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Financing and M&A

Terumo Acquires Quirem Medical

Terumo Corporation (TSE: 4543) today announced it has completed the acquisition of Quirem Medical B.V., a Netherlands-based healthcare startup specializing in the development of next-generation microspheres for Selective Internal Radiation Therapy (SIRT), a treatment for liver tumors. Under the terms of the agreement, Terumo acquired 80.1% of the shares of Quirem Medical. This is over and above its current share position of 19.9%, making Quirem Medical now a wholly owned subsidiary of Terumo.

Terumo will make a one-time, up-front payment of USD 20 million with up to USD 25 million additional payments based on the achievement of future milestones by 2030. It will be funded through cash on hand and will not significantly impact the company’s financial projections for the current fiscal year ending March 31, 2021.

Quirem Medical has developed and manufactures QuiremSpheres™, the only commercially available microspheres containing the radioactive isotope Holmium-166. Recent trials have shown the safety and efficacy of holmium microspheres for the treatment of unresectable liver cancer. To improve patient selection, therapy planning and treatment verification, QuiremSpheres can be visualized and quantified even in low concentrations by means of Single-Photon Emission Computed Tomography (SPECT) and Magnetic Resonance Imaging (MRI). This is unique and cannot be done with currently available Yttrium-90 based microspheres.

Furthermore, Quirem Medical also produces QuiremScout™, a low dose holmium microsphere that helps evaluate the biodistribution of microspheres prior to therapy, and a dosimetry software package, Q-Suite™, which is used to plan QuiremSpheres treatments based on QuiremScout dose imaging. Q-Suite is also able to determine SIRT success immediately after the procedure by converting SPECT and MR imaging into absorbed dose distributions. Together, these three integrated products (QuiremSpheres, QuiremScout and Q-Suite) make up the full Holmium SIRT Platform. The Holmium Platform equips physicians with the necessary tools to optimize SIRT outcomes through more personalized treatment, addressing the individual needs of each patient.

QuiremSpheres, QuiremScout and Q-Suite are CE-Marked and currently available in Europe, the Middle East and Africa (EMEA). In the coming years, Terumo intends to launch the Holmium Platform globally as part of the ongoing expansion of its interventional oncology (IO) portfolio.

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Financing and M&A

iOnctura Extends Series A to EUR 20.1M

– 3B Future Health Fund Joins Blue Chip Investor Syndicate

– Accelerate Development of Next Generation Molecules Targeting Cancer and Fibrosis

iOnctura SA, a clinical stage biopharmaceutical company, developing a pipeline of next generation molecules targeting cancer and fibrosis, today announces that it has raised an additional EUR 5.1 million bringing the total Series A financing to EUR 20.1 million. New investor 3B Future Health Fund, previously known as Helsinn Investment Fund S.A., SICAR joins the existing blue chip investor syndicate of M Ventures, INKEF Capital, VI Partners, and Schroder Adveq, which all participated in the extension.

The funding will enable iOnctura to accelerate development of its next generation dual immune and tumour targeting therapies. Data emerging from early clinical evaluation of its lead molecule IOA-244, a highly selective PI3Kδ-inhibitor, in solid tumours is expected to enable progress into a Phase Ib trial earlier than anticipated and preclinical development of its second program, IOA-289, an ATX-inhibitor with dual utility in organ specific and cancer associated fibrosis will be expedited into human testing in early 2021. iOnctura has recently strengthened its team with the appointment of Dr. Joanna Horobin as Chair. Joanna is an accomplished drug developer and biotech leader with over 35 years of experience in the pharmaceutical and biotech sector in Europe and the US.

Catherine Pickering, Chief Executive Officer of iOnctura, said: “I am pleased to welcome 3B Future Health Fund to our strong investor syndicate. This oversubscribed Series A round provides further validation and support of our strategy as we progress our novel, highly selective, PI3Kδ inhibitor and our differentiated ATX inhibitor through clinical development.”

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Financing and M&A

UiPath Raises $225 Million Series E Funding Round

UiPath, today announced it has closed its Series E investment round, raising $225 million at a post-money valuation of $10.2 billion. The round was led by Alkeon. Others participating include Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington, and funds and accounts advised by T. Rowe Price Associates, Inc. At over $400 million in ARR, UiPath is one of the fastest growing enterprise software companies worldwide.

“This funding allows us to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers – resulting in every business finally becoming a software business,” said Daniel Dines, UiPath Co-Founder and CEO. “We will advance our market-leading platform and will continue to deepen our investments in AI-powered innovation and expanded cloud offerings. COVID-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years. We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal.”

According to Forrester Research, “As we emerge from the crisis, firms will look to automation as a way to mitigate the risks that future crises pose to the supply and productivity of human workers.”

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Financing and M&A

Rossari First IPO to do Virtual Roadshow

Rossari Biotech Ltd, which is doing a capital raise of Rs. 500 Crores is the first company to have a virtual press conference followed by an analysts & brokers Conference for announcing its IPO which opens for subscription on Monday, July 13, 2020. The virtual conference had over 1,000 registrations and was simultaneously broadcasted for investors.

This is the first IPO to hit the Indian capital markets after a hiatus of four months. Activity in the capital markets came to a grinding halt during the lockdown period due to the COVID-19 outbreak. The market volatility in the first quarter of the current fiscal also led to a host of companies postponing their capital raising programs. SEBI has extended its approvals of offer documents by a period of six months to accommodate companies who had already had their documents cleared. 

“The Rossari webinar press meet was a unique experience – such an effective way to communicate the story to the media from the confines of your home/office and get access to the entire domestic and even international media audience. I think this will soon become the new norm in future- when we use technology to just enhance efficiency of every activity,” said Salil Pitale, Axis Bank, Jt MD and Co CEO.

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Financing and M&A

ICIS Announces It Has Acquired Chemical Data

ICIS, part of RELX, today announced it has acquired Chemical Data, LLC (CDI), a provider of US petrochemical price benchmarks, market analysis, and predictive analytics, based in Houston.

Established in 1979, CDI has more than 40 years of experience in supporting transactional and short-term planning decisions in the US petrochemical sector. Petrochemicals are a critical part of the global supply chain and are present in 96% of all manufactured goods. The chemicals industry itself adds $1.1 trillion to the world’s GDP*. The combination of the two businesses will deliver global price benchmark data, market analysis, forecasts, and thought leadership capabilities that are trusted and differentiated.

Dean Curtis, CEO & President of ICIS, said: “We are focused on providing our customers in the global chemical industry with the highest quality data, analytics and insight. This will connect the market and enable smarter decisions that ultimately optimise the use of the world’s valuable resources. CDI is widely recognised as a leader in the US petrochemical segment. By joining CDI’s expertise with ICIS’ leading presence in Europe and Asia, we can provide customers with an extensive, robust and comprehensive view of key global petrochemical markets.”

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Financing and M&A

BeiGene Raises Nearly $2.1B

BeiGene (Nasdaq : BGNE) is a commercial biotechnology company focused on the development of innovative molecular targeting and cancer immunotherapy drugs for cancer treatment and commercialize. The company announced today the pricing of the issuance of 145,838,979 shares of common stock with a par value of $0.0001 each to certain existing investors in the form of registered direct issuance.

Each common share is sold at a purchase price of $14.2308, which is equivalent to $185 per American Depositary Share (ADS). The total issuance income is about $2.08 billion, and the net income after deducting issuance expenses is $2.07 billion. There is no underwriter or placing agent for this issue, so the company does not need to pay an underwriting discount for this issue.

Subject to customary delivery conditions, the issuance is expected to be completed around July 15, 2020. BeiGene plans to invest the net income generated by this offering into the company’s working capital and other general corporate purposes. Specific details will be announced in the supplementary prospectus submitted for this offering.

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Financing and M&A

Amgen Announces Additional Investment of $421M In BeiGene

Amgen (NASDAQ:AMGN) today announced an additional investment of approximately $421 million in BeiGene’s registered direct offering of ordinary shares, which maintains Amgen’s current pro rata ownership of BeiGene at approximately 20.3%.  This additional investment reflects Amgen’s confidence in the progress the companies are making in their ongoing oncology collaboration in China, the world’s second largest pharmaceutical market.  

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Financing and M&A

Dow sells its rail infrastructure assets and related equipment at six major North American sites to Watco

Dow expects to receive cash proceeds in excess of $310 million as part of the transaction. The assets are located at Dow’s sites in Plaquemine and St. Charles, Louisiana; Freeport and Seadrift, Texas; and Ft. Saskatchewan and Prentiss in Alberta, Canada.

Dow and Watco are working closely to ensure a seamless transition. The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions.

Fourteen Dow employees and management of approximately 400 contract workers are expected to transition to Watco upon close of the transaction.

Dow continues to evaluate its ownership of non-product producing assets across its global portfolio. The Company expects this effort to generate additional opportunities from its infrastructure footprint consistent with those in today’s announcement.

Goldman Sachs acted as financial advisor to Dow, and Mayer Brown & Thompson Hine provided legal support.

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Financing and M&A

The Republic of Argentina Announces Amendment to Invitation to Exchange

The Republic of Argentina (the “Republic”) today announced its decision to improve the terms and conditions of the Republic’s invitation to certain holders of its foreign currency external bonds to exchange those instruments for new bonds to be issued by the Republic (the “Invitation”), initially set forth in its prospectus supplement dated as of April 21, 2020. Table A and Table B set forth the list of bonds eligible to participate in the Invitation (the “Eligible Bonds”).

Argentina will revise the terms and conditions of the Invitation mainly to:

  1. increase the consideration to be received in exchange for Eligible Bonds, by reducing principal haircut, increasing coupons and shortening maturities on the New Bonds (as defined below) being offered, and including a U.S. dollar-denominated bond due 2030 (the “USD 1.00% 2030 Bonds”) or Euro-denominated bond due 2030 (the “Euro 0.500% 2030 Bonds”) to be delivered as consideration for any accrued and unpaid interest from and including the last date on which interest was paid under the Eligible Bonds up to but excluding April 22, 2020;
  2. allow holders of Euro-denominated and Swiss franc-denominated Eligible Bonds to elect U.S. dollar-denominated New Bonds, subject to acceptance priority procedures and caps;
  3. include the delivery of USD 1.00% 2030 Bonds or Euro 0.500% 2030 Bonds in an aggregate principal amount determined by reference to accrued and unpaid interest on the Eligible Bonds tendered from and including April 22, 2020 to but excluding September 4, 2020, to be delivered as consent consideration for holders that submit and do not revoke (or have submitted and not revoked) a valid and accepted tender order;
  4. adjust the terms and conditions of the rights upon future offers provision described in the Invitation, to conform such rights to the modifications described in 1 to 3 above;
  5. allow holders of Eligible Bonds issued under the 2005 Indenture to exchange those Eligible Bonds for New Bonds to be issued under the 2005 Indenture; and
  6. include minimum participation thresholds as a condition to the consummation of the Invitation, which condition may not be waived by the Republic.
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Financing and M&A

HKEX Launches 1st Tranche of MSCI Futures Contracts

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to today (Monday) welcome the launch of the first futures contracts as part of its new index licensing agreement with MSCI Inc., announced on 27 May 2020. This represents a major step forward in the expansion of HKEX’s derivatives product suite and significantly adds to the breadth and depth of the Hong Kong markets.

The 10 MSCI index futures contracts, which are denominated in US dollars (USD) and track underlying equities in markets such as Australia, mainland China, India, Indonesia, Japan, Malaysia, Taiwan and Thailand, were successfully listed on HKEX’s derivatives market earlier today. A total of 10 market makers are providing liquidity in the order book on day one, helping support a deeper pool of liquidity.

On 20 July, HKEX will launch the second tranche of contracts, with seven more USD-denominated futures contracts listing on HKEX.

“Today’s listing marks an exciting new chapter for HKEX and our markets, as we provide even more choice to our customers, and continue to build the breadth, depth and attractiveness of Hong Kong’s financial markets as a global trading and investment hub,” said HKEX Head of Markets Wilfred Yiu.

In May 2020, HKEX signed a 10-year licensing agreement with MSCI to license a suite of MSCI indexes in Asia and Emerging Markets for the launch of 37 futures and options contracts in Hong Kong.  The agreement expands the existing partnership between the two companies, and further anchors HKEX and MSCI’s commitment to a long-term product development and innovation programme in the region.