09 October 2017 – Uber’s Board Approves SoftBank Investment

Deals

Uber’s board of directors has approved an investment by SoftBank of up to $1.25bn, in a deal that will also give the corporate two board seats, and has resolved to launch an IPO by 2019.

Indian ride hailing platform Ola has raised $400m from Tencent, reportedly as part of a round also backed by SoftBank that is set to close at $2bn.

Harmony Biosciences, a biopharmaceutical company that forms part of the Paragon Biosciences group, has secured $270m in funding from investors including Novo and Nan Fung Life Sciences.

Curated holiday provider Secret Escapes has closed a $111m series D round led by Temasek that featured a combination of equity and debt financing.

Macro, which produces film, TV and online video content with a brief of creating artistic content that portrays people of colour in a realistic fashion, has raised $150m in debt and equity from investors including entertainment company MNM Creative.

KSQ Therapeutics has emerged from stealth with $76m of financing from investors including life sciences real estate trust Alexandria Real Estate Equities.

Amgen was among the investors in a $58m series E round closed by cancer immunotherapy developer Immatics that will enable it to move multiple drug candidates into clinical trials.

On-demand ride platform Grab has been revealed as an investor in the $45m series B round announced by Singapore-based bicycle sharing platform oBike in August.

Recursion Pharmaceuticals, a US-based biotech spinout from University of Utah, obtained $60m in an oversubscribed series B round featuring Abu Dhabi’s sovereign wealth fund Mubadala Investment.

Funds

Union Square Hospitality Group, which oversees a network of restaurants, cafés and bars including the Shake Shack chain of fast food outlets, has formed a $200m growth equity fund called Enlightened Hospitality Investments.

Corporate venturing unit WuXi Healthcare Ventures formed investment vehicle 6 Dimensions in May with venture firm Frontline BioVentures, and the two pledged to raise dollar and renminbi-denominated funds through the entity.

UTokyo Innovation Platform, the venture capital arm of University of Tokyo, has backed a ¥1bn ($8.9m) first close for 360ip Japan Fund 1, which will support technology spinouts from domestic universities and research institutes.

Fletcher McCusker, founder of University of Arizona’s (UA) medication management spinout SinfoníaRx, has launched a venture capital fund called UAVenture Capital to invest in university-linked companies.

Russia government-owned investment vehicle Russian Direct Investment Fund (RDIF) will join Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) to invest $1bn in a Russia-based technology investment fund.

Multilateral development finance provider African Development Bank (AfDB), has agreed to invest in a $200m healthcare-focused fund formed by investment bank EFG Hermes.

SoftBank paid $3.3bn to acquire alternative asset manager Fortress Investment Group at the start of the year, and now news has emerged that it is considering building up a portfolio of $300bn of assets that would be managed within a dedicated unit.

Exits

Roku, the TV subscription service backed by media companies Sky, 21st Century Fox, News Corp and Viacom, went public last week, floating at the top of its range and going off like a rocket once its shares began being traded.

Medical device maker Boston Scientific has agreed to acquire catheter system developer Apama for up to $300m, providing an exit to corporate venture capital unit Ascension Ventures. Boston Scientific will pay $175m upfront, with up to $125m more available in the form of milestone payments.

Private equity firm Thomas H. Lee Partners has paid an undisclosed amount for a majority stake in online property marketplace Ten-X at a $1.6bn valuation.

Rhythm Pharmaceuticals raised $120m in an upsized IPO and immediately saw its share price increase by 75% on the first day of trading.

E-commerce and internet company Amazon has acquired Body Labs, a US-based body scanner developer based on research at Brown University, in a deal that is worth between $70m and $100m.

Nucana, a UK-based company working on chemotherapies for resistant tumours that is backed by Scottish Investment Bank, the investment arm of government-owned economic development agency Scottish Enterprise, secured nearly $100m in its flotation on Nasdaq, slightly below its target of $115m, though its shares had climbed from an opening price of $15 to $18.37 on the second day of trading.

Nightstar Therapeutics, a UK-based spinout from University of Oxford that is developing retinal gene therapies, secured slightly more than $75m in its offering – below its initial target of $86m set a month ago.

There is an in-depth look at both Nucana and Nightstar on Global University Venturing.com and Global Government Venturing.com. Do check those out.


“Funky Chunk” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0

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