.a. n.a.
48 089,31 1 924 075,03
DE DE
10,000.00 * Minority stake 17.533% 158327,00 Acquisition increased from 91.691% to 100% n.a. Minority stake unknown % 10700,00 Minority stake unknown %
Cilian AG Activaero GmbH
Completed Completed
Capital increase - private placing Development capital - 1st round Venture capital
Other Cash
n.a. n.a.
n.a. n.a.
Probiodrug AG
DE
36,000.00 * Minority stake unknown %
Completed
Development capital - 2nd round Venture capital
Cash
n.a.
n.a.
CEVEC Pharmaceuticals GmbH DE
4000,00
Minority stake unknown %
Completed
Venture capital Development capital
Cash
n.a.
n.a.
CRS Clinical Research DE Services Andernach GmbH CRS – Staff Leasing Services DE Agennix AG DE Wilex AG DE KINAXO Biotechnologies GmbH DE
n.a.
Acquisition
Completed
n.a.
n.a.
n.a. Minority stake unknown % 14,125.00 * Minority stake 20% n.a. Minority stake unknown %
Rumour Announced Completed
Capital increase Capital increase - rights issue Venture capital Development capital
Cash Cash Cash
n.a. n.a. n.a.
n.a. 58503,00 n.a.
Biofrontera AG DE Elara Pharmaceuticals GmbH DE
7,171.00 * Minority stake 33.333% 2600,00 Minority stake unknown %
Announced Completed
Capital increase - rights issue Development capital - 1st round Venture capital
Cash Cash
n.a. n.a.
42 558,77 n.a.
Intercell Biomedical Research AT & Development AG
28089,00
Completed
Capital increase - private placing
Cash
n.a.
1 353 360,95
DE DE DE DE US
DE DE DE DE DE CH DE DE DE DE DE DE DE BE
Minority stake 1.856%
BIOTECH FINANCES • January 11, 2010 • No. 445
19
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FINANCIAL BIOTRANSACTIONS IN GERMANIC COUNTRIES FOR H2 2009 Acquiror Acquiror name
€deals Special
(continued)
Acquiror Target country name code
Target All Deal values country th EUR code
1
Novartis AG
CH
Speedel Holding AG
CH
2
Ypsomed Holding AG
CH
CH CH CH FR CH FR CH CH DE JP
Symetis SA
CH
15 126,46
Minority stake unknown % Completed
4 5
Shareholders Mr Willy Michel Techpharma Management AG Novartis Venture Fund Banexi Ventures Partners SA Aravis General Partner Ltd Truffle Venture BioMed Invest AG Vinci Capital SA Wellington Partners GmbH Zeria Pharmaceutical Co., Ltd -
258,872.96 * Acquisition increased from 61.4% to 100% 63 404,27 Minority stake 11.111%
Tillotts Pharma AG Nano Bridging Molecules SA
CH CH
89 067,02 n.a.
Acquisition 100% Announced Minority stake unknown % Completed
6 7
-
Mepha Pharma AG Mondobiotech Holding AG
CH CH
460,409.46 * n.a.
8 9 10 11 12 13
Lonza Custom Manufacturing
Mondobiotech Holding AG Lonza Group AG's exclusive synthesis operations Lonza Group AG's biopharma operations Addex Pharmaceuticals SA Acino Holding AG Endosense SA
CH CH CH CH CH CH
n.a. n.a.
Acquisition 100% Initial public offering 2.31% on SIX Swiss Exchange Acquisition 59.042% Acquisition
n.a. n.a. 25 119,15
Minority stake unknown % Completed Minority stake unknown % Completed Minority stake unknown % Completed
OM Pharma Evolva AG
CH CH
n.a. n.a.
Acquisition 100% Acquisition 100%
Evolva AG
CH
18,536.39 *
ESBATech AG
CH
403,457.60 *
Acquisition 100%
18 Novartis Venture Fund CH MP Healthcare Venture Management Inc. 19 Advent Venture Partners LLP GB Aescap Venture Management BV NL KBC Private Equity NV BE Biovest Comm.VA BE Benaruca SA LU 20 SHS Gesellschaft für DE Beteiligungsmanagement mbH
Covagen AG US Biocartis SA
CH
n.a.
Minority stake unknown % Completed
CH
10000,00
Minority stake unknown % Completed
SpineLab AG
CH
n.a.
Minority stake unknown % Completed
21 Acino Holding AG 22 Tilocor Life Sciences
Adipra AG Xigen SA
CH CH
1 393,04 13 403,29
Acquisition 100% Completed Minority stake unknown % Completed
Euroderm AG
CH
1,162.85 *
Minority stake 3.846%
Covagen AG
CH
n.a.
Minority stake unknown % Completed
25 Venture Plus GmbH & Co Fonds 2 KG DE
AmVac AG
CH
1,989.95 *
Minority stake unknown % Announced
26 Venture Plus GmbH & Co Fonds 2 KG DE
AmVac AG
CH
994,97
Minority stake unknown % Completed
27 Sanofi-Aventis SA 28 BB Biotech AG Index Venture Management SA Johnson & Johnson Development Corporation Essex Woodlands Health Ventures LP Endeavour Vision SA
Helvepharm AG Molecular Partners AG
CH CH
n.a. 30 423,82
Acquisition 100% Announced Minority stake unknown % Completed
3
CH
Vanguard Group Inc., The Defi Gestion SA GIMV NV Neomed Management AS VI Partners Edmond de Rothschild Investment Partners SAS Ysios Capital Partners SGECR SA Sectoral Asset Management Inc. 14 Galenica AG 15 Arpida AG
ES CA CH CH
16 Auriga Partners SA Dansk Innovationsinvestering P/S Novartis BioVentures Aravis General Partner Ltd Vinci Capital SA Astellas Venture Management LLC Renaissance PME Sunstone Capital A/S Wellington Partners Ltd 17 Alcon Inc.
FR DK CH CH CH US CH DK GB CH
US CH BE NO NO FR
Deal type
Deal status
Deal financing
Completed Completed
Deal method Ent. value of payment th EUR
Estimated Ent. value th EUR
Cash
670 865,01
Capital increase - converted debt Cash n.a. Capital increase - rights issue Converted Debt
n.a.
Development capital Venture capital
n.a.
n.a.
n.a. n.a.
n.a. n.a.
n.a. n.a.
n.a. n.a.
n.a. n.a.
n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a.
n.a. n.a.
n.a.
n.a.
Earn-out n.a. Cash Development capital Cash n.a. Venture capital Development capital - 1st round Cash n.a. Venture capital
n.a.
Cash
Development capital - 2nd round Cash Venture capital
Rumour Completed Announced Completed
Capital increase - rights issue
Development capital - 2nd round Cash Venture capital
Completed Pending - awaiting Capital increase - vendor placing Shares shareholder approval Minority stake unknown % Completed Development capital - 2nd round Cash Venture capital
Announced
n.a.
Venture capital
n.a. n.a.
Cash
n.a.
n.a.
Cash
n.a. n.a.
n.a. n.a.
Cash
n.a.
n.a.
Cash
n.a.
n.a.
Cash
n.a.
n.a.
Cash
n.a.
n.a.
n.a. n.a.
n.a. n.a.
Development capital CH LU
23 -
Légende * = valeur estimée
24 VenTech SA
FR
FR CH CH US US CH
BIOTECH FINANCES • January 11, 2010 • No. 445
20
Announced
Development capital - 2nd round Venture capital Capital increase - private placing Capital increase - rights issue Development capital Venture capital Development capital Venture capital Development capital Venture capital
Venture capital Cash Development capital - 2nd round
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FINANCIAL BIOTRANSACTIONS IN SWITZERLAND FOR H2 2009 Acquiror name
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€deals Special
BIOTECH FINANCES • January 11, 2010 • No. 445
21
(continued)
€deals Special
(continued)
FINANCIAL BIOTRANSACTIONS IN NORDIC COUNTRIES FOR H2 2009 Target All Deal values country th EUR code DK n.a. DK 17,811.30 * DK 5 001,21 DK 3 600,43 DK 11,279.81 * DK n.a. DK 10 003,24 DK 2,043.46 * DK 402,99
Deal type
Deal status
1 2 3 4 5 6 7 8 9
Acquisition 100% Acquisition 50% Minority stake 2.077% Minority stake 15.104% Minority stake unknown % Planned IPO unknown stake % Minority stake 3.588% Minority stake 9.09% Acquisition 52.07%
Completed Completed Completed Completed Completed Rumour Completed Completed Completed
10 11 12 13 14 15 16 17 18 19 20 21 22 23
DK DK DK DK DK DK DK DK FI FI FI SE SE SE
n.a. 3 221,60 n.a. n.a. n.a. 59,544.12 * 40,318.10 * n.a. 14,868.00 * n.a. 20,000.00 * 5,861.44 * 8,130.23 * n.a.
Planned IPO unknown stake % Minority stake 1.281% Minority stake unknown % Acquisition 100% Minority stake unknown % Minority stake 30% Minority stake 18.509% Minority stake unknown % Minority stake 30.3% Acquisition 100% Minority stake unknown % Minority stake 6.667% Minority stake unknown % Joint venture 100%
Rumour Completed Completed Rumour Rumour Announced Rumour Completed Completed Completed Announced Completed Announced Completed
24 25 26 27
SE SE SE SE
n.a. 274.36 * 7 441,80 15 853,05
Minority stake unknown % Minority stake 20.287% Acquisition 100% Minority stake unknown %
Completed Completed Completed Completed
28 29 30 31
SE SE SE SE
272,90 8,850.63 * n.a. 119.54 *
Spago Imaging AB Genovis AB Karo Bio AB Moberg Derma AB
SE SE SE SE
n.a. 687,87 n.a. 3 478,36
Minority stake 16.866% Minority stake unknown % Minority stake unknown % Acquisition increased from 53.938% to 60.97% Minority stake unknown % Minority stake 33.333% Minority stake unknown % Minority stake unknown %
32 33 34 35 36 37 38 39 40 41 42 43 44 45 46
58 59
Accelerator Nordic AB Investors Shareholders E. Öhman J:or Fondkommission AB Nordnet Pensionsförsäkring AB Shareholders MGA Holding AB Pilum AB Pilum AB Nykomb Synergetics Technology Holding AB Mr Mats Westermark Mr Hans-Erik Hansson Tonicton Group AB Novartis AG Pite Energi AB Accelerator Nordic AB Invesco Perpetual Income Fund SamInvest Mitt AB Shareholders Investa Företagskapital AB Scandinavian Biopharma Holding AB Banco Fonder AB Swedbank Robur Fonder AB Investors Institutional Investors Mr Carl-Magnus Adolfsson -
60 61 62 63 64
Fouriertransform AB Consepio Natumin Pharma AB Biovitrum AB
47 48 49 50 51 52 53 54
55 56 57
SE
Artimplant AB Artimplant AB Ortivus AB Karo Bio AB Ortivus AB A+ Science Holding AB Karo Bio AB Toul Meditch AB Hyheat AB Hyheat AB
SE SE SE SE SE SE SE SE SE SE
n.a. n.a. n.a. n.a. 1,464.85 * n.a. n.a. n.a. 172.10 * n.a.
Minority stake unknown % Minority stake unknown % Minority stake unknown % Minority stake unknown % Minority stake 11.107% Acquisition 51% Minority stake unknown % Acquisition 73% Minority stake 29% Minority stake unknown %
Completed Completed Completed Completed Completed Announced Completed Completed Announced Rumour
SE SE
SE SE SE SE SE SE SE
Diamyd Medical AB Conpharm AB Biovitrum AB AstraZeneca AB Meva Innovation AB AddBio AB AstraZeneca AB UniTech Pharma AB
SE SE SE SE SE SE SE SE
20,959.38 * 243.31 * n.a. 7,961,928.10 * n.a. n.a. n.a. 1,563.96 *
Minority stake 21.875% Minority stake 10.47% Minority stake unknown % Acquisition unknown stake % Minority stake 20% Minority stake unknown % Minority stake unknown % Minority stake unknown %
Completed Completed Completed Rumour Completed Completed Completed Completed
CH SE SE GB SE SE SE SE SE
Meda AB
SE
n.a.
Minority stake unknown %
Completed
Opcon AB Opcon AB
SE SE
n.a. 11 837,39
Minority stake unknown % Minority stake 10.191%
Completed Completed
SE
Conpharm AB Karo Bio AB
SE SE
n.a. 16,327.47 *
Minority stake 6.12% Minority stake 25%
Powercell Sweden AB Probi AB Biolin Scientific AB Ambria Dermatology AB Swedish Orphan International AB
SE SE SE SE SE
5 880,88 n.a. 2,309.32 * 3,136.47 * 334,698.21 *
Biovitrum AB
SE
145,229.58 *
NicoNovum AB Micropos Medical AB Diamyd Medical AB
SE SE SE
n.a. n.a. 2,362.93 *
Oasmia Pharmaceutical AB
SE
4 210,71
Completed Pending - awaiting shareholder approval Minority stake unknown % Completed Minority stake unknown % Completed Minority stake 16.667% Announced Acquisition 100% Completed Acquisition 100% Pending - awaiting regulatory approval Acquisition 66.667% Pending - awaiting shareholder approval Acquisition 100% Rumour Planned IPO unknown stake % Announced Minority stake increased from Completed 4.611% to 6.1% Minority stake 4.573% Completed
SE SE SE SE
65 -
Légende * = valeur estimée
66 Reynolds American Inc. 67 68 Nordnet Pensionsförsäkring AB 69 Investors Institutional Investors 70 Karolinska Development AB 71 Skandinavisk Fondkommission AB 72 73 74 75 Sanofi-Aventis SA
US SE
SE SE
Lipidor AB Genovis AB Tripep AB Biovitrum AB Eurocine Vaccines AB Zealand Pharma A/S
SE SE SE SE SE DK
n.a. 174,53 1,698.79 * n.a. 3,820.09 * 100,000.00 *
Minority stake unknown % Minority stake 7.9% Minority stake 50% Minority stake unknown % Minority stake 19.116% Minority stake 19.9%
FR
BIOTECH FINANCES • January 11, 2010 • No. 445
22
Deal financing Capital increase - rights issue Capital increase - private placing Capital increase - private placing Capital increase - private placing Capital increase - private placing Capital increase - private placing
Deal method Ent. value Estimated of payment th EUR Ent. value th EUR n.a. n.a. Cash n.a. 21 159,22 Cash n.a. 212 924,13 Cash n.a. 19 160,24 Cash n.a. n.a. n.a. n.a. Cash n.a. 250 922,73 Cash n.a. 20 745,65 Cash n.a. -415,13 Cash
n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. 162 614,68 n.a. n.a. n.a. 170 614,38 128 973,03 n.a. 48 774,31 n.a. n.a. 90 449,53 n.a. n.a.
n.a. n.a. n.a. n.a.
n.a. 1 050,60 7 381,30 n.a.
Capital increase Capital increase - rights issue Capital increase
Cash Cash Cash
Capital increase - private placing Capital increase - rights issue Capital increase - private placing
Cash Cash Cash
Capital increase - private placing
Cash
Private Equity Development capital
Cash
Announced Withdrawn Completed Completed
Capital increase - rights issue Capital increase - private placing Capital increase
Cash Cash Cash
n.a. n.a. n.a. n.a.
778,50 n.a. n.a. 1 676,42
Completed Completed Completed Completed
Capital increase - placing Capital increase - rights issue
Cash Cash
Capital increase - private placing
Cash
n.a. n.a. n.a. n.a.
n.a. 2 457,90 n.a. n.a.
Capital increase - vendor placing Capital increase - private placing Private Equity
Shares Cash
n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. 11 061,78 n.a. n.a. n.a. 589,03 n.a.
Capital increase - rights issue
Cash
Capital increase
Cash
Private Equity
Cash
n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
87 983,31 1 748,53 n.a. n.a. n.a. n.a. n.a. n.a.
n.a.
n.a.
Completed Completed Announced Completed Rumour Rumour
Capital increase - private placing
Cash
n.a. n.a.
n.a. 126 918,43
Capital increase - rights issue
Cash
n.a. n.a.
n.a. 41 697,46
Capital increase - private placing
Cash
n.a. n.a. 15 211,97 2 857,82 333 332,64
Capital increase - rights issue
Cash
Capital increase - vendor placing
Shares
n.a. n.a. n.a. n.a. n.a.
Capital increase - rights issue
Cash
n.a.
173 650,58
Capital increase
Cash
n.a. n.a. n.a.
n.a. n.a. 150 680,22
Capital increase - private placing
Cash
n.a.
94 608,42
Private Equity Capital increase - private placing Capital increase - rights issue
Cash Cash Cash
Capital increase
Cash
n.a. n.a. n.a. n.a. n.a. n.a.
n.a. 2 600,07 3 082,43 n.a. 16 898,03 474 338,75
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Acquiror Target country name code H Lundbeck A/S DK NeuronIcon ApS TopoTarget A/S GlaxoSmithKline plc GB NeuroSearch A/S Investors Affitech A/S IPC International A/S IPC International A/S Johnson & Johnson Development Corporation US NeuroSearch A/S Shareholders BioPorto A/S Consortium Aresa A/S DK Absolut Invest Fondsmæglerselskab A/S Aresa A/S Bavarian Nordic A/S LifeCycle Pharma A/S Aresa Biodetection ApS Aresa A/S NeuroSearch A/S Bavarian Nordic A/S Genmab A/S BioTie Therapies Oyj Charles River Laboratories International Inc. US Cerebricon Oy Yorkville Advisors LLC US BioTie Therapies Oyj Oasmia Pharmaceutical AB Investors Oasmia Pharmaceutical AB Swedfund International AB SE Global Medical Investments Elekta AB SE Meda AB Investors Tripep AB Laboratorio Reig Jofré SA ES Bioglan AB Volvo Technology Transfer AB SE Powercell Sweden AB SE Midroc New Technology AB OCAS Ventures BE Tripep AB Investors Oasmia Pharmaceutical AB Accelerator Nordic AB SE PledPharma AB Mr Leif Pihlqvist SE IDL Biotech AB Acquiror name
€deals Special
(continued)
Acquiror Target country name code
Acquiror name 1 2 3 4 5 6
Unknown bidder Novasep SAS AFFIX Corporate Finance NV ING Investment Management LLC Bioclinical Inc.
BE FR BE US US
7 8 Mr Thierry Bogaert OGBBA van Herk BV Biovest Comm.VA 9 10 11 Solvay SA 12 Institutional Investors 13 14 15 MP Healthcare Venture Management Inc. 16 Nivelinvest SA SRIW SA Life Sciences Research Partners VZW Vesalius Biocapital Partners S.a.r.l Capital & Croissance LRM NV Vives SA 17 18 Institutional Investor Abbott Laboratories Inc.
Légende * = valeur estimée
YA Global Master SPV Ltd YA Global Master SPV Ltd Sanofi-Aventis SA Alafi Capital Co. Life Sciences Partners BV Investor 32 Stichting Pensioenfonds ABP 33 34 Forbion Capital Partners
35 -
BE BE
US BE BE BE LU BE BE BE
US
19 Cell Signaling Technology, Inc. 20 YA Global Master SPV Ltd 21 Index Venture Management SA Gilde Healthcare Partners BV 22 YA Global Master SPV Ltd 23 Life Sciences Partners BV Flanders Interuniversity Institute for Biotechnology Crédit Agricole Private Equity SA KBC Private Equity NV Forbion Capital Partners Erasmus MC Biomedical Fund BV BioGeneration Ventures BV Thuja Capital BV 24 YA Global Master SPV Ltd 25 Life Science Ventures GmbH Gilde Healthcare Partners BV ING Corporate Investments Participaties BV Van Herk Biotech BV Vlugtinvest BV 26 27 JHC Nederland BV 28 29 30 31
BE NL BE
US
CH NL NL BE
Target All Deal values country th EUR code
Deal type
Deal status
Deal financing
Deal method of payment
Ent. value Estimated th EUR Ent. value th EUR
Movetis NV
BE
97,750.00 *
Announced
Capital increase - rights issue
Cash
n.a.
233 045,13
Corden PharmaChem NV Henogen SA Eurogentec SA OncoMethylome Sciences SA Agfa HealthCare's CardioNow unit UCB SA Devgen SA
BE BE BE BE BE
n.a. n.a. 1,600.00 * n.a. n.a.
Planned IPO 37.935% on Euronext Brussels Acquisition 100% Acquisition 100% Minority stake unknown % Minority stake unknown % Acquisition
Cash
n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a.
BE BE
500000,00 14963,00
Minority stake unknown % Minority stake 8.925%
Completed Completed Completed Completed Completed 100% Completed Completed
Capital increase - convertible bond issue Cash Capital increase - private placing Cash
n.a. n.a.
n.a. 155 803,66
Movetis NV Nanocyl SA Umicore SA Ablynx NV Galapagos NV MedHold ThromboGenics NV Pronota NV
BE BE BE BE BE BE BE BE
n.a. 6000,00 2,527,200.00 * n.a. 18177,00 n.a. 42469,00 1300,00
Minority stake unknown % Minority stake unknown % Acquisition 100% Minority stake unknown % Minority stake 9.091% Acquisition 100% Minority stake 9.091% Minority stake unknown %
Rumour Rumour Rumour Rumour Completed Rumour Completed Completed
Capital increase - private placing Capital increase - private placing
Cash
Capital increase Capital increase - private placing
Cash Cash Cash
n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. 2860598,00 n.a. 174315,00 n.a. 408 233,33 n.a.
Promethera Biosciences
BE
5300,00
Minority stake unknown %
Completed
Cash
n.a.
n.a.
TiGenix NV Pharming Group NV Solvay Pharma BV
BE NL NL
25,000.00 * Minority stake unknown % 70000,00 Minority stake unknown % 5,200,000.00 * Acquisition 100%
Rumour Completed Announced
n.a. n.a. n.a.
n.a. n.a. 5199996,00
BIOKÉ BV Pharming Group NV Crucell NV Pharming Group NV ProFibrix BV
NL NL NL NL NL
n.a. 400,00 1,853.00 * n.a. 7 668,18
Acquisition 100% Minority stake 0.707% Minority stake 0.165% Minority stake unknown % Minority stake unknown %
Completed Completed Completed Rumour Completed
n.a. 73 833,09 1 012 812,30 n.a. n.a.
Pharming Group NV arGEN-X BV
NL NL
400,00 12500,00
Minority stake 0.676% Minority stake unknown %
Completed Completed
Pharming Group NV Agendia BV
NL NL
1000,00 15 671,61
Minority stake 1.555% Minority stake unknown %
Completed Completed
QIAGEN NV Crucell NV
NL NL
437,058.00 * 301,800.00 *
Minority stake 13.756% Minority stake 17.973%
Pharming Group NV Pharming Group NV Kernpharm BV KREATECH Biotechnology BV
NL NL NL NL
1500,00 100,00 n.a. 2000,00
Movetis NV BE Galapagos NV BE Amsterdam Molecular NL Therapeutics (AMT) Holding BV OctoPlus NV
Private Equity
n.a.
Capital increase - private placing Development capital - 2nd round Private Equity Development capital - 1st round Venture capital Angel Investment
Capital increase Cash Capital increase - convertible bond issue Cash Cash Earn-out Other Capital increase - private placing
Cash Cash
Venture capital Development capital - 2nd round Capital increase - private placing Venture capital Development capital - 1st round
Cash
n.a. n.a. n.a. n.a. n.a.
Cash Cash
n.a. n.a.
76 427,60 n.a.
Capital increase - private placing Development capital - 5th round Private Equity
Cash Cash
n.a. n.a.
81 564,68 n.a.
Announced Completed
Capital increase - private placing Capital increase - private placing
n.a. n.a.
3 616 287,31 1 568 967,45
Minority stake 2.566% Minority stake 0.171% Acquisition 100% Minority stake unknown %
Completed Completed Completed Completed
Capital increase - private placing Capital increase - private placing
Cash Cash Earn-out Cash Cash Cash
n.a. n.a. n.a. n.a.
75 712,74 75 735,53 n.a. n.a.
n.a. n.a. 5000,00
Minority stake unknown % Acquisition unknown stake % Minority stake unknown %
Completed Rumour Completed
Private Equity
Cash
n.a. n.a. n.a.
n.a. n.a. n.a.
4040,00
Minority stake 9.667%
Completed
Capital increase - convertible bond issue Capital increase - private placing Cash
n.a.
60 273,66
FR BE NL NL NL NL DE NL NL NL NL NL
FR US NL NL NL
NL
BIOTECH FINANCES • January 11, 2010 • No. 445
23
Development capital Venture capital
To subscribe, please call Biotech Finances Customer Service et + 33 478 24 35 20. Copiright © 2009 Ed Européennes de l’Innovation. Reporoductions is stricly prohibited. Visit our website at www.biotech-finances.xcom
FINANCIAL BIOTRANSACTIONS IN THE BENELUX FOR H2 2009
€deals Special
(continued)
Acquiror name
Acquiror Target country name code
1 2
Corden Pharma SpA
3 4 5 6 7
Mediolanum Farmaceutici SpA IT Bausch & Lomb Inc. US Lima LTO SpA IT Investors
8 9 10 11 12 13 14
Cosmo Pharmaceuticals SpA Ibsa Farmaceutici Italia Srl Investors Ibsa Farmaceutici Italia Srl
IT
IT IT IT
Target All Deal values Deal country th EUR type code
Deal status
Deal financing
Cell Therapeutics Europe Sede Secondaria AstraZeneca SpA's Caponago production plant Pierrel SpA Neopharmed Srl Tubilux Pharma SpA's commercial assets Biosuma Srl Istituto di Ricerche di Biologia Molecolare Pietro Angeletti Générale de Santé SA's Fleming labs BioXell SpA
IT IT
752,72 n.a.
Acquisition 100% Acquisition 100%
Completed Completed
IT IT IT IT IT
2,498.00 * n.a. n.a. n.a. n.a.
Minority stake 3.448% Acquisition 100% Acquisition 100% Acquisition 100% Acquisition 100%
Completed Capital increase - rights issue Completed Completed Completed Announced
IT IT
n.a. Acquisition 100% 24,231.51 * Acquisition 100%
Bouty Healthcare SpA Newron Pharmaceuticals SpA Bouty Healthcare SpA Bouty Healthcare SpA
IT IT IT IT
7,208.00 * 5 225,17 n.a. 20686,00
Minority stake 25.84% Minority stake 6.765% Minority stake unknown % Acquisition increased from 25.838% to 100%
Deal method of payment
Cash
Rumour Announced Capital increase - vendor placing Cash Shares Completed Completed Capital increase - private placing Cash Completed Announced Cash
Ent. value th EUR
Estimated Ent. value th EUR
n.a. n.a.
n.a. n.a.
n.a. n.a. n.a. n.a. n.a.
96 194,80 n.a. n.a. n.a. n.a.
n.a. n.a.
n.a. -14 267,49
n.a. n.a. n.a. n.a.
32 703,87 36 880,33 n.a. 32 702,12
FINANCIAL BIOTRANSACTIONS IN SPAIN FOR H2 2009 Acquiror name
2 3 4
Novartis Venture Fund VenTech SA Life Sciences Partners BV Roche Venture Fund, The Ysios Capital Partners SGECR SA Genetrix SL Carafal Investment SLU Natra SA Naturex SA's ingredients division
5 6 7 8 9
Istituto Ganassini SpA Grupo Plafin SAU
1
Acquiror country code CH FR NL CH ES ES ES ES FR
IT ES
Todasa SAU Mr Daniel Bravo Andreu Carafal Investment SLU Carafal Investment SLU Gestamp Enerthi Solar SL Mondragón Corporación Cooperativa Inversiones Diputación Foral de Gipuzkoa Eusko Jaurlaritza - Gobierno Vasco 15 16 Axis Participaciones Empresariales SGECR SA Private Investors Crédit Agricole Private Equity SA Uninvest SGECR SA bcnHighgrowth 10 11 12 13 14
ES ES ES ES ES ES ES ES ES
Target name
Target All Deal values country th EUR code ES 27,000.00 *
Cellerix SL
Deal type
Deal status
Deal financing
Deal method of payment
Minority stake 25%
Completed
Venture capital Development capital Corporate venturing
Cash
Natracéutical SA ES Natracéutical SA ES Natracéutical SA's ingredients division ES
3000,00 n.a. 38000,00
Minority stake 2% Minority stake 2% Acquisition 100%
Completed Rumour Announced
Laboratorios Farmacéuticos ROVI SA Dermofarm SA Zeltia SA Natracéutical SA Almirall SA
ES ES ES ES ES
4,274.00 * n.a. 15,965.00 * 1,175.00 * 26,139.00 *
Minority stake 1.1% Acquisition 50% Minority stake 2% Minority stake 0.715% Acquisition increased from 69.753% to 70.958%
Completed Completed Rumour Completed Completed
Almirall SA Natracéutical SA Natracéutical SA Antibióticos SA Biobide SL
ES ES ES ES ES
103,018.00 * 1516,00 1,920.00 * n.a. 1500,00
Minority stake 4.749% Minority stake 1.05% Minority stake 1% Acquisition 100% Minority stake unknown %
Rumour Completed Rumour Completed Completed
Archivel Farma SL ERA Biotech SL
ES ES
1000,00 3750,00
Minority stake unknown % Completed Minority stake unknown % Completed
FR ES ES
BIOTECH FINANCES IN ENGLISH
BIOTECH FINANCES REACHES OUT TO THE WORLD
Légende * = valeur estimée
As many of you are aware, since January 2009 the weekly newsletter Biotech Finances has been PUBLISHED IN ENGLISH. We continue to build on our 10 years’ experience as the leading French publication in the sector as we reach out to a much larger readership, increasing our exposure significantly. In just a few weeks, the percentage of unique visitors to our website from the US has increased six-fold! BY SUBSCRIBING TO BIOTECH FINANCES, you will receive independent, pertinent, and high quality information on your preferred sector, AND ALSO you will become part of our mission to give biotech companies far and wide inspiration and improved performance.
BIOTECH FINANCES • January 11, 2010 • No. 445
24
Ent. value Estimated th EUR Ent. value th EUR n.a. 91 060,18
Cash
Capital increase
n.a. 232162,00 n.a. n.a. Debt assumed 38000,00 n.a. Other Cash Cash n.a. 395 181,46 n.a. n.a. Cash n.a. 844327,00 Cash n.a. 246 497,66 Cash n.a. 2 304 100,62 Cash
Capital increase - private placing Cash Capital increase Cash Development capital - 2nd round Cash Venture capital
n.a. n.a. n.a. n.a. n.a.
2 304 145,69 226 542,95 274162,00 n.a. n.a.
n.a. n.a.
n.a. n.a.
To subscribe, please call Biotech Finances Customer Service et + 33 478 24 35 20. Copiright © 2009 Ed Européennes de l’Innovation. Reporoductions is stricly prohibited. Visit our website at www.biotech-finances.xcom
FINANCIAL BIOTRANSACTIONS IN ITALY FOR H2 2009
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€deals Special
BIOTECH FINANCES • January 11, 2010 • No. 445
25
(continued)
€deals Special
(continued)
FINANCIAL BIOTRANSACTIONS IN EASTERN EUROPE FOR H2 2009 Target country code BA HR HR CZ CZ CZ CZ CZ CZ EE EE GR GR GR GR LV LV LV LT
17 Watson Pharmaceuticals Inc.
US
Arrow International Ltd
18 Biomar SA
PL
Instytut Biotechnologii Surowic i SA Szczepionek Biomed Celon Pharma Sp zoo Ozone Laboratories Polska Sp zoo Nepentes SA Bioton SA Ozone Laboratories Srl's Ozone brand Zentiva SA
1 2 3 4 5 6 7 8 9
10 11 12 13 14 15 16
Hospira Inc. Teva Pharmaceutical Industries Ltd MUDr Dana Sinaglova sro Erba Diagnostics Mannheim GmbH Alpha medical AS Hendrix Genetics BV Erba Diagnostics Mannheim GmbH Yhtyneet Medix Laboratoriot Oy Quattromed HTI Laborid OÜ Pharmagora SA Medimec SA HB19 Investments SIA Ms Helena Livsica Templeton Asset Management Ltd Koncernas Achemos Grupe UAB
19 20 21 22 23 24
A&D Pharma Holdings NV Zaklady Farmaceutyczne Polpharma SA LaborMed Pharma SA Sanofi-Aventis Europe
25 26 27 28 29 30 31 32 33
Antibiotice SA LaborMed Pharma SA FI&P Holdings Alza
NL PL RO FR RO RO CY
UA
34 35 36 Crystal Promotion Ltd
VG
37 -
All Deal values th EUR
Deal type
Deal status
Deal financing
Deal method Ent. value Estimated of payment th EUR Ent. value th EUR n.a. 78 211,45 Cash n.a. n.a. n.a. n.a. n.a. 24 771,16 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 538,00 n.a. n.a. n.a. 1 275 075,74 n.a. n.a. n.a. 24 699,89 n.a. 847,54 n.a. n.a. Cash n.a. 48447,00
5,694.77 * n.a. n.a. 783.82 * n.a. n.a. n.a. n.a. n.a. n.a. n.a. 375,00 n.a. 3,213.00 * n.a. 2,727.65 * 278.88 * n.a. 354,21
Rumour Rumour Capital increase Announced Announced Completed Completed Completed Completed Completed Announced Announced Announced Completed Completed Announced Completed Completed Rumour Completed
MT
Minority stake 8.5% Minority stake unknown % Acquisition 100% Acquisition increased from 97% to 100% Acquisition 100% Acquisition 100% Acquisition 100% Minority stake unknown majority stake % Acquisition 100% Acquisition 58% Minority stake 31.63% Acquisition 100% Minority stake unknown % Minority stake 0.547% Acquisition 100% Acquisition 26.17% Minority stake 32.866% Minority stake unknown % Acquisition increased from 92.774% to 93.516% 1,160,842.88 * Acquisition 100%
n.a.
n.a.
PL
211,15
Minority stake 2.04%
Completed Capital increase - vendor placing Cash Earn-out Shares Completed
n.a.
9 790,53
PL PL PL PL RO RO
n.a. n.a. 1 525,55 n.a. n.a. 2,361.96 *
Planned IPO unknown stake % Acquisition 100% Minority stake 1.911% Minority stake unknown % Acquisition 100% Acquisition increased from 74.909% to 78.311% Acquisition 100% Acquisition 100% Acquisition 52% Acquisition 100% Acquisition 100% Acquisition 100% Acquisition 100% Acquisition 100% Acquisition 19.717%
Rumour Capital increase Rumour Completed Rumour Announced Private Equity Completed
n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. 75 805,70 n.a. n.a. 50 427,47
Rumour Rumour Completed Rumour Rumour Rumour Rumour Rumour Completed
n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Minority stake 13.315%
Completed
n.a.
n.a.
Institutul Cantacuzino RO n.a. PlantMed SRL RO n.a. Farmak VAT UA n.a. Dnepropetrovskaya Biologicheskaya Fabrika GP UA n.a. Gozhulevskaya Biologicheskaya Fabrika UA n.a. Novogaleshchinskaya Biologicheskaya Fabrika UA n.a. Khersonskaya Biologicheskaya Fabrika GP UA n.a. Kharkovskaya Biologicheskaya Fabrika GP UA n.a. Kharkivske Pidpriyemstvo po Vyrobnytstvu UA n.a. Imunobiolohichnykh ta Likarskykh Preparativ Biolik ZAT Kharkivske Pidpriyemstvo po Vyrobnytstvu UA n.a. Imunobiolohichnykh ta Likarskykh Preparativ Biolik ZAT Kharkivske Pidpriyemstvo po Vyrobnytstvu UA n.a. Imunobiolohichnykh ta Likarskykh Preparativ Biolik ZAT Kharkivske Pidpriyemstvo po Vyrobnytstvu UA n.a. Imunobiolohichnykh ta Likarskykh Preparativ Biolik ZAT Ukrayinskyy Naukovo-Doslidnyy Instytut UA n.a. Silovoyi Elektroniki Peretvoryuvach VAT
Cash Cash Cash
Minority stake 7.336%
Completed
n.a.
n.a.
Minority stake 24.647%
Completed
n.a.
n.a.
Minority stake 49.998%
Completed
n.a.
n.a.
FINANCIAL BIOTRANSACTIONS IN ISRAEL FOR H2 2009 Acquiror name 1 2
Target country code IL IL
All Deal values Deal th EUR type
Deal status
Deal financing
Deal method of payment
Capital increase Capital increase - rights issue Capital increase Capital increase - rights issue Development capital Private Equity
Cash Cash
Ent. value Estimated th EUR Ent. value th EUR n.a. n.a. n.a. 21 204,72
5 053,02 9,023.24 *
Initial public offering unknown stake % on TASE Completed Minority stake 26.075% Completed
D-Pharm Ltd Angioslide Ltd
IL IL
10 286,50 5 725,15
Minority stake unknown % Minority stake unknown %
Completed Completed
Cash Cash
n.a. n.a.
n.a. n.a.
ITGI Medical Ltd Bio-Pure Technology Ltd
IL IL
1 588,09 8 390,14
Minority stake unknown % Minority stake unknown %
Completed Completed
Capital increase - rights issue Development capital - 2nd round Venture capital
Cash Cash
n.a. n.a.
n.a. n.a.
Venture capital Development capital
Cash
n.a.
n.a.
n.a. n.a.
n.a. n.a.
n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. n.a.
Converted Debt n.a. Cash
n.a.
7
Investors Shareholders D-Partners Ofer Hi Tech Ltd Agate Medical Investments LP Elron Electronic Industries Ltd US Venture Partners Pitango Venture Capital Aurum Ventures MKI Ltd -
MacroCure Ltd
IL
5 582,03
Minority stake unknown %
Completed
8 9
Shareholders -
Medigus Ltd Immunovative Therapies Ltd
IL IL
2 230,55 1 394,89
Minority stake 19.017% Minority stake unknown %
Rumour Rumour
10 11 12 13 14
Existing Investors Hadasit Bio-Holdings Ltd Teva Pharmaceutical Industries Ltd Ofer Hi Tech Ltd Private Investors Aviv Venture Capital DFJ Tamir Fishman Ventures Teva Pharmaceutical Industries Ltd Meitav Capital Altshuler Shaham Ltd Barak Capital Ltd Clal Biotechnology Industries Ltd Ofer Hi Tech Ltd Hadasit Bio-Holdings Ltd -
Medigus Ltd Kamada Ltd Colbar LifeScience Ltd Medigus Ltd Cell Cure Neurosciences Ltd
IL IL IL IL IL
1 263,25 n.a. 13,585.04 * 1 082,79 541,39
Minority stake 4.481% Minority stake unknown % Acquisition 100% Minority stake 6.932% Minority stake unknown %
Completed Rumour Rumour Completed Completed
MultiGene Vascular Systems Ltd IL
5 718,85
Minority stake unknown %
Announced
MultiGene Vascular Systems Ltd IL D-Medical Industries Ltd IL
22,202.58 * Minority stake unknown % 3 067,90 Minority stake unknown %
Rumour Announced
Thrombotech Technologies Ltd
IL
537,88
Institutional buy-out unknown stake %
Completed
BiogenCell Ltd
IL
668,18
Minority stake unknown %
Completed
3 4 5 6
15
16 17 18 19 Légende * = valeur estimée
Acquiror Target country name code D-Pharm Ltd BioLineRx Ltd IL IL IL IL US IL IL
IL IL IL IL IL IL IL IL IL IL IL IL
Development capital Cash Venture capital Capital increase - public offer Cash Capital increase - convertible bond issue Cash Capital increase - rights issue Development capital Venture capital Corporate venturing Venture capital Development capital
Cash Cash
Development capital Venture capital
Cash
n.a. n.a.
n.a. n.a.
Development capital Venture capital Corporate venturing Development capital Venture capital
Cash
n.a.
n.a.
Cash
n.a.
n.a.
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BIOTECH FINANCES • January 11, 2010 • No. 445
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AcquirorTarget country name code Bosnalijek dd Imunološki Zavod dd US Pliva dd's biopharmaceuticals division IL PLIVA - Lachema AS CZ Medicon Laboratory DE PLIVA-Lachema AS's diagnostic business SK AeskuLab Holding AS NL Integra AS DE PLIVA-Lachema Diagnostika SRO FI Nova Vita Kliinik AS EE Nova Vita Kliinik AS GR Sante Hellas SA Alapis SA Alapis SA GR PNG Gerolymatos SA's diagnostics business LV Olainfarm AS LV Rigas Farmaceitiska Fabrika AS US Grindeks AS LT Klaipedos Juru Kroviniu Kompanija AB
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