Bay City Capital Mergers and Acquisitions Summary

Venture Capital Firm Profile

Bay City Capital’s most common sectors for investment arelife science (72%) and medical products (15%) . The Firm’s most common investment types include venture (66%) 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 1 company. The Firm’s most common exit type is trade sale (50%). 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 Activity136
    • M&A Buy Activity74
    • M&A Sell Activity62
  • Total Sectors Invested 5
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 49

Bay City Capital

Bay City Capital LLC

1000 4th Street, Suite 500,
San Rafael, California 94901
United States
(415) 299-8196
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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.0/yr) # 74 - - - - - 74
vol $53M $53M
Sell (0.8/yr) # 58 3 - 1 - - 62
vol $6.3B $247M $6.6B
  136

Most Recent M&A

Company Date Value Type
Epizyme, Inc. 2022-06-27 247M USD Stake Sale
Cambridge, Massachusetts · www.epizyme.com
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
PharmAkea, Inc. 2020-01-07 - Merger
San Diego, California · www.pharmakea.com
Interleukin Genetics, Inc. 2017-11-22 - Trade Sale
Waltham, Massachusetts · www.ilgenetics.com
SynGen, Inc. 2017-07-10 - Trade Sale
Sacramento, California · www.syngeninc.com
Vtesse, Inc. 2017-04-03 200M USD Trade Sale
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 Trade Sale
Boston, Massachusetts · www.aciexrx.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Life Science 3 (75%) - 54 (72%) 53M (100%)
Medical Products - - 11 (15%) -
Information Technology 1 (25%) - 6 (8%) -
Consumer Products - - 3 (4%) -
Distribution - - 1 (1%) -
Total 4 - 75 $53M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 4 (100%) - 72 (96%) 53M (100%)
  California 1 (25%) - 41 (55%) 21M (40%)
  Massachusetts 2 (50%) - 10 (13%) 32M (60%)
  Washington - - 4 (5%) -
  Pennsylvania 1 (25%) - 3 (4%) -
  Texas - - 3 (4%) -
  New Jersey - - 3 (4%) -
  Colorado - - 3 (4%) -
  Utah - - 1 (1%) -
  Rhode Island - - 1 (1%) -
  Maryland - - 1 (1%) -
  Connecticut - - 1 (1%) -
Canada - - 1 (1%) -
  Alberta - - 1 (1%) -
Israel - - 1 (1%) -
Netherlands - - 1 (1%) -
Domestic 4 (100%) - 72 (96%) 53M (100%)
Cross-border - - 3 (4%) -
Total 4 - 75 $53M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 4 (100%) - 49 (65%) 53M (100%)
Buyout (LBO, MBO, MBI) - - 18 (24%) -
PIPE - - 4 (5%) -
Add-on Acquisition - - 2 (3%) -
Growth Capital - - 1 (1%) -
Stake Purchase - - 1 (1%) -
Total 4 - 75 $53M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 26 (42%) 5.9B (91%)
IPO 24 (39%) -
Trade Sale 5 (8%) 200M (3%)
Merger 4 (6%) 101M (2%)
Stake Sale 1 (2%) 247M (4%)
Bankruptcy 1 (2%) -
Secondary Sale 1 (2%) -
Total 62 $6.4B

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 12 $3.4B
< $100M 4 $175M
TOTAL $6.6B
Largest Reliant Pharmaceuticals, Inc.
$1.7B (2007-12-19)

M&A Connections

Deals
Acquired from
Investor(s)
1%
1 (1%)
Exited to
Investor(s)
3%
2 (3%)
Strategic(s)
58%
36 (58%)

Investor Summary

Investor Type

Venture Capital Firm

Size

Large

PE Assets

1.3B USD

Established

1997

Specialist/Generalist

Specialist

Leadership

Fred Craves

Founder, Partner & Managing Director

David Beier

Managing Director

Susan Vuong

CFO

Larry Clay

Controller

Matthew Kronmiller

Vice President

FAQ

When was Bay City Capital founded?

Bay City Capital was founded in 1997.

What type of investor is Bay City Capital?

Bay City Capital is a venture capital firm.

Where is Bay City Capital headquartered?

Bay City Capital is headquartered in San Rafael, California.

How much capital does Bay City Capital have under management?

Bay City Capital has 1.3B USD under management.

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