M&A Deal Summary

BTG Acquires PneumRx

On December 4, 2014, BTG acquired medical products company PneumRx from Adams Street Partners, Telegraph Hill Partners and Alta Partners for 475M USD

Acquisition Highlights
  • This is BTG’s 2nd transaction in the Medical Products sector.
  • This is BTG’s largest (disclosed) transaction.
  • This is BTG’s 1st transaction in the United States.
  • This is BTG’s 1st transaction in California.

M&A Deal Summary

Date 2014-12-04
Target PneumRx
Sector Medical Products
Buyer(s) BTG
Sellers(s) Adams Street Partners
Telegraph Hill Partners
Alta Partners
Deal Type Add-on Acquisition
Deal Value 475M USD
Advisor(s) J.P. Morgan Securities (Financial)
Wilson Sonsini Goodrich & Rosati (Legal)

Target

PneumRx

Mountain View, California, United States
website
PneumRx, Inc. is a medical device company focused on the development and commercialization of innovative products to treat emphysema using minimally invasive techniques. PneumRx was formed in 2004 and is based in Mountain View, California.

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Buyer(S) 1

Buyer

BTG

London, United Kingdom

website


Category Company
Founded 1948
Sector Medical Products
Employees1,182
Revenue 823M USD (2018)
DESCRIPTION

BTG plc which develops and commercializes products used in minimally-invasive procedures targeting cancer and vascular diseases, as well as acute care pharmaceuticals. BTG has three key businesses, the largest of which is its Interventional Medicine portfolio which encompasses several peripheral interventional product lines. The interventional oncology franchise includes the TheraSphere® Y-90 radiotherapy microspheres and the GALIL™ cryoablation system, used to treat patients with liver, kidney, and other cancers. More than 840,000 people are expected to be diagnosed with liver cancer in 2018, and that number is expected to grow to 1.1 million by 2030. Kidney cancer is among the 10 most common cancers in both men and women.


DEAL STATS #
Overall 3 of 6
Sector (Medical Products) 2 of 5
Type (Add-on Acquisition) 1 of 4
State (California) 1 of 2
Country (United States) 1 of 4
Year (2014) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-15 Nordion - Targeted Therapies Division

Ottawa, Ontario, Canada

Nordion, Inc. - Targeted Therapies Division manufactures and markets medical devices for treatment of inoperable primary liver cancer and metastatic liver cancer. The division is located in Ottawa, Canada.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-06 Galil Medical

Arden Hills, Minnesota, United States

Galil Medical, Inc. is a provider of medical products for cryoablation solutions.

Buy $85M

Seller(S) 3

SELLER

Adams Street Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1972
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Adams Street Partners is a diversified, global investment firm that targets direct, fund of funds, and secondary investments. Adams' direct investing group covers co-investments in buyout transactions, as well as growth equity and venture capital commitments. The direct buyout and growth equity team looks to commit $5 to $30 million per transaction. For venture related investments, commitments of $5 to $20 million are provided to companies in the technology, life sciences and technology enabled services sectors. Typically, target companies have received prior financing from early stage venture firms and are seeking additional capital to fund product development and commercialization. Adams Street Partners was formed in 1972 and is based in Chicago, Illinois.


DEAL STATS #
Overall 56 of 95
Sector (Medical Products) 9 of 9
Type (Add-on Acquisition) 28 of 51
State (California) 27 of 41
Country (United States) 52 of 87
Year (2014) 11 of 11
Size (of disclosed) 7 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-04 Maxwell Health

New York, New York, United States

Maxwell Health is a SaaS-enabled online benefits service that provides information about health care and insurers. Maxwell Health was founded in 2012 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-01 Yeahka

Shenzhen, China

Yeahka operates payment-based technology platform that provides payment and business services to merchants and consumers in China. It offers one-stop payment services, which include app-based and traditional payment services comprising mobile payment and bank card acquiring products, as well as an intelligent risk control platform for controlling and managing mobile payments. Yeahka was founded in 2011 and is based in Shenzhen, China.

Buy -
SELLER

Telegraph Hill Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Venture Capital Firm
Founded 2001
Size Middle-Market
Type Sector Focused
DESCRIPTION

Telegraph Hill Partners is a specialist private equity firm focused on investing in later-stage life science, medical device, and healthcare companies. Prospective companies should be at or near profitability and demonstrate success. Other areas of interest within the healthcare sector include life science technologies, chemistry/reagent suppliers, and information management. Telegraph Hill Partners was formed in 2001 and is based in San Francisco, California.


DEAL STATS #
Overall 18 of 28
Sector (Medical Products) 10 of 14
Type (Add-on Acquisition) 15 of 23
State (California) 12 of 18
Country (United States) 18 of 27
Year (2014) 3 of 3
Size (of disclosed) 1 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-29 SAGE Labs

St. Louis, Missouri, United States

SAGE Labs, Inc. is a provider of next-generation research models, including knockout rat models, and extensive support services.

Sell $48M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-01 Magstim

Whitland, United Kingdom

Magstim is a provider in the research, development, manufacture, and marketing of medical and research devices within the neurological and surgical fields. Magstim was founded in 1990 and is based in Whitland, United Kingdom.

Buy -
SELLER

Alta Partners

Jackson, Wyoming, United States

Investor Investor Investor Investor

website


Category Venture Capital Firm
Founded 1996
PE ASSETS 2.6B USD
Size Large
Type Sector Focused
DESCRIPTION

Alta Partners is a venture capital firm that targets investments in early and later stage life science companies, including biopharmaceuticals, medical technology, and information technology businesses. Alta was formed as an early stage investor but has since expanded its investment range to provide later stage growth capital to private and young public companies. Alta was established in 1996 and is headquartered in San Francisco, California.


DEAL STATS #
Overall 74 of 84
Sector (Medical Products) 7 of 8
Type (Add-on Acquisition) 43 of 45
State (California) 35 of 41
Country (United States) 66 of 74
Year (2014) 10 of 10
Size (of disclosed) 8 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-24 Immune Design

Seattle, Washington, United States

Immune Design Corp. is a biotechnology company focused on developing a broad platform of novel vaccines (both therapeutic and prophylactic) for the treatment of infectious disease. The Company's technologies regulate immunity by targeting dendritic cell responses with combinations of proprietary viral vectors, TLR agonists, and adjuvants. Immune Design was founded in 2008 and is based in Seattle, Washington.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-24 ABIONYX Pharma

Balma, France

ABIONYX Pharma is an international biopharmaceutical company dedicated to the discovery and development of innovative HDL therapies for the treatment of cardiovascular and metabolic diseases. ABIONYX Pharma was founded in 2005 and is based in Labege, France.

Sell -