Bay City Capital Mergers and Acquisitions Summary

Private Equity Profile

Bay City Capital’s most common sectors for investment are life science (69%) and medical products (17%). The Firm’s most common investment types include venture (64%) and buyout (lbo, mbo, mbi) (23%). 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 (57%). 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 Activity77
    • M&A Sell Activity57
  • Total Sectors Invested 6
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 46

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.0/yr) # 77 - - - - - 77
vol $73M $73M
Sell (0.8/yr) # 53 - 4 - - - 57
vol $6.0B $200M $6.2B
  134

Most Recent M&A

Company Date Value Type
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
Accriva Diagnostics, Inc. 2017-01-20 - Add-on Acquisition
San Diego, California · www.accriva.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
Vtesse, Inc. 2014-08-01 - Buyout (LBO, MBO, MBI)
Gaithersburg, Maryland · www.vtessepharma.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
International Technidyne Corp. 2010-11-04 Accumetrics, Inc. 2013-08-30 1
Edison, New Jersey · www.itcmed.com San Diego, California · www.accumetrics.com
International Technidyne Corp. 2010-11-04 Nexus Dx, Inc. 2011-11-15 1
Edison, New Jersey · www.itcmed.com San Diego, California · www.nexus-dx.com

M&A by Sector

Sector Current # Value All-time # Value
Life Science 13 (65%) 20M (100%) 54 (68%) 73M (100%)
Medical Products 3 (15%) - 13 (16%) -
Information Technology 2 (10%) - 6 (8%) -
Consumer Products 1 (5%) - 3 (4%) -
Healthcare Services 1 (5%) - 2 (3%) -
Distribution - - 1 (1%) -
Total 20 $20M 79 $73M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 20 (100%) 20M (100%) 76 (96%) 73M (100%)
  California 14 (70%) 20M (100%) 45 (57%) 41M (56%)
  Massachusetts 2 (10%) - 9 (11%) 32M (44%)
  New Jersey 1 (5%) - 4 (5%) -
  Washington - - 4 (5%) -
  Pennsylvania 1 (5%) - 3 (4%) -
  Colorado 1 (5%) - 3 (4%) -
  Texas - - 3 (4%) -
  Rhode Island 1 (5%) - 1 (1%) -
  Utah - - 1 (1%) -
  Maryland - - 1 (1%) -
  Connecticut - - 1 (1%) -
Canada - - 1 (1%) -
  Alberta - - 1 (1%) -
Israel - - 1 (1%) -
Netherlands - - 1 (1%) -
Domestic 20 (100%) 20M (100%) 76 (96%) 73M (100%)
Cross-border - - 3 (4%) -
Total 20 $20M 79 $73M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 12 (60%) 20M (100%) 50 (63%) 73M (100%)
Buyout (LBO, MBO, MBI) 1 (5%) - 18 (23%) -
PIPE 5 (25%) - 6 (8%) -
Add-on Acquisition 1 (5%) - 2 (3%) -
Consolidation 1 (5%) - 1 (1%) -
Growth Capital - - 1 (1%) -
Stake Purchase - - 1 (1%) -
Total 20 $20M 79 $73M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 26 (46%) 5.9B (97%)
IPO 24 (42%) -
Trade Sale 6 (11%) 200M (3%)
Secondary Sale 1 (2%) -
Total 57 $6.1B

Deal Values

buy # Total
< $100M 3 $73M
TOTAL $73M
Largest Epizyme, Inc.
$32M (2009-10-07)
sell # Total
> $1B 2 $3.0B
$100M to $1B 10 $3.1B
< $100M 4 $175M
TOTAL $6.2B
Largest Reliant Pharmaceuticals, Inc.
$1.7B (2007-12-19)

M&A Connections

Deals %
Exited to
PE Firm(s)
6%
2 6%
Strategic(s)
94%
32 94%

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