M&A Deal Summary

Otsuka Holdings Acquires Astex Pharmaceuticals

On September 5, 2013, Otsuka Holdings acquired life science company Astex Pharmaceuticals from Alta Partners, Apax and GIMV for 886M USD

Acquisition Highlights
  • This is Otsuka Holdings’ 1st transaction in the Life Science sector.
  • This is Otsuka Holdings’ 2nd largest (disclosed) transaction.
  • This is Otsuka Holdings’ 1st transaction in the United States.
  • This is Otsuka Holdings’ 1st transaction in California.

M&A Deal Summary
Date 2013-09-05
Target Astex Pharmaceuticals
Sector Life Science
Buyer(s) Otsuka Holdings
Sellers(s) Alta Partners
Apax
GIMV
Deal Type Add-on Acquisition
Deal Value 886M USD
Advisor(s) Jefferies (Financial)
Wilson Sonsini Goodrich & Rosati (Legal)

Target

Astex Pharmaceuticals

Dublin, California, United States
Astex Pharmaceuticals, Inc. is a provider of drug discovery, development and commercialization, committed to the fight against cancer and other life threatening diseases.

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Buyer(S) 1

Buyer

Otsuka Holdings

Tokyo, Japan
Category Company
Founded 2008
Sector Healthcare Services
Employees34,388
Revenue 2.02T JPY (2023)
DESCRIPTION

Otsuka Holdings engages in pharmaceuticals, nutraceuticals, consumer products, and other businesses worldwide. Otsuka Holdings was founded in 2008 and is based in Tokyo, Japan.

DEAL STATS #
Overall 2 of 9
Sector (Life Science) 1 of 5
Type (Add-on Acquisition) 2 of 7
State (California) 1 of 3
Country (United States) 1 of 7
Year (2013) 1 of 1
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-02-13 Nutrition & Sante SAS

Revel, France

Leader in functional and natural food in Europe, Nutrition & Santé manufactures and sales a broad range of products under the brands Gerblé, Isostar, Gerlinéa, Milical, Modifast, Pesoforma, Céréal Bio and Soy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-02 Avanir Pharmaceuticals

Aliso Viejo, California, United States

Avanir Pharmaceuticals, Inc. is a biopharmaceutical company specializing in CNS diseases. Avanir developed and launched NUEDEXTA® (dextromethorphan hydrobromide/quinidine sulfate) 20mg/10mg capsules in the US in February 2011 as the world’s first and only approved treatment for the neurologic disease pseudobulbar affect (PBA).

Buy $3.5B

Seller(S) 3

SELLER

Alta Partners

Jackson, Wyoming, United States

Investor Investor Investor Investor

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 60 of 84
Sector (Life Science) 43 of 64
Type (Add-on Acquisition) 41 of 45
State (California) 29 of 41
Country (United States) 52 of 74
Year (2013) 4 of 8
Size (of disclosed) 5 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-26 Ceregene

San Diego, California, United States

Using gene therapy delivery systems, Ceregene’s primary focus is the discovery and development of novel growth factor therapeutics for the treatment of neurological disorders. Ceregene has completed Phase I clinical trials in Alzheimer’s and Parkinson’s disease, and is currently conducting a double blind Phase II trial in Parkinson’s disease.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-09 MacroGenics

Rockville, Maryland, United States

MacroGenics is a developer of monoclonal antibodies and vaccines in the areas of oncology, autoimmunity, and infectious disease. The Company has an anti-CD3 monoclonal antibody in Phase III clinical development for type 1 diabetes. MacroGenics has a deep pipeline of clinical and preclinical antibodies enabled by its proprietary Fc-engieering and diabody capabilities. MacroGenics was founded in 2000 and is based in Rockville, Maryland.

Sell -
SELLER

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.

DEAL STATS #
Overall 88 of 171
Sector (Life Science) 5 of 6
Type (Add-on Acquisition) 35 of 59
State (California) 8 of 12
Country (United States) 32 of 63
Year (2013) 9 of 11
Size (of disclosed) 25 of 50
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-16 Spyder Active Sports

Boulder, Colorado, United States

Spyder Active Sports designs and markets the most recognized and respected brand of high-performance, technically-oriented skiwear in the world.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-08 GlobalLogic

McLean, Virginia, United States

GlobalLogic is a full-lifecycle product development services leader that combines chip-to-cloud software engineering expertise and vertical industry experience to help our customers design, build, and deliver their next generation products and digital experiences. We expertly integrate design, complex engineering, and agile delivery capabilities to deliver superior business outcomes for global brands. Headquartered in Silicon Valley, GlobalLogic operates design studios and engineering centers around the world, extending the benefits of our true global presence to customers in telecom, automotive, healthcare, technology, media and entertainment, manufacturing, and semiconductor industries. GlobalLogic was founded in 2000 and is based in McLean, Virginia.

Buy $420M
SELLER

GIMV

Antwerp, Belgium

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1980
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

GIMV is a Belgium based public investment company focused on private equity and venture capital investments in tech-based businesses. GIMV's private equity practice operates through its Corporate Investment unit and targets management buyouts, buy-ins, and growth capital financings of companies with annual sales between EUR15 and EUR150 million. For buyout opportunities GIMV generally takes a majority stake in businesses and for growth capital needs, GIMV takes a minority position. GIMV does not invest in publicly held companies or turnaround situations. GIMV's geographic focus is within Belgium, Netherlands, Germany, and France. GIMV also invests in Russia through Eagle Capital Partners, a partnership with KBC Private Equity. GIMV was formed in 1980 and is headquartered in Antwerp with additional offices in The Hague, Frankfurt, Munich, and Paris.

DEAL STATS #
Overall 46 of 105
Sector (Life Science) 5 of 12
Type (Add-on Acquisition) 21 of 52
State (California) 2 of 3
Country (United States) 4 of 5
Year (2013) 5 of 5
Size (of disclosed) 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-19 Endosense SA

Meyrin, Switzerland

Endosense was founded in 2003 in Geneva. It develops and commercialises TactiCath®, a unique catheter used for treating cardiac rhythm disorders. Catheter ablation is a treatment whereby a special catheter is advanced into the patient's left heart chamber via the femoral vein. TactiCath® improves the safety and effectiveness of catheter ablation treatment. The optic fibres of the catheter measure the contact force between the catheter and the beating heart wall. This to avoid that the contact force is too slight, reducing the effectiveness of the treatment, or that the contact force is too great, risking heart wall perforation. Since heart fluttering is meanly related to old age and the population is ageing, the demand for catheter ablation is expected to increase swiftly.

Sell $171M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-12 Covagen AG

Zurich, Switzerland

Covagen is a clinical stage company that develops bispecific FynomAbs by fusing its human Fynomer® binding proteins to antibodies, resulting in therapeutics with novel modes of action and enhanced efficacy. Our current pipeline is focussed on the treatment of inflammatory diseases and cancer. The ability to fuse Fynomers to multiple sites on an antibody allows Covagen to create FynomAbs with tailored architectures to maximize efficacy.

Buy -
Mergr

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