The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

M&A Update 2

Here’s the latest collection of M&A news we’ve found since the last update.  No new mega-deals, although Sanofi is shopping in the €15 billion range and Roche sold $16 billion of debt (which has seen high demand in subsequent trading) in the largest offering ever to raise cash for its Genentech bid.  Also, CV Therapeutics‘ (Nasdaq: CVTX) Board rejected Astellas’ $16 per share bid on the same day CV Therapeutics released its year-end results.

  • Portola Pharmaceuticals Inc. announced an exclusive worldwide license agreement with Novartis AG (NYSE: NVS) to develop and commercialize elinogrel, a potential Plavix competitor currently in an 800 patient Phase II trial.  Portola gets $75 million upfront with up to $500 million for milestones, plus royalties and a limited co-promotion right.  Novartis will share Phase II costs and will fund Phase III, although Portola can share Phase III costs in return for additional royalties.  Portola keeps its other Phase II product, betrixaban, an oral Factor Xa inhibitor, as well as the rest of its (preclinical) pipeline.   Portola’s C Round in July 2008 brought in new investors D.E. Shaw & Co., Adage Capital Management, BBT Capital Management/Apothecary Capital, Janus Capital Group Inc. and Pac-Link BioVentures and existing investors included Abingworth, Advanced Technology Ventures, AllianceBernstein LP, Alta Partners, Brookside Capital, China Investment & Development Co., Frazier Healthcare, Goldman Sachs, IBT Management Corp., MPM Capital, Prospect Ventures, Sutter Hill Ventures, and Teachers’ Private Capital, the private investment arm of Ontario Teachers’ Pension Plan.
     
  • GPC Biotech AG (NASDAQ: GPCB) and Agennix Inc. plan to merge their businesses and create a new company. dievini Hopp BioTech holding GmbH & Co. KG will make a 15 million-euro ($19 million) cash contribution for 12.7% of the new entity.

Other deal activity:

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2 responses to “M&A Update 2

  1. Pingback: M&A! Hurrah! Genentech’s and CV Therapeutics’ Dreams Come True « The Cross-Border Biotech Blog

  2. Pingback: M&A! Hooray! Genentech’s and CV Therapeutics’ Dreams Come True « The Cross-Border Biotech Blog

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