09 September 2019 – Nikola Corporation Raises $250m

Deals

Sumitomo Dainippon Pharma is acquiring a stake in medical company builder Roivant that will be at least 10%, as part of a $3bn deal that will involve it also taking Roivant’s stake in five subsidiaries.

Despite being responsible for unicorns DraftKings and FanDuel, daily fantasy sports has run into a string of regulatory issues in the US. India-based Dream11 seems to be faring better, suprassing $1bn of transactions in its last year of operations, and it is reportedly in talks with investors including SoftBank Vision Fund and Naspers Ventures to raise up to $500m in new funding.

E-cigarette brand Juul disclosed $325m of convertible debt financing last month, and a subsequent securities filing has indicated the size of the round is now $785m. It’s currently unclear who the 14 investors are that supplied the capital but they may well include Altria, the tobacco provider that invested a whopping $12.8bn late last year in order to buy more than a third of the company.

Hydrogen electric truck developer Nikola Corporation has raised $250m in cash and services from industrial equipment producer and strategic investor CNH Industrial for a series D round it aims to close at $1bn or more. The round values Nikola at $3bn pre-money, and while there’s no word of additional investors yet, its existing backers include fellow corporates Nel Hydrogen and Wabco.

With all the fuss surrounding Uber and its peers, it can be easy to forget that before ride hailing was ‘a thing’, car sharing was viewed as the future of transport. Getaround is still ploughing that furrow and is pulling in funding, aiming to add $200m in capital to the $300m it raised last year.

Tencent has provided $120m in series E funding for customer relationship management (CRM) software provider Xiaoshouyi. The company, which is also known as IngageApp, had already secured more than $40m in a Tencent-led series D round in 2017 before reportedly adding nearly $16m from the same investor the following year. It has also worked in tandem with Tencent on a specialist CRM product.

Nkarta Therapeutics has emerged from stealth with $114m raised in a series B round featuring Amgen Ventures and existing investors Novo and SR One. The company, which has received $129m in total, is developing treatments for cancer that rely on sparking the body’s natural killer cells to kill cancerous cells.

Passage Bio packs in another $110m

Yongcheng Life has secured $100m in a series B round led by Legend Capital that included Bertelsmann Asia Investments (BAI).

University

Ginger jumps to $35m series C

Achilles Therapeutics accesses $120m

Exits

Vertex Pharmaceuticals has agreed to buy diabetes treatment developer Semma Therapeutics in a $950m all-cash deal that will enable Medtronic, Novartis and SinoPharm to exit.

Data management software provider Commvaultis set to pay $225m to acquire Hedvig, a software-defined storage technology producer backed by Hewlett Packard Enterprise.

Kabbage pinpoints Radius for acquisition

Viela Bio has filed for a $150m initial public offering less than two years after being spun off by AstraZeneca. The corporate is still the largest shareholder in autoimmune disease drug developer Viela, having invested $142m last year, and it holds a stake sized above 38%.

Vir veers toward public markets

Investors in cloud security software provider Druva may be heading toward a different kind of exit, as news emerges that the company plans to begin prepping an initial public offering over the course of this year.

Uhuru to pursue $50m in London IPO

Funds

Taiwan Life ties $50m to BVP Century Fund

DG Daiwa Ventures, the joint investment venture set up by internet company Digital Garage and brokerage Daiwa Securities, has formed a new fund called DG Lab Fund II that is seeking a close of about $188m.


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

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