There were 44 deals recorded involving top clinical trial operations companies in the three months to August with a number of high profile acquisition, private equity, asset transaction and venture financing deals.
That’s according to GlobalData’s Financial Deals database, which tracks market activity across a variety of sectors and deal types.
The deals below only include those that have been completed – so excludes rumours or those that have been agreed but not yet executed.
The figures, which cover the top clinical trial operations companies, show the market in the US to be the most active, with 25 deals taking place over the last three months. That was followed by China, which saw six deals.
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By GlobalDataBelow are some of the largest completed deals to have taken place in the last quarter.
Acquisitions
Sanofi Acquires Translate Bio - 03 August ($3,200m)
Sanofi, a biopharmaceutical company focused on human health, has completed the acquisition of Translate Bio, a clinical-stage mRNA therapeutics company, for USD38 per share in cash, which represents a total equity value of approximately USD3.2 billionn. The Sanofi and Translate Bio Boards of Directors unanimously approved the transaction.
The purchase price represents a premium of 56% to Translate Bio's volume-weighted average price per share over the past 60 days.
To demonstrate the commitment to the transaction, the chief executive officer of Translate Bio and Translate Bio's shareholder, The Baupost Group, LLC., have signed binding commitments to support the tender offer. These binding commitments, combined with the Translate Bio shares already owned by Sanofi or its affiliates, represent a total of approximately 30% of Translate Bio's total shares outstanding.
Following the completion of the tender offer, a wholly owned subsidiary of Sanofi will merge with Translate Bio and the outstanding Translate Bio shares not already owned by Sanofi or its affiliates that are not tendered in the tender offer will be converted into the right to receive the same $38 per share in cash paid in the tender offer.
The Translate Bio acquisition further accelerates Sanofi's efforts to develop transformative medicines using mRNA technology.
Morgan Stanley & Co. International plc acted as exclusive financial advisor to Sanofi while Weil, Gotshal & Manges LLP acted as legal counsel. Centerview Partners acted as lead financial advisor to Translate Bio in the transaction, while Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel. Evercore is also acting as a financial advisor in this transaction to Translate Bio. MTS Health Partners, LP is also giving financial advice to Translate Bio.
Deal History:
Announced: On August 3, 2021, Sanofi entered into a definitive agreement with Translate Bio. Under which Sanofi will acquire all outstanding shares of Translate Bio for USD38 per share in cash, which represents a total equity value of approximately USD3.2 billion. The Sanofi and Translate Bio Boards of Directors unanimously approved the transaction.
MorphoSys Acquires Constellation Pharma - 02 June ($1,700m)
MorphoSys AG, a commercial-stage biopharmaceutical company dedicated to the discovery, development and commercialization of innovative therapies for people living with cancer and autoimmune diseases, has acquired Constellation Pharmaceuticals, Inc for USD34 per share in cash, which represents a total equity value of USD1.7 billion. The transaction has been unanimously approved by the management board (Vorstand) and the supervisory board (Aufsichtsrat) of MorphoSys, as well as the Board of Directors of Constellation.
Under the terms of the merger agreement, an indirect wholly-owned subsidiary of MorphoSys will promptly commence a tender offer to acquire all of the outstanding shares of Constellation's common stock at a price of USD34 per share in cash. Following successful completion of the tender offer, MorphoSys will acquire all remaining shares not tendered in the offer through a second step merger at the same price as in the tender offer.
In connection with completing the acquisition of Constellation, MorphoSys has moved forward with a long-term strategic funding partnership with Royalty Pharma plc. As previously announced, Royalty Pharma has made a USD1.425 billion upfront payment to MorphoSys, supporting the financing of the transaction with Constellation and development of the combined pipeline. Royalty Pharma will also provide MorphoSys with access to up to USD350 million in Development Funding Bonds with the flexibility to draw over a one-year period and will make additional payments of up to USD150 million to MorphoSys upon reaching clinical, regulatory and commercial milestones for otilimab, gantenerumab and pelabresib.
With the completion of MorphoSys' acquisition of Constellation, Royalty Pharma will invest USD100 million in a cash capital increase of MorphoSys under an authorization to exclude subscription rights of existing shareholders. The new MorphoSys shares will be listed on the Frankfurt Stock Exchange.
MorphoSys plans to pay an all-cash consideration for the transaction. The tender offer is not subject to a financing condition. The purchase price of USD34 per share in cash represents a premium of approximately 70% to Constellation's volume-weighted average price for the last five trading days.
Concurrently, MorphoSys has entered into a long-term strategic funding partnership with Royalty Pharma plc.
This acquisition will enable MorphoSys to strengthen its position in hematology-oncology and expands into solid tumors.
Goldman Sachs Bank Europe SE acted as financial advisor to MorphoSys and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor. Centerview Partners LLC acted as financial advisor to Constellation and Wachtell, Lipton, Rosen & Katz acted as legal advisor.
Deal History:
Announced: June 2, 2021, MorphoSys and Constellation Pharmaceuticals have announced to enter into a definitive agreement whereby MorphoSys has acquired Constellation for USD34 per share in cash, which represents a total equity value of USD1.7 billion. The transaction has been unanimously approved by the management board (Vorstand) and the supervisory board (Aufsichtsrat) of MorphoSys, as well as the Board of Directors of Constellation.
Update: On June 16, 2020, MorphoSys announced that it is commencing a cash tender offer to purchase all outstanding shares of Constellation Pharmaceuticals for USD34 per share, net to the seller in cash, without interest, and subject to any applicable withholding of taxes. The tender offer is being made pursuant to the previously announced merger agreement, dated June 2, 2021 between MorphoSys and Constellation.
The tender offer is scheduled to expire at one minute past 11:59 PM New York City Time, on July 14, 2021, unless extended or earlier terminated, in each case in accordance with the terms of the merger agreement. The tender offer is subject to various conditions including a minimum tender of at least a majority of outstanding Constellation shares, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and other customary conditions.
Update : On July 1, 2021, MorphoSys announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (HSR), for its tender offer for Constellation Pharma.
Eli Lilly Acquires Remaining 86% Stake in Protomer Technologies - 14 July ($1,000m)
Eli Lilly and Co., announced the acquisition of Protomer Technologies, a private biotech company. Protomer's proprietary peptide- and protein-engineering platform is used to identify and synthesize molecules that can sense glucose or other endogenous modulators of protein activity.
The potential value of the transaction is over USD1 billion, with successful achievement of future development and commercial milestones. Lilly previously led an equity investment in Protomer alongside the JDRF T1D Fund, providing Lilly with 14% ownership of the company. Lilly is acquiring the remainder of the stock of Protomer beyond its initial investment.
Aquilo Partners, L.P. Is acting as financial advisor and Morrison & Foerster LLP as legal advisor to Protomer. Kirkland & Ellis LLP is serving as Lilly's legal counsel.
Tecan Group Acquires Paramit - 23 June ($1,000m)
Tecan Group, a provider of laboratory instruments and solutions in biopharmaceuticals, forensics, and clinical diagnostics for pharmaceutical and biotechnology companies, has completed the acquisition of Paramit Corp., a contract development and manufacturing firm focused on medical devices and life sciences instruments, for a total purchase consideration of USD1 billion.
The transaction creates a combined global platform with world-class design, development and manufacturing capabilities and scale to provide unparalleled support to customers in the fastest growing segments of healthcare. In addition, Paramit will be able to enhance Tecan's service offering for its existing OEM customer base and enhance Tecan's strong commercial channels to further expand Paramit's reach in the European and Asian markets, including China, and beyond.
The transaction enhances Tecan's service offering for its existing OEM customer base and leverage its strong commercial channels to further expand Paramit's reach in the European and Asian markets, including China, and beyond.
Morgan Stanley & Co. LLC acted as financial advisor and Schiff Hardin LLP acted as legal counsel for Paramit.
Deal History:
Announced: On June 23, 2021, Tecan Group entered into a definitive agreement to acquire Paramit, for a total purchase consideration of USD1 billion.
Aurinia Pharma Acquires Thunderbolt Pharma - 17 August ($1m)
Aurinia Pharmaceuticals Inc., a biopharmaceutical company focused on delivering therapies to treat targeted patient populations that are impacted by serious diseases with a high unmet medical need, has acquired Thunderbolt Pharma, Inc.
Concurrently, Aurinia Pharma has entered into a global licensing and research agreement with Riptide Bioscience.
As part of acquisition, AUR200 was acquired by Aurinia.
AUR200 is a recombinant Fc fusion protein designed to specifically block B-cell Activating Factor, known as BAFF, and A Proliferation-Inducing Ligand, known as APRIL. BAFF and APRIL promote B cell survival and differentiation and have been shown to play a prominent role in the pathogenesis of certain autoimmune and nephrology conditions.
Aurinia made an aggregate upfront payment of USD750,000 to the shareholders of Thunderbolt and will be responsible for future regulatory milestones upon investigational new drug (IND) acceptance by the United States' Food and Drug Administration (FDA) or any equivalent authority. Additionally, Thunderbolt shareholders will receive low single digit royalties on any future net sales. AUR200 is currently undergoing pre-clinical development with projected submission of an IND to the FDA by the end of 2022.
The acquisition will expand the company's rare autoimmune and kidney-related disease pipeline.
Venture financing
Stemirna Therapeutics Raises USD200 Million in Series B Funding - 03 June ($200m)
Stemirna Therapeutics Ltd., a biotechnology company focusing on RNA technology-based drug development, has raised USD200 million in Series B financing from China Merchants Group, Sequoia Capital China, WuXi AppTec Co Ltd, OrbiMed Capital, Shanghui Capital, CMB International, Everbright Capital, Qingsong Capital, CITIC Securities, Guoxin Guotong and Kelly Yifang Capital
Yikai Capital, Duowei Haituo and Yaffa Capital acted as financial advisor to Stemirna.
Stemirna Therapeutics intends to use the proceeds to finance clinical trials and production of its COVID-19 vaccine candidate.
Adlai Nortye Biopharma Raises USD100 Million in Series D Financing - 13 July ($100m)
Adlai Nortye Biopharma Co. Ltd., a clinical-stage biopharmaceutical company, has raised USD100 million in series D round of financing led by CMG-SDIC Capital and Hangzhou Tigermed Consulting Co Ltd. Legend Star and WuXi Biologics' industry fund also participated in the financing.
Hangzhou Arnold Bio-Pharma (Arnold Pharma) Raises USD100 Million in Series D Financing - 13 July ($100m)
Hangzhou Arnold Bio-Pharmaceutical Technology Co., Ltd. (Arnold Pharma), an innovative drug research and development company, has raised USD100 million in Series D financing. The financing was led by SDIC China Merchants and Tigermed Pharmaceuticals with participation from Legend Star, WuXi AppTec, Qinzhi Capital, Guolian Investment, Tiange Interactive, Ruihe Investment, Qingdao Mukui, ATCG Holdings.
Cardior Pharma Raises USD75.2 Million in Series B Financing - 25 August ($75m)
Cardior Pharmaceuticals, a clinical-stage biotech company developing non-coding RNA (ncRNA)-based therapeutics for patients with cardiac diseases, announced the closing of a EUR64 million (USD75.16 million) Series B financing round. The round was led by Inkef Capital, supported by fellow new investors Fund+, Sunstone, Hadean Ventures and Coparion with participation from existing investors including LSP, BioMedPartners, Bristol Myers Squibb and High-Tech Grunderfonds.
In conjunction with the financing, representatives from Inkef Capital, Fund+ and Sunstone will join the company's Advisory Board.
The Series B proceeds will be used to fund the late-stage clinical development of Cardior's lead program and the expansion of the company's earlier-stage pipeline.
Vedanta Biosciences Raises USD68 Million in Series D Financing - 21 July ($68m)
Vedanta Biosciences, Inc., a clinical-stage microbiome company developing a new category of oral therapies using defined bacterial consortia manufactured from clonal cell banks, announced the closing of a USD68 million Series D financing. The financing was led by affiliates of Magnetar Capital. Other participants in the financing were new and existing investors including Verition Fund Management, Fosun Health Capital, co-founder Puretech Health, Rock Springs Capital, Skyviews Life Science, JSR Corporation, SymBiosis LLC, Shumway Capital, Health for Life Capital (Seventure Partners), and other institutional investors. The round also includes a USD25 million investment from Pfizer as part of the Pfizer Breakthrough Growth Initiative, announced in January 2021.
Vedanta plans to use the proceeds to advance its pipeline of defined bacterial consortia, including progressing VE303 into a Phase III clinical trial in patients at high risk for recurrent CDI, initiating a Phase II clinical trial of VE202 in mild to moderate ulcerative colitis, and continuing to advance programs in additional indications.
Private equity
Ribon Therapeutics Raises USD65 Million in Private Financing - 14 July ($65m)
Ribon Therapeutics, a clinical stage biotechnology company developing therapeutics targeting stress support pathways in cancer and inflammation, announced the closing of a USD65 million financing. The financing was led by Deerfield Management and U.S. Venture Partners, with support from new investors Avego BioScience Capital, GV (formerly Google Ventures), Monashee Investment Management and Peregrine Ventures, along with existing investors AbbVie Ventures, Bristol Myers Squibb, Euclidean Capital, Johnson & Johnson Innovation – JJDC, Inc., Novartis Venture Fund, Osage University Partners, Takeda Ventures and The Column Group.
Ribon will use the proceeds to support the clinical development of its novel precision medicine candidates.
Asset transactions
PharmaSGP Acquires OTC Portfolio from GlaxoSmithKline - 15 June ($97m)
PharmaSGP GmbH, a subsidiary of PharmaSGP Holding SE, has acquired a product portfolio with four established OTC brands in eight countries with the GlaxoSmithKline Group, a healthcare company. In addition, PharmaSGP acquires Formigran(R), Spalt(R) and Kamol(R), three further well-known OTC brands in the strategically important category "pain therapy".
The portfolio focuses on the phytopharmaceuticals of the brand Baldriparan(R), the leading OTC brand for natural valerian sleep aids in pharmacies in Germany.
In total, this brand portfolio generated revenues of more than EUR15 million in eight countries in 2020. In addition to the home market of Germany, also the markets of Austria, Switzerland, France, Hungary, Poland, the Czech Republic and Slovakia contributed to this.
The products are to be integrated into the PharmaSGP Group's pan-European platform, thereby leveraging potential for value enhancement. With the acquisition, the Management Board is consistently pursuing the growth strategy and expanding the portfolio with established brands, increasing the number of indications and further expanding the internationalization of the Group.
The agreed purchase price is around EUR80 million. In addition, the corresponding product inventories will be taken over against payment. The Management Board of PharmaSGP Holding SE expects the transaction to be completed by the end of August 2021.
BioDelivery Sciences Acquires US and Canadian Rights of ELYXYB from Dr. Reddy's Labs - 03 August ($15m)
BioDelivery Sciences International, Inc. (BFSI), a pharmaceutical company dedicated to patients living with serious and complex chronic conditions, has entered into an agreement with Dr. Reddy's Laboratories Ltd., has completed the acquisition of US and Canadian rights to ELYXYB (celecoxib oral solution), the only FDA-approved ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults.
Under the terms of the agreement, ELYXYB acquired for an upfront payment of USD6 million, plus an additional USD9 million on August 3, 2022. BDSI will make tiered quarterly earn-out payments on potential net sales ranging from the high single digits to the low double digits. Additional payments will be made contingent upon the achievement of certain regulatory and sales milestones.
The impact of the acquisition is estimated to be cash flow accretive within approximately 24 months of commercial launch, currently planned for first quarter of 2022.
Deal History:
Announced: On August 3, 2021, BioDelivery Sciences International entered into an agreement with Dr. Reddy's Labs, to acquire the US and Canadian rights to ELYXYB (celecoxib oral solution), the only FDA-approved ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults.
Menarini Asia-Pacific Acquires Cialis from Eli Lilly - 22 July
A. Menarini Asia-Pacific Holdings Pte. Ltd., part of the Menarini Group, an Italian biopharmaceutical company, announced the completion of its acquisition of Cialis in the People's Republic of China from Eli Lilly and Company.
Through the acquisition, Menarini will take over ownership of the brand and assume all sales, marketing and distribution responsibilities.
Cialis was first approved by the European Medicines Agency in 2002 followed by the U.S. Food and Drug Administration (FDA) in 2003 and then NMPA (National Medical Products Administration) in 2005, as well as in more than 120 other countries.
With Cialis, Menarini intends to strategically expand its nationwide coverage across the Retail, E-Commerce and Hospital channels and deliver on its growth ambition in the healthcare market worldwide.
BioReference Lab Acquires US Ariosa Centralized Lab Prenatal Testing Business from Roche - 16 August
BioReference Laboratories, Inc., a clinical laboratory engaged in genetic testing, has acquired US Ariosa centralized laboratory prenatal testing business from F. Hoffmann-La Roche AG, a pharmaceutical company.
Ariosa's non-invasive prenatal screening (NIPS) test, the Harmony Prenatal Test, is one of the tests utilized in prenatal screening. GenPath, BioReference's specialty health division, currently offers, ClariTest Core, which utilizes the same core technology as the Harmony Prenatal Test. The acquisition of Ariosa will complement the current non-invasive prenatal screening (NIPS) offering.
Woodward Pharma Services Acquires Lovaza from GlaxoSmithKline - 17 August
Woodward Pharma Services LLC, a pharmaceutical company focused on acquiring, licensing and commercializing branded and generic products, has acquired Lovaza (LO-VEY-ZA) soft gelatin capsules, from GlaxoSmithKline LLC (GSK), a pharmaceutical company.
Lovaza (omega-3-acid ethyl esters) capsules are indicated as an adjunct to diet to reduce triglyceride levels in adult patients with severe (greater than or equal to 500 mg/dL) hypertriglyceridemia. Lovaza was the prescription omega-3 product approved by the FDA as a safe, natural and effective medical-grade supplement for managing high triglycerides.
