Wave of Deals Bringing Billions to Bay Area

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Wave of Deals Bringing Billions to Bay Area

Coverage of the blockbuster BMS and Merck deals in the Bay Area on Monday:

“Every now and then you have a unicorn, and clearly this is one,” said Dr. Beth Seidenberg, a Kleiner Perkins Caufield & Byers general partner involved in the incubation and launch of Flexus. “I’ve been in this business for over 20 years, and I’ve never seen the access to technology in the way we’re seeing it now.”
San Jose Mercury News, “Biotech bringing billions to Bay Area in wave of deals

“These are phenomenal upfront terms for a preclinical asset,” Flexus CEO Terry Rosen acknowledged in an interview with FierceBiotech. “There’s a certain intrinsic value to the program, but it was a competitive process. We had a data set that suggested it has the potential to be best-in-class, with the ability for a partner to combine it with many other assets. If you look at any company working in oncology, it can potentially increase the value of a whole portfolio of assets. It could be multiplicative and that creates a big valuation.”
FierceBiotech, “Bristol-Myers bags IDO immunotherapy in $1.25B buyout of fledgling Flexus

“South San Francisco-based NGM inked a multiyear, multiproduct deal with Merck & Co. Inc. that is valued at a potential $450 million, at least for starters. That includes a $94 million up-front payment in cash and $106 million in the form of a 15 percent equity stake in NGM – the price per share marks a 20 percent premium to NGM’s most recent financing.”
BioWorld, “NGM nabs Merck in a potential $450 million early stage collaboration

February 24th, 2015|