M&A Deal Summary

Novartis Acquires Protez Pharmaceuticals

On June 4, 2008, Novartis acquired life science company Protez Pharmaceuticals from Easton Capital Investment Group, L Capital Partners and Bay City Capital for 400M USD

Acquisition Highlights
  • This is Novartis’ 3rd transaction in the Life Science sector.
  • This is Novartis’ 12th largest (disclosed) transaction.
  • This is Novartis’ 3rd transaction in the United States.
  • This is Novartis’ 1st transaction in Pennsylvania.

M&A Deal Summary

Date 2008-06-04
Target Protez Pharmaceuticals
Sector Life Science
Buyer(s) Novartis
Sellers(s) Easton Capital Investment Group
L Capital Partners
Bay City Capital
Deal Type Add-on Acquisition
Deal Value 400M USD
Advisor(s) Duane Morris
Potter Anderson & Corroon (Legal)

Target

Protez Pharmaceuticals

Malvem, Pennsylvania, United States
Protez Pharmaceuticals, Inc. is a drug development company focused on novel antibiotics for the hospital market. Key program areas for Protez include a breakthrough broad spectrum carbapenem and two combination strategies for product line extensions of multiple established antibiotics.

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Buyer(S) 1

Buyer

Novartis

Basel, Switzerland

Category Company
Founded 1996
Sector Life Science
Employees104,323
Revenue 46.7B USD (2023)
DESCRIPTION
Novartis' corporate campus in Basel, Switzerland.
Novartis' corporate campus in Basel, Switzerland.

Novartis is a global healthcare and pharmaceutical enterprise dedicated to advancing medical innovation and enhancing patient well-being. Renowned for its pioneering research and development efforts, Novartis has a comprehensive portfolio encompassing groundbreaking pharmaceuticals, generic medications, biosimilars, and eye care solutions. Novartis was founded in 1996 and is based in Basel, Switzerland.


DEAL STATS #
Overall 3 of 32
Sector (Life Science) 3 of 26
Type (Add-on Acquisition) 3 of 28
State (Pennsylvania) 1 of 1
Country (United States) 3 of 24
Year (2008) 1 of 1
Size (of disclosed) 12 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-20 Chiron

Emeryville, California, United States

Chiron Corporation was a multinational biotechnology firm based in Emeryville, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-08-28 HySolv Technology

United States

HySolv™ was developed by Protherics Salt Lake City Inc. (formerly MacroMed, Inc.) from a patented solvent technology platform for solubilising hydrophobic drugs in a hydrophilic environment.

Buy $10M

Seller(S) 3

SELLER

Easton Capital Investment Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Venture Capital Firm
Founded 2000
PE ASSETS 200M USD
Size Small
Type Sector Focused
DESCRIPTION

Easton Capital Investment Group is a private investment firm that targets early-stage venture capital to later-stage growth capital investments. Easton will consider opportunities across a range of industries but generally invests in the healthcare industry, including biopharmaceuticals, drug delivery, medical devices, and healthcare services. Easton looks to commit $0.50 to $10 million per transaction. Easton Capital was formed in 2000 and is based in New York.


DEAL STATS #
Overall 11 of 20
Sector (Life Science) 5 of 10
Type (Add-on Acquisition) 5 of 9
State (Pennsylvania) 1 of 1
Country (United States) 11 of 20
Year (2008) 1 of 2
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Autonet Mobile

Santa Rosa, California, United States

Autonet Mobile is a mobile internet service provider. Autonet Mobile has created a mobile internet connectivity solution for cars by providing broadband service and always-on WiFi connectivity nationwide. Autonet Mobile was founded in 2005 and is based in Santa Rosa, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-01 Lamina Ceramics

Westampton, New Jersey, United States

Lamina defines the state of technology in the development and manufacture of super-bright LED light engines. The Company's leading edge LED packaging technology and design, and its proprietary multi-layer ceramic on metal packaging solution provides unsurpassed thermal management and interconnectivity. Lamina's technology emerged from 12 years of research and development at the Sarnoff Corporation - the same laboratory that developed such world-changing inventions as: color television, the liquid crystal display technology that is used in cell phones, laptops and watches, and today's High Definition Television and satellite TV technology. Easton led an investment in Lamina in April 2007. Other investors in the Company include Morgenthaler Ventures, Sarnoff Corporation, RedShift Ventures, Granite Global, CID Capital, Kemet Electronics Corporation and Richard King Mellon Foundation.

Sell -
SELLER

L Capital Partners

New York, New York, United States

Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 165M USD
Size Small
Type Sector Focused
DESCRIPTION

L Capital Partners is a specialist private equity firm focused on investing in companies operating within the healthcare, technology, and energy/environmental sectors, looking to bring 'groundbreaking products to market'. Within healthcare, L Capital looks to invest in biopharmaceutical and medical device businesses. Within technology, the Firm's emphasis is on security/defense and IT businesses. And within the energy/environmental sector, the L Capital's focus is investing in opportunities that 'improve the quality of life'. L Capital was formed in 2004 and has offices in New York City and Tel Aviv, Israel.


DEAL STATS #
Overall 2 of 7
Sector (Life Science) 1 of 2
Type (Add-on Acquisition) 1 of 5
State (Pennsylvania) 1 of 1
Country (United States) 2 of 7
Year (2008) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-12 ProRhythm

Ronkonkoma, New York, United States

ProRhythm, Inc. engages in the development and manufacture of medical devices for the treatment of Atrial Fibrillation (AF). It develops High Intensity Focused Ultrasound (HIFU) applications to advance the minimally invasive treatment of complex medical conditions. ProRhythm's catheter-based system uses HIFU to treat AF in part by the electrical isolation of the pulmonary veins and ablation within the left atrium of the heart. Its products are currently used in Europe and the United States.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-23 Simparel

New York, New York, United States

Software company delivering new generation of ERP solutions and Software as a Service (SaaS). Providing the simplest, most flexible and affordable global supply chain business solution available today.

Buy $4M
SELLER

Bay City Capital

San Rafael, California, United States

Investor Investor Investor Investor Investor


Category Venture Capital Firm
Founded 1997
PE ASSETS 1.3B USD
Size Large
Type Sector Focused
DESCRIPTION

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.


DEAL STATS #
Overall 26 of 62
Sector (Life Science) 17 of 45
Type (Add-on Acquisition) 13 of 31
State (Pennsylvania) 1 of 2
Country (United States) 24 of 59
Year (2008) 1 of 3
Size (of disclosed) 5 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-02 ProGenTech USA

Emeryville, California, United States

Molecular diagnostics device company developing automated instruments for nucleic acid purification (NAP) and nucleic acid testing (NAT). The company's first fully-integrated NAP system, the PGT 328, increases the efficiency and quality of nucleic acid purification using ProGenTech's uniquely designed disposable cartridges.

Buy $21M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-01 Synchronicity Pharma

San Jose, California, United States

Synchronicity Pharma is a developer of cryptochrome (Cry) modulators for treating metabolic disorders by restoring rhythmsmodulators. Synchronicity Pharma was founded in 2008 and is based in San Jose, California.

Buy -