Bay City Capital Mergers and Acquisitions Summary

Venture Capital Firm Profile

Bay City Capital’s most common sectors for investment arelife science (71%) and medical products (16%) . The Firm’s most common investment types include venture (64%) and buyout (lbo, mbo, mbi) (24%). In total, Bay City Capital has invested in 12 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2009 when it acquired Epizyme for $32M.

In the last 3 years, Bay City Capital has exited 2 companies. The Firm’s most common exit type is trade sale (53%). Bay City Capital’s largest (disclosed) exit occurred in 2007 when it sold Reliant Pharmaceuticals for $1.7B.

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M&A Summary

  • M&A Total Activity134
    • M&A Buy Activity75
    • M&A Sell Activity59
  • Total Sectors Invested 6
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 48

Bay City Capital

750 Battery Street, Suite 400,
San Francisco, California 94111
United States
(415) 676-3830
www.baycitycapital.com
lcarnot@baycitycapital.com

Bay City Capital LLC was established in 1997 as an equal partnership between The Craves Group and certain Pritzker family business interests for the purpose of managing investment funds in the life sciences industry. Bay City looks for opportunities at all stages of development in biopharmaceuticals, drug discovery, medical devices and diagnostics. Bay City Capital is based in San Francisco, California.


Investment Criteria

Sectors of Interest: Business Services, Consumer Products, Distribution, Healthcare Services, Life Science, Medical Products

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Venture

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.0/yr) # 75 - - - - - 75
vol $53M $53M
Sell (1.0/yr) # 54 3 - - 2 - 59
vol $6.1B $200M $6.3B
  134

Most Recent M&A

Company Date Value Type
Sunesis Pharmaceuticals, Inc. 2020-11-30 - Merger
South San Francisco, California · www.sunesis.com
Conatus Pharmaceuticals, Inc. 2020-05-27 - Merger
San Diego, California · www.conatuspharma.com
Interleukin Genetics, Inc. 2017-11-22 - Add-on Acquisition
Waltham, Massachusetts · www.ilgenetics.com
SynGen, Inc. 2017-07-10 - Add-on Acquisition
Sacramento, California · www.syngeninc.com
Vtesse, Inc. 2017-04-03 200M USD Add-on Acquisition
Gaithersburg, Maryland · www.vtessepharma.com
Merus BV 2015-10-20 - IPO
Utrecht, Netherlands · www.merus.nl
Nevro Corp. 2014-11-06 - IPO
Redwood City, California · www.nevro.com
Aciex Therapeutics, Inc. 2014-10-24 120M USD Add-on Acquisition
Boston, Massachusetts · www.aciexrx.com
Dermira, Inc. 2014-10-03 - IPO
Menlo Park, California · www.dermira.com
Civitas Therapeutics, Inc. 2014-09-24 525M USD Add-on Acquisition
Chelsea, Massachusetts · www.civitastherapeutics.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Life Science 9 (60%) - 54 (70%) 53M (100%)
Medical Products 2 (13%) - 12 (16%) -
Information Technology 2 (13%) - 6 (8%) -
Consumer Products 1 (7%) - 3 (4%) -
Distribution - - 1 (1%) -
Healthcare Services 1 (7%) - 1 (1%) -
Total 15 - 77 $53M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 15 (100%) - 74 (96%) 53M (100%)
  California 10 (67%) - 44 (57%) 21M (40%)
  Massachusetts 2 (13%) - 9 (12%) 32M (60%)
  Washington - - 4 (5%) -
  Colorado 1 (7%) - 3 (4%) -
  Pennsylvania 1 (7%) - 3 (4%) -
  Texas - - 3 (4%) -
  New Jersey - - 3 (4%) -
  Rhode Island 1 (7%) - 1 (1%) -
  Maryland - - 1 (1%) -
  Connecticut - - 1 (1%) -
  Utah - - 1 (1%) -
Canada - - 1 (1%) -
  Alberta - - 1 (1%) -
Israel - - 1 (1%) -
Netherlands - - 1 (1%) -
Domestic 15 (100%) - 74 (96%) 53M (100%)
Cross-border - - 3 (4%) -
Total 15 - 77 $53M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 10 (67%) - 49 (64%) 53M (100%)
Buyout (LBO, MBO, MBI) 1 (7%) - 18 (23%) -
PIPE 3 (20%) - 6 (8%) -
Add-on Acquisition 1 (7%) - 2 (3%) -
Growth Capital - - 1 (1%) -
Stake Purchase - - 1 (1%) -
Total 15 - 77 $53M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 26 (44%) 5.9B (95%)
IPO 24 (41%) -
Trade Sale 5 (8%) 200M (3%)
Merger 3 (5%) 101M (2%)
Secondary Sale 1 (2%) -
Total 59 $6.2B

Deal Values

buy # Total
< $100M 2 $53M
TOTAL $53M
Largest Epizyme, Inc.
$32M (2009-10-07)
sell # Total
> $1B 2 $3.0B
$100M to $1B 11 $3.2B
< $100M 4 $175M
TOTAL $6.3B
Largest Reliant Pharmaceuticals, Inc.
$1.7B (2007-12-19)

M&A Connections

Deals
Acquired from
Investor(s)
3%
2 (3%)
Exited to
Investor(s)
5%
3 (5%)
Strategic(s)
58%
34 (58%)

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