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

Tag Archives: Resverlogix

Monday Deal Review: June 24, 2013

Welcome to your Monday Biotech Deal Review for June 24, 2013!

The past weeks’ big news is Antibe’s IPO, which resulted in approximately $2.1 million in proceeds. Antibe also concurrently made a private placement of shares with two private investors.

Valeant also made big news with the announcement of a public offering for proceeds of $1.75 billion, and a senior notes offering of about $3.2 billion.

Get the details on these major stories, and many more, by following the break.

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Monday Deal Review: June 3, 2013

Welcome to your Monday Biotech Deal Review for June 3, 2013! The past week’s major news was Valeant’s major acquisition of Bausch + Lomb for a combined debt and equity amount of $8.7 billion, bolstering its ophthalmology business heavily. Bausch + Lomb will retain its name and become a division of Valeant, withValeant’s existing ophthalmology businesses being integrated into the newdivision. The transaction creates a global eye health business with estimated pro forma 2013 net revenue of more than $3.5 billion. The acquisition is suggested to be a response to growing eye health trends driven by an aging patient population, an increased rate of diabetes and demand from emerging markets. 

Also on the M&Eh front, Resverlogix is continuing with their proposed spin out to Zenith, as covered last week. The shareholders of Resverlogix approved the special resolution required to conduct the spin out. 

Meanwhile, Angiotech is distributing the proceeds it received from the sale of its Interventional Products business to shareholders, and RepliCel signed an agreement with the cosmetic giant Shiseido for the development and licensing of hair regrowth technology pioneered by RepliCel.

Get the scoop on these deals and many more by hitting the break!

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Monday Deal Review: September 3, 2012

Welcome to your Monday Biotech Deal Review for September 3, 2012.  A slow week was capped by today’s announcement that Valeant Pharmaceuticals International Inc. will acquire dermatology specialist Medicis Pharmaceuticals Corporation.  The deal, which pushes Valeant’s total 2012 acquisition spending to over $3.5 billion, continues Valeant CEO Michael Pearson’s strategy of “using M&A as a surrogate for R&D.” Read on to learn more.
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Monday Biotech Deal Review: January 23, 2012

Welcome to your Monday Biotech Deal Review for January 23, 2012.  Noteworthy news from the previous week include the sweetening of the offer by Valeant for ISTA Pharmaceuticals by an additional dollar per share ($7.50 from $6.50), and the adoption by ISTA of a shareholder rights plan to replace its recently expired plan.  Read on to learn more.  Read more of this post

Monday Biotech Deal Review: December 5, 2011

Welcome to your Monday Biotech Deal Review for December 5, 2011.  Some equity investment activity occurred over the previous week, with Resverlogix closing its previously announced $17.5M private placement, Response Biomedical announcing an $8M rights offering, and various other small private placements.  As well, Valeant is going to fund its acquisition of iNova with debt, as summarized further below.  Read on to learn more.  Read more of this post

Monday Biotech Deal Review: November 28, 2011

Welcome to your Monday Biotech Deal Review for November 28, 2011.  Notable events from the previous week include the announcement of a fully-subscribed brokered private placement by Resverlogix for proceeds of $17.5 million, as well as the announcement by Valeant of an agreement to acquire iNova (Valeant’s appetite for acquisitions continues, unabated), a prescription and OTC seller and distributor operating in the Asia Pacific region and South Africa.  Read on to learn more.  Read more of this post

Monday Biotech Deal Review: June 20, 2011

Welcome to your Monday Biotech Deal Review for June 20, 2011.  Notable transactions from the previous week included the public offering of units by Resverlogix, as well as investments by HTX and the Business Development Bank of Canada in each of Milestone Pharmaceuticals  and Profound Medical Inc.  Read on to learn more. Read more of this post

Monday Biotech Deal Review: June 28, 2010

We follow a number of trends here at the blog, and two of them showed up as Canadian deals this week. Add those to the Biovail-Valeant merger, Æterna’s offering and a whole slew of commercial deals, and it’s been a pretty big week in Canadian deal-making.

check it out after the jump…

Monday Biotech Deal Review: June 21, 2010

This week saw a slew of licensing and commercial deals, including HIV programs for MedMira in Nigeria and Dignitas in Malawi. On the securities side, Aquinox’s $25 million B round headlined a $47 million week. Rounding out the week is Enerkem’s demonstration project funding, which will go towards reducing emissions from biorefineries.

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Monday Biotech Deal Review: June 14, 2010

This week saw a series of transactions bringing Patient Home Monitoring to the TSXV with an accompanying private placement and a shiny new SEDA from (who else) Yorkville; ConjuChem is (pending court approval) on its way out of CCAA with some cash on hand; and the struggle between Northstar and its ex-CEO continues in the dramatic form of a directors circular. Check out these developments plus a full crop of other Canadian deal activity after the jump…

Monday Biotech Deal Review: June 7, 2010

This week saw a resurgence of deal activity on the Canadian landscape. Lots of good news here, including Resverlogix’s [$9.2m] haul and a $30m exit for Montreal’s Resonant Medical.  Not all was sunny though: Cynapsus downsized its unit price and Amorfix just downsized, while the Bankruptcy and Insolvency Act got its own workout (har) this week. Read more of this post

Monday Biotech Deal Review: May 31, 2010

Things are picking up a bit this week, with a few new financings, some collaboration agreements and a deal in the venture capital community that coincided with the CVCA’s annual meeting. Read more of this post

Monday Biotech Deal Review: April 5, 2010

The past week was consumed with religious holidays and summer weather, and also with year-end earnings announcements, so there was less deal activity than usual.  Still, there’s about $500 million of goodies to check out after the jump, thanks mostly to MDS and its delightful Dutch auction. Read more of this post

Monday Biotech Deal Review: February 1, 2010

Canadian biotech companies were busy making and closing deals this week, with $44 million raised, four new licensing and collaboration deals, and particularly big weeks for Ospens and the MDS/Dahaner transaction. Read more of this post

Monday Biotech Deal Review: January 11, 2010

The busy pace for Canadian biotech deals set at the end of 2009 continues into 2010. After the jump, 3 licensing agreements, 6 securities deals (though it’s 5 closing, one launching) and a PMA.  You may even find redemption if you Read more of this post

Monday Biotech Deal Review: January 4, 2010

Welcome back, and happy 2010! If you’ve been away for a couple of weeks, check out the winners and losers from our 2009 Trends, and the year’s top posts.

If you’re just here for the deals, don’t fret, we have those too: a busy bunch of closings ended 2009, with almost $12 million flowing into the coffers of Canadian biotech companies from December investors over the past two weeks.  But don’t expect a quiet January in the Biotech Deal Review — Med BioGene has filed for its U.S. IPO, Agrium continues its push for CF Industries and Prism has engaged a Special Committee.  Details of those and all the other goodies you missed while you were voting in IVB’s year-end round up after the jump…

Monday Biotech Deal Review: December 21, 2009

This week’s deal review shows no signs of a holiday showdown.  In Canada, BioMS’ deal with Spectral Diagnostics was interesting as a possible indicator of more to come and internationally, 5 new pharma deals were announced this morning including a $430 million deal that OncoGenex landed from Teva joining new links between Athersys and Pfizer, Lilly and Incyte, sanofi-aventis and Chattem and Seattle Genetics and GSK.  Check out the past week’s Canadian deal-making (and breaking) after the jump…

Monday Biotech Deal Review: November 23, 2009

A slightly delayed Deal Review this week because of some non-biotech deal activity.  Live, from New York, it’s the Deal Review!

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Monday Deal Review: April 20, 2009

A relatively quiet week for the deal review this week…

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Monday Deal Review: March 16, 2009

M&A:

We already noted the JLL bid for Patheon this week, and the Patheon Special Committee’s response.  It turns out that JLL has been a busy enterprise lately, extending the expiration on a bid for PharmaNet Development Group, Inc. (Nasdaq: PDGI).

Partnering:

MedMira Inc., (TSX-V:MIR, NASDAQ: MMIRF), which has been active on the securities front with a debt settlement and a private placement, announced this week that it is has established a private label partnership with Vitest AG, which plans to market and sell MedMira rapid HIV tests in Africa under the Vitest brand.

Spectral Diagnostics Inc. (TSX: SDI) announced that it has signed a license agreement with Toray Industries, Inc. of Japan, granting Spectral the exclusive development and commercial rights in the U.S. for Toraymyxin™, a therapeutic device for the treatment of sepsis that removes endotoxin from the bloodstream. Under the terms of the agreement, Spectral will seek FDA approval for Toraymyxin™ and intends to commercialize the product together with its Endotoxin Activity Assay (EAA™), the only FDA-cleared diagnostic for the measurement of endotoxin.  

Venture Capital:

The Ontario Genomics Institute, through its Pre-commercialization Business Development Fund program,  invested an undisclosed amount in Cytognomix, a London, Ontario-based developer of cytogenetic DNA probes for potential use in diagnostics.  Cytognomix is developing single cell DNA probes that are smaller and more densely distributed across chromosomes than probes that are currently commercially available, and can be designed to specifically target and detect chromosomal abnormalities, such as those underlying cancer.

AgeChem subscribed for 50,000,000 units of Advitech Inc. (TSXV: AVI) at a price of $0.02 per unit (common share plus warrants exercisable at $0.05 or $0.10).  The closing is pending Advitech shareholder approval, exchange approval, and the coversion of certain of Advitech’s debt to AgeChem into equity.

The Caisse:

Last week, the Caisse (de dépôt et placement du Québec) brought in Robert Tessier as its new Chairman.  This week, Michael Sabia was appointed as the new CEO.

Securities:

Resverlogix Corp. (TSX:RVX) announced a USD$20 million private placement, with the possibility of a USD$10 to USD$15 million follow-on round (at 20% under the 5-day VWAP at the time). On closing, Resverlogix will issue units (one common share and 0.40 of a 5-year warrant at $2.72) at a price of CDN $2.72 per Unit. The Company is relying on the financial hardship provision of Section 604(e) of the TSX Company Manual, so a fully subscribed closing cannot occur prior to March 17th, 2009. The offering is highly dilutive — 31% without taking into account exercise of the warrants and 44% assuming full exercise of the warrants. The completion of the offering is subject to the approval of the TSX and all other necessary regulatory approvals.  Also, TSX is reviewing Resverlogix’s shares with respect to meeting the continued listing requirements. Reverlogix has been granted 210 days in which to regain compliance with these requirements,pursuant to the Remedial Review Process.

Akela Pharma Inc. (TSX: AKL) and LAB Research Inc. (TSX: LRI) have reached an agreement to settle all outstanding litigation initiated by the Akela against LAB Research in October 2008. LAB Research paid CAD$2 million and issued warrants entitling Akela to subscribe to 500,000 common shares of LAB Research at a price of $0.50 per share, the warrants expiring December 31, 2010. 

Helix BioPharma Corp. (TSX: HBP) registered its common shares with the SEC.

TSX has extended its review of the eligibility of the common shares of LMS Medical Systems Inc. (TSX: LMZ) for 30 days.

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