07 January 2019 – Bristol-Myers Squibb Agrees Celgene Acquisition

Three biggest stories

In this week’s biggest deal, pharmaceutical firm Bristol-Myers Squibb has agreed to acquire peer Celgene in a buyout made up of cash and shares that will create a $74bn business.

Singapore-based on-demand ride service Grab has increased the potential size of a series H round already backed by several corporate investors to $5bn.

Medical device manufacturer Boston Scientific has acquired the rest of the shares in one of its portfolio companies, US-based mitral regurgitation system developer Millipede Medical, for $325m.

The rest

Deals

Verily was spun off from Alphabet’s Google X division in 2015 to apply data science technology to healthcare data in order to create innovative life sciences and care management products.

Ant Financial, e-commerce group Alibaba’s financial services affiliate, has co-led a funding round sized at almost $582m for Hello TransTech, the China-based operator of bicycle rental service Hellobike.

Woowa Brothers, a South Korea-based food delivery app owner backed by internet company CyberAgent and financial services firm Goldman Sachs, has raised $320m at a $2.6bn valuation.

Internet group Tencent has led a $300m round for China-based online education platform developer Yuanfudao.

US-based oncology drug developer Rakuten Aspyrian has completed a $284m series C round featuring e-commerce firm Rakuten and financial services provider SBI Group.

AR game developer Niantic, has secured $190m in funding in a round that could have included Samsung and Axiomatic.

The year’s first big crypto round has been raised by Bakkt, a cryptocurrency trading platform that secured approximately $183m in its first funding round.

Cancer therapy developer Antengene has completed a $120m series B round featuring insurer Taikang and pharmaceutical companies Celgene and WuXi AppTec.

On GUV, Annexon Biosciences, a US-based immunotherapy developer spun out of Stanford University, closed a $75m series C round backed by Novartis Venture Fund, the corporate venturing vehicle for pharmaceutical firm Novartis.

Exits

One of the IPOs set to take place in early 2019 will likely involve Futu, the China-based digital brokerage operator that has filed to raise up to $300m in a US offering.

Funds

E-commerce group Alibaba’s Electronic World Trade Platform and online listings platform 58.com have co-anchored a $200m first close for a fund launched by China-based venture capital firm ATM Capital.

Oil and gas supplier Saudi Aramco and IT services provider Saudi Information Technology Company have teamed up to form a corporate venturing vehicle that will back emerging information and communication technologies.

Egypt-based financial services firm Commercial Investment Bank (CIB) has launched a corporate venturing unit called CVentures to help drive emerging technologies in the fintech sector.

Ben-Gurion University of the Negev is to put $1m into a university venture fund called Cactus Capital to back emerging projects led by university students, recent graduates and other academic entrepreneurs.


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

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

3 April 2017 – Panasonic Puts $100m into Corporate Venturing and Much More

Funds

Panasonic to put $100m into corporate venturing

German consumer product and industrial manufacturer Henkel has been exploring corporate venturing over the past year as part of a larger open innovation strategy, and has now formalised its investing by forming a dedicated venture capital unit, Henkel Ventures.

Intex enters corporate venturing with Rooter investment

Phoenix rises with corporate-backed fund

Government Department

Canada unveils 2017 budget

Exits

Alteryx processes $126m IPO

Ayondo aims to float at $158m valuation

Buzzfeed has quietly begun prep work for a 2018 IPO, unnamed industry sources have told Axios, although rival paper FT was doubtful. T

Akcea Therapeutics, which was spun out of Ionis Pharmaceuticals in 2015 to develop cardiometabolic disease treatments, has filed to raise up to $100m in an initial public offering.

Boston Scientific snatches Symetis for $435m

Sirrus proves the right formula for Nippon Shokubai

Ethicon extracts Torax in acquisition deal

Quixey closure reportedly due to Alibaba debt deal

Deals

News broke last week that SoftBank was lining up a $1bn investment in Southeast Asian ride hailing platform Grab, and now sources have told Bloomberg it could provide a mammoth $6bn in funding to another on-demand ride service, China’s Didi Chuxing.

Flipkart may have just raised $1bn, in a round backed by eBay, Microsoft and Tencent, but the drop in its valuation from $15.5bn in 2015 to $10bn reflects a downturn in India’s e-commerce sector in general, which this week’s Big Deal explores.

JD Finance, the financial services spinout of Chinese e-commerce firm JD.com, is reportedly raising funding at a $7.3bn valuation.

Tencent helps treat Haodaifu Online to $200m

Online grocery startups seem to have been more popular in Asia but now a Netherlands-based company called Picnic has come on the scene, raising $109m in a round led by NPM Capital, the private equity arm of trading group SHV Holdings.

Indian logistics service provider Delhivery has pulled in $100m from Carlyle Group and Tiger Global, and could extend the round to $150m, with Fosun potentially putting in $30m.

UCloud, the China-based cloud computing services provider backed by Bertelsmann and Legend Holdings, has raised $139m in a series D round co-led by Oriza Holdings and CICC Alpha.

Quantum computing circuit developer Rigetti Computing has disclosed $64m of funding across two rounds – a $24m series A featuring Bloomberg Beta and a $40m series B. The technology is still in a fairly nascent state but if quantum computing manages to take off in a big way that Bloomberg investment could generate a pretty substantial return.

Government Department

Benson Hill to grow with $25m series B

University Corner

Saphlux lights up $5m investment


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