Our team has advised on over:

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Life Science Transactions
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Billion in M&A & Partnerships
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Sell Side

$1,360,000,000+

Acquisition by Eli Lilly

Sale of preclinical neuroscience company

Acquisition by Private Equity-backed Pharma Company

Sale of specialty pharma company

$75,000,000+

Acquisition by Boston Scientific

Sale of a privately held, venture-backed, GI company with strong early commercial traction

Xlumena, Inc.

Sale of a privately held, venture-backed, GI company with strong early commercial traction

Xlumena’s device portfolio includes the AXIOS™ and HOT AXIOS™ Stent and Delivery Systems. The AXIOS Stent and Delivery System has received U.S. Food and Drug Administration (FDA) clearance and is the world’s first stent designed for endoscopic ultrasound-guided transluminal drainage of symptomatic pancreatic pseudocysts. The next-generation HOT AXIOS™ Stent and Delivery System incorporates cautery into the delivery of the AXIOS stent. Both systems have CE Mark and are currently sold in select countries in Europe.

Boston Scientific Corporation purchased Xlumena for an upfront payment of $62.5m, an additional payment of $12.5m upon FDA approval of the Hot AXIOS product, and further sales-based milestones based on sales achieved through 2018.

Aquilo worked closely with the Xlumena management team and Board of Directors and also provided advice on deal process, valuation and structure. The acquisition enables Boston Scientific, a leader in the EUS market, to advance its product portfolio with Xlumena’s leading interventional EUS therapeutic devices.

Acquisition Completed: April 2015

Location: Mountain View, CA

Team: Greg Patterson (President & CEO), Bill Albright (CFO)

Board of Directors: Greg Patterson (Xlumena), Tony Natale (Prism Venture Partners), Ken Binmoeller (Founder), Barr Dolan (Charter Venture Partners), Ken Hayes, Jason Hong (Third Point LLC), Eric Sillman (Aperture Venture Partners)

$700,000,000

Acquisition by Pfizer

Sale of biopharma company with approved ADHD treatment

NextWave Pharmaceuticals, Inc.

Sale of specialty pharmaceutical company with an FDA-approved drug for attention deficit/hyperactivity disorder (ADHD)

View Press Release

NextWave is the developer of Quillivant XR™ (methylphenidate hydrochloride) for extended-release oral suspension, the first once-daily liquid medication approved in the U.S. for the treatment of ADHD.

Quillivant XR received approval from the FDA on September 27, 2012.

Aquilo introduced Pfizer and NextWave, and assisted NextWave in evaluating and negotiating the option and merger agreement.

The transaction included $275 million in upfront payments, and up to $425 million based on certain sales milestones.

Aquilo previously assisted NextWave in its $45 million Series C financing in January 2011.

Acquisition Completed: November 2012

Location: Cupertino, CA

Team: Jay P. Shepard (Principal & CEO), Cynthia M. Butitta (SVP & CEO), Craig Chambliss (SVP & CBO)

Board of Directors:
 Jay P. Shepard, Gaurav Aggarwal, Robert Casale, Steve Elms, Hingge Hsu, Frank Kung, Anand Mehra, Dayton Misfeldt, Patrick J. Zenner

Private Placement & Strategic Advisory

$275,000,000

Series A Financing Strategic Advisor to Nuvation Bio

Financial advisory services to Nuvation related to the formation and Series A financing

Financing for leading aerosol drug delivery company

$43,400,000

Series B Preferred Stock & Debt

Growth capital for private, commercial-stage hip and knee implant company

OMNIlife science, Inc.

Growth capital for a private, commercial-stage hip and knee implant company with significant revenues and proprietary robotic and navigation platform

View Press Release

Funding will be used immediately to fund OMNI’s growth initiatives, including expansion of OMNI’s hip and knee product lines; commercial development of the proprietary OMNInav hip replacement solution; and doubling the number of deployed OMNInav systems.

The financing was led by Deerfield Management Company, providing OMNI a strong strategic financial partner with deep experience in the robotics and orthopedic space (previous investment in Mako Surgical), while avoiding syndicate risk.

Aquilo was the exclusive placement agent to OMNI, sourcing the new investor, playing an integral role in determining the structure of the securities, coordinating diligence and negotiating terms.

Closing: April 2014

Security: Convertible Debentures, Term Note, Series B Preferred Stock

Location: East Taunton, MA

Team: George Cipolletti (President & CEO)

$45,000,000

Series C Preferred Stock

Financing for neurology focused specialty pharma company

NextWave Pharmaceuticals, Inc.

Financing of specialty pharmaceutical company focused on cardiovascular and CNS diseases

Funding will be used to:

  • Commercialize recently launched NEXICLON™XR for the treatment of hypertension
  • Expand the CNS portfolio
  • Prepare for the introduction of a novel extended-release liquid methylphenidate for Attention Deficit Hyperactivity Disorder (ADHD), currently under review by the FDA

Closing: January 2011

Location: Cupertino, CA

Team: Jay P. Shepard (President & CEO), Craig Chambliss (SVP & CBO)

New Investors: Bay City Capital, Panorama Capital, Kearny Venture Partners

Existing Investors: Aisling Capital, Fidelity Biosciences, Sofinnova Ventures, Vivo Ventures

Board of Directors: Jay P. Shepard, Gaurav Aggarwal, Robert Casale, Steve Elms, Hingge Hsu, Frank Kung, Anand Mehra, Dayton Misfeldt, Patrick J. Zenner

Partnering

$2,000,000,000+

Partnership with Sanofi

Collaboration to develop and commercialize IRAK4 protein degrader therapies for immune-inflammatory diseases

$252,000,000+

Ex-US Partnership with Santen

Licensing agreement and equity investment for ex-US rights of jCell for the treatment of retinitis pigmentosa

$2,100,000,000

Partnership with AstraZeneca

Collaboration to develop and commercialize Anticalin-based inhaled treatments for respiratory diseases

Pieris Pharmaceuticals, Inc.

Collaboration with AstraZeneca to develop and commercialize Anticalin-based inhaled treatments for respiratory diseases.

View Press Release

Pieris announced a strategic collaboration in respiratory diseases with AstraZeneca to develop novel inhaled drugs that leverage Pieris’ Anticalin® platform, including its lead preclinical drug candidate, PRS-060.

Under the collaboration, Pieris will be responsible for advancing its preclinical lead candidate, PRS-060, into Phase 1 clinical trials in 2017. PRS-060 is an Anticalin against IL-4Ra with potential in asthma. AstraZeneca will fund all clinical development and subsequent commercialization programs and Pieris has the option of co-development and co-commercialization in the US from Phase 2a onwards. In addition, the parties will collaborate to progress four additional novel Anticalins against undisclosed targets for respiratory diseases with Pieris having the option to co-develop and co-commercialize in the US two of these programs.

AstraZeneca will make an upfront and near term milestone payments to Pieris in the amount of $57.5 million — $45 million USD of upfront payments and $12.5 million USD for the initiation of the PRS-060 Phase 1 trial. Pieris has the potential to receive development-dependent milestones and eventual commercial payments for all products not exceeding $2.1 billion as well as tiered royalties on the sales of any potential products commercialized by AstraZeneca. For programs co-developed by Pieris, the Company stands to receive increased royalties or a gross margin share on worldwide sales equal, dependent on the level of investment to which Pieris commits.

Aquilo worked closely with Pieris’ senior management teams in the US and Europe to structure and negotiate the economics and other business-related items of the license and platform agreements.

The collaboration agreement is conditional upon the expiration or early termination of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

Acquisition Completed: May 2017

Location:
 Boston, MA

Team: Stephen Yoder (President and CEO), Louis Matis (SVP and CDO), Lance Thibault (Acting CFO), Claude Knopf (SVP and CBO), Shane Olwill (VP, Head of Development & Immuno-Oncology), Mary Fitzgerald (VP, Respiratory Medicine), Christine Rothe (VP, Head of Discovery & Alliance Management), Eckhard Niemeier (VP, Head of BD), Claus Schalper (VP, Finance)

Board of Directors: Stephen Yoder, Chau Khuong, Michael Richman, Steven Prelack, Jean-Pierre Bizzari, Julian Adams, Christopher Kiritsy

$765,000,000

Partnership with Astellas

License and commercialization agreement for WW rights to clinical-stage oncology candidate

Medivation, Inc. (Nasdaq: MDVN)

Global partnership with Astellas for XTANDI

View Press Release

Medivation was developing enzalutamide, a novel, oral anti-androgen drug candidate for prostate cancer. After a successful Phase 2 trial, Medivation advanced the drug into a pivotal Phase 3 trial in September 2009.

Aquilo assisted Medivation throughout the enzalutamide partnering process, introducing potential strategic partners and helping the company evaluate the financial, strategic and corporate governance aspects of potential partnerships.

The economic aspects of the deal with Astellas include $110 million upfront payment, up to $335 million of development milestones, up to $320 million of commercial milestones, a 50/50 split of US profits, and tiered double-digit royalties on ex-US sales.

When Phase 3 data was released it drove an $800 million increase in market cap for Medivation, and Astellas’ market cap increased by $500 million that same day.

XTANDI (enzalutamide) was approved in the US in August 2012 and commercially available in September 2012.

From the date of the announcement of the global partnership with Astellas until the commercial launch in September 2012, the market cap of Medivation increased by $3.0 billion.

Definitive Agreement: October 2009

Closing: October 2009

Location: San Francisco, CA

Team: David Hung (CEO), Patrick Machado (CFO)

Buy Side

$320,000,000

Acquisition of Zoladex in US, CAN from AstraZeneca

Acquisition of marketed cancer therapuetic

TerSera Therapeutics

TerSera Therapeutics enters agreement with AstraZeneca for Zoladex in the US and Canada.

View Press Release

TerSera Therapeutics entered into an agreement with AstraZeneca for the commercial rights to Zoladex (goserelin acetate implant) in the US and Canada. Zoladex is an injectable luteinising hormone-releasing hormone agonist, used to treat prostate cancer, breast cancer and certain benign gynaecological disorders. It was first approved in the US and Canada in 1989. Zoladex had 2016 product sales of $69 million in the US and Canada and $816 million globally. TerSera will pay AstraZeneca $250 million upon completion. AstraZeneca will also receive sales-related income through milestones totaling up to $70 million, as well as recurring quarterly sales-based payments at mid-teen percent of product sales. AstraZeneca will also manufacture and supply Zoladex to TerSera and will continue to commercialize Zoladex in all markets outside the US and Canada.

Aquilo Partners worked with TerSera to identify and execute the acquisition of Zoladex.

$476,000,000

Acquisition of Performance Optics

Purchase of privately held ophthalmic lens manufacturer

HOYA Corporation

Buyside representation on the acquisition of leading global eyeglass lens manufacturing company.

View Press Release

Ophthalmic eyewear lenses is the largest business unit in HOYA’s Life Care segment
The acquisition strengthens HOYA’s ability to provide customers with a broader portfolio of leading products, while continuing to provide best-in-class services to the eyewear industry.

Aquilo coordinated with the senior HOYA management team and legal and accounting advisors to structure and negotiate the transaction, provided financial analysis support, and helped manage cross-border diligence and the deal process.

Aquilo worked closely with HOYA leadership in Asia, Europe and the US.

Acquisition Completed: August 2017

Closing: August 2017

Location: Tokyo, Japan

Team: Hiroshi Suzuki (President & CEO), Ryo Hirooka (CFO), Girts Cimermans (Vision Care Company President), Augustine Yee (Chief Legal Officer and Head of Corporate Development and Affairs)

$335,000,000

Partnership with Curetech

In-license of clinical stage immunotherapy

Medivation, Inc. (Nasdaq: MDVN)

Buyside representation on the in-licensing of late stage cancer program

View Press Release

Buyside representation of Medivation on the in-licensing of an anti-PD-1 immune modulatory monoclonal antibody from CureTech Ltd. for potential applications in oncology for up to $335 million in upfront and milestone payments. Aquilo worked closely with the senior management of Medivation providing valuation and structure advisory.

The in-licensing of this program allows Medivation to diversify its cancer portfolio while also increasing its presence in immuno-oncology.

Acquisition Completed: December 2014

Location: San Francisco, CA

Team: David Hung (CEO), Rick Bierly (CFO), Lynn Seely (CMO)

$337,500,000+

Purchase of SPL

Acquisition of privately held manufacturer and supplier of heparin

Shenzhen Hepalink Pharmaceutical Co., Ltd.

Shenzhen Hepalink Pharmaceutical Co., Ltd.

View Press Release

Buy-side representation of Hepalink in the acquisition of privately held Scientific Protein Laboratories, LLC (“SPL”) for US$337.5 million in cash plus certain contingent payments.
Aquilo worked closely with Hepalink’s US-based business development subsidiary and with the company’s senior leadership in China, providing valuation and structure advisory, as well as cross border diligence and deal process coordination.

The acquisition of SPL allows Hepalink to expand its presence as a leading worldwide supplier of heparin, and provides the combined company with greater product development and growth opportunities in new markets.

Acquisition Completed: April 2014

Location: Shenzhen, China

Team: Li Li (Chairman & CEO), Haihua Bu, Bruce Wendel, Gary Doten

Transaction History

$1,360,000,000+

Acquisition by Eli Lilly

Sale of preclinical neuroscience company

$2,000,000,000+

Partnership with Sanofi

Collaboration to develop and commercialize IRAK4 protein degrader therapies for immune-inflammatory diseases

$252,000,000+

Ex-US Partnership with Santen

Licensing agreement and equity investment for ex-US rights of jCell for the treatment of retinitis pigmentosa

Acquisition by Exact Sciences

Sale of personalized cancer diagnostics company

Acquisition by Exact Sciences

Sale of company focused on biomarker discovery for cancer diagnostics

Acquisition by Becton Dickinson

Sale of point-of-care molecular diagnostics company

Acquisition by Altavant Services

Sale of rare respiratory disease company

Strategic Investment and Partnership with IQVIA

Financing and collaboration agreement for genomic data company

 

 

Global Partnership for Two Product Candidates

Collaboration for ADHD products

$275,000,000

Series A Preferred Stock

Financial advisory services to Nuvation related to the formation and Series A financing

Merger with Oncternal

Merger with privately held oncology company

GTx

GTx and Oncternal Therapeutics Enter into Definitive Merger Agreement

View Press Release

GTx, Inc. (Nasdaq: GTXI) and Oncternal Therapeutics, Inc., a privately held clinical-stage biotechnology company developing potential first-in-class therapeutic candidates for cancers with critical unmet medical need, today jointly announced that they have entered into a definitive merger agreement under which the stockholders of Oncternal would become the majority owners of GTx’s outstanding common stock. The proposed merger will create a publicly-traded, clinical-stage oncology company.

The combined company will be named Oncternal Therapeutics, Inc. and plans to change its ticker symbol on the Nasdaq Capital Market to ONCT upon closing of the transaction.

The combined company will have a strong balance sheet and deep pipeline of promising oncology drug programs advancing in development:

  • Oncternal’s lead program, cirmtuzumab, is an investigational, potential first-in-class anti-ROR1 monoclonal antibody. Cirmtuzumab is currently in a Phase 1/ 2 clinical trial in combination with ibrutinib for the treatment of chronic lymphocytic leukemia (CLL) and mantle cell lymphoma (MCL). In addition, an investigator-initiated Phase 1 clinical trial of cirmtuzumab in combination with paclitaxel for women with metastatic breast cancer is being conducted at the University of California San Diego (UC San Diego).
  • TK216, an investigational, potential first-in-class small molecule designed to inhibit the biological activity of ETS-family transcription factor oncoproteins, is being evaluated alone and in combination with vincristine in a Phase 1 clinical trial in patients with relapsed or refractory Ewing sarcoma.
  • A ROR-1 targeted chimeric antigen receptor T-cell (CAR-T) program is in preclinical development at UC San Diego for hematologic and solid tumors.
  • A Selective Androgen Receptor Degrader (SARD) program, an investigational, potential first-in-class preclinical program designed for oral administration to treat castration-resistant prostate cancer in men who are non-responsive to current androgen targeted therapies.

Cash, cash equivalents and short-term investments for the combined company are expected to be approximately $26 million, if the merger closes by the end of the second quarter of 2019. These funds are expected to be sufficient to advance Oncternal’s programs into the second quarter of 2020, including the Phase 2 study of cirmtuzumab and ibrutinib, and will fund the planned SARD preclinical studies to support the submission of an investigational new drug application with the U.S. Food and Drug Administration.

James Breitmeyer, MD, PhD, cofounder, president and CEO of Oncternal and a 30-year veteran of the pharmaceutical industry, will continue as president and CEO of the combined company. David Hale, cofounder of Oncternal and a 35-year veteran of numerous successful private and public biotech companies, will continue as Chairman of the Board of the combined company.

“This merger introduces Oncternal and its promising oncology pipeline to the public market and provides additional capital resources to advance our programs to potential value inflection points,” said Dr. Breitmeyer. “In addition to clinical data expected from our cirmtuzumab and TK216 programs later this year and during the first half of 2020, we also plan to have preclinical results that get us ready for clinical testing of our ROR1 CAR-T program. The addition of GTx’s SARD technology strengthens our pipeline and augments our entire oncology franchise, which includes a range of therapeutic approaches for a variety of difficult to treat cancers.”

“This transaction with Oncternal reflects the continued commitment of our management team and Board of Directors to deliver value to stockholders and make a difference in patients’ lives,” said Robert J. Wills, PhD, Executive Chairman of GTx. “Following a thorough review of strategic alternatives, we have determined that a reverse merger with Oncternal will enable GTx investors to participate in Oncternal’s broader pipeline of oncology opportunities, including product candidates designed to address rare disease indications, and enable the continued development of our first-in-class SARD technology by a company whose leadership has deep experience in developing oncology medicines.”

Aquilo Partners, L.P. is acting as exclusive financial advisor to GTx on the proposed transaction and Cooley LLP serves as legal counsel to GTx. Piper Jaffray is acting as exclusive financial advisor to Oncternal on the proposed transaction and Latham & Watkins, LLP serves as legal counsel to Oncternal.

Acquisition by undisclosed Global Life Sciences Company

Licensing and option agreement for life science tools company with global partner

Acquisition by Private Equity-backed Pharma Company

Sale of specialty pharma company

Investment + option to acquire by Global Medical Device company

Licensing and option agreement for medical device company with global partner

$56,400,000+

US Partnership for APADAZ with KVK

Merger with privately held oncology company

KemPharm

KemPharm Enters Into License Agreement with KVK Tech for the Commercialization of APADAZ®

View Press Release

KemPharm entered into a collaboration and license agreement with KVK for the US commercial rights to its FDA-approved prodrug product, APADAZ.

APADAZ (benzhydrocodone and acetaminophen tablets) was developed from KemPharm’s proprietary LAT technology, and is intended for the short-term management of acute pain.

KemPharm and KVK will collaborate on outreach and plan adoption by PBMs and MCOs for the exclusive use of APADAZ over currently available hydrocodone / acetaminophen products.

Aquilo worked closely with KemPharm’s senior management team to structure and negotiate the economics and other business-related items of the license agreement.

Closing: October 2018
Management: Travis Mickle, Ph.D. (Chairman, President & CEO), LaDuane Clifton (CFO), Rusty Johnson (CBO)

Financing for leading aerosol drug delivery company

$35,500,000

Acquisition by Ligand

Sale of therapeutic antibody discovery company

Crystal Bioscience

Ligand Acquires Crystal Bioscience

View Press Release

Acquisition by Ligand

Acquisition Completed: October 2017

Location: Emeryville, CA

Spinout from Mt. Sinai Health Systems

Spinout of clinical genetic diagnostics business from Mt. Sinai Health System

Sema4

Spinout from Mount Sinai Health System

View Press Release

Sema4 aims to revolutionize clinical diagnostics by combining comprehensive screening and diagnostic testing, predictive modeling, cutting-edge technologies, and open-access data. “We will incorporate patient information—including genetic, environmental, clinical, pharmaceutical, and device data—to model the complexity of disease and wellness and to generate more personalized, precise, and real-time insights for our patients. Ultimately, Sema4 will help transform how diseases are predicted, diagnosed, treated, and prevented,” said Dr. Schadt, CEO of Sema4 as well as Dean for Precision Medicine and the Jean C. and James W. Crystal Professor of Genomics at the Icahn School of Medicine. Sema4 combines more than 160 years of experience within Mount Sinai, including cutting-edge clinical expertise, world-class academic research, and pioneering information science. Sema4 will continue to offer high-quality genetic testing developed through years of research and patient interaction at Mount Sinai Health System. This includes its market-leading offering, Sema4 Expanded Carrier Screen (formerly NextStep), which tests for 281 genetic diseases by using six different testing technologies to provide a more meaningful result for patients. The Sema4 diagnostics menu will be quickly expanded to include an enhanced non-invasive prenatal test, newborn screening, and oncology testing.

Dennis S. Charney, MD, Anne and Joel Ehrenkranz Dean, Icahn School of Medicine at Mount Sinai, commented: “The launch of Sema4 is a natural extension of Mount Sinai’s vision to unlock and apply discoveries, clinical testing, and data-powered approaches that will drive greater health. We look forward to collaborating closely with the Sema4 team and to rapidly deploying the tools they develop throughout the Mount Sinai Health System.” Spinning out of Mount Sinai will allow Sema4 to raise the capital it needs to dramatically scale its genetic testing business and data sciences capabilities in order to collect and analyze significantly more data, and to build and implement platforms that enable patients and providers to fully make use of its analyses and diagnostic interpretations for clinical decision-making. As it expands, Sema4 will actively engage patients and physicians across the country with products that will transform molecular diagnostics through information-rich offerings and promote longer-term relationship with and knowledge about one’s health.

Sema4 will also build new digital platforms to engage patients and empower them to take control of their longitudinal health data, while facilitating analysis of the data to improve well-being. Sema4 is committed to being the first to create such platforms and expand the availability of digital health, enabling aggregation across all institutions and putting the patient first in that journey so that that they can benefit the most from that data. “During our time at Mount Sinai, the team now launching Sema4 has been committed to enabling patients to take charge of their data and be active participants in choosing a healthier life. We have spent years proving the value of multiscale biology and are eager to scale this at the national level,” said Dr. Schadt. “We will break down silos by openly sharing our information platform, network models, and data with the biomedical community, academic medical centers, and nonprofit researchers around the world. Providing broad access to data, rather than hoarding it or restricting its use, is a proven path to accelerating new discoveries and drastically improving patient care. Our efforts are designed to empower the patient to take their own data and share it with whomever they want during their lifetime.”

Mount Sinai has made a substantial investment in Sema4 and in the future of genetic research, diagnostics, and next-generation treatments. “By creating Sema4, we can bring this tremendous expertise to a national audience and use what we learn from the broader population to help us deliver better care to our Mount Sinai patients, shaping health care for decades to come,” said Kenneth L. Davis, MD, President and CEO of the Mount Sinai Health System.

Sema4 will have a staff of more than 300, including scientists, doctors, engineers, clinicians, genetic counselors, and business leaders. Spearheading our diagnostic operations are Lisa Edelmann, PhD, Sema4’s Chief Diagnostics Officer and long-time Executive Director of the Mount Sinai Genetic Testing Laboratory in New York City, and Todd Arnold, PhD, Chief Laboratory Operations Officer.

Aquilo worked closely with the senior management teams at Sema4 Genomics and at the Mount Sinai Health System in spinning out the rapidly growing company.

Location: New York, NY

Team: Eric Schadt (Chief Executive Officer), Lisa Edelmann (Chief Diagnostics Officer), Tom Neyarapally (Chief Commercial Officer), Matt Rosamond (Chief Financial Officer), Dan Clark (General Counsel)

$2,100,000,000

Partnership with AstraZeneca

Collaboration to develop and commercialize Anticalin-based inhaled treatments for respiratory diseases

Pieris Pharmaceuticals, Inc.

Collaboration with AstraZeneca to develop and commercialize Anticalin-based inhaled treatments for respiratory diseases.

View Press Release

Pieris announced a strategic collaboration in respiratory diseases with AstraZeneca to develop novel inhaled drugs that leverage Pieris’ Anticalin® platform, including its lead preclinical drug candidate, PRS-060.

Under the collaboration, Pieris will be responsible for advancing its preclinical lead candidate, PRS-060, into Phase 1 clinical trials in 2017. PRS-060 is an Anticalin against IL-4Ra with potential in asthma. AstraZeneca will fund all clinical development and subsequent commercialization programs and Pieris has the option of co-development and co-commercialization in the US from Phase 2a onwards. In addition, the parties will collaborate to progress four additional novel Anticalins against undisclosed targets for respiratory diseases with Pieris having the option to co-develop and co-commercialize in the US two of these programs.

AstraZeneca will make an upfront and near term milestone payments to Pieris in the amount of $57.5 million — $45 million USD of upfront payments and $12.5 million USD for the initiation of the PRS-060 Phase 1 trial. Pieris has the potential to receive development-dependent milestones and eventual commercial payments for all products not exceeding $2.1 billion as well as tiered royalties on the sales of any potential products commercialized by AstraZeneca. For programs co-developed by Pieris, the Company stands to receive increased royalties or a gross margin share on worldwide sales equal, dependent on the level of investment to which Pieris commits.

Aquilo worked closely with Pieris’ senior management teams in the US and Europe to structure and negotiate the economics and other business-related items of the license and platform agreements.

The collaboration agreement is conditional upon the expiration or early termination of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

Acquisition Completed: May 2017

Location:
 Boston, MA

Team: Stephen Yoder (President and CEO), Louis Matis (SVP and CDO), Lance Thibault (Acting CFO), Claude Knopf (SVP and CBO), Shane Olwill (VP, Head of Development & Immuno-Oncology), Mary Fitzgerald (VP, Respiratory Medicine), Christine Rothe (VP, Head of Discovery & Alliance Management), Eckhard Niemeier (VP, Head of BD), Claus Schalper (VP, Finance)

Board of Directors: Stephen Yoder, Chau Khuong, Michael Richman, Steven Prelack, Jean-Pierre Bizzari, Julian Adams, Christopher Kiritsy

Merger with Daré

Reverse merger of US-listed public, biopharma company with a private, clinical-stage women’s health company

Cerulean

Cerulean simultaneously enters into a stock purchase agreement with Daré and two other separate agreements to sell assets.

On March 20, 2017 Cerulean Pharma Inc. (“Cerulean”) and Daré Bioscience, Inc. (“Dare”), a privately-held, clinical-stage pharmaceutical company advancing products for women’s reproductive health, announce that the two companies entered into a stock purchase agreement under which Dare would become the majority owners of Cerulean. Depending on the relative net cash positions of Cerulean and Dare at the time of closing, it was expected that existing Cerulean stockholders would own between 30% and 49% of the combined company.

Cerulean also announced that it had entered into two agreements for the sale of assts. Cerulean sold its clinical product candidates, CRLX101 and CRLX301, for $1.5 million to NewLink Genetics (NASDAQ:NLNK). Cerulean also entered into an agreement with Novartis (SWX:NOVN), an existing collaborator, pursuant to which Novartis would acquire all rights to Cerulean’s Dynamic Tumor Targeting Platform for $6 million.

The Dare transaction and the Cerulean asset sales aimed to result in a NASDAQ-listed company with a focus on the development and commercialization of products for women’s reproductive health. Dare’s product candidate, Ovaprene®, is a clinical stage, non-hormonal contraceptive ring for monthly use that potentially addresses a significant unmet need.

On July 19, 2017, Cerulean and Dare announced the closing of the transactions completed by the stock purchase agreement. As a result of the transactions, the former holders of Cerulean held approximately 49% of the combined company. Also on July 19, 2017, in connection with the transactions, Cerulean effected a 1-for-10 reverse stock split and changed the Company’s name to “Dare Bioscience, Inc.”

Aquilo served as Cerulean’s sole financial advisor and provided a Fairness Opinion in regards to the transaction with Dare.

Acquisition Completed: March 2017

Closing: July 2017

Location: Waltham, MA

Team: Cristopher D.T. Guiffre (President and CEO), Scott Eliasof (SVP and CSO), Adrian Senderowicz (SVP and CMO)

$250,000,000

Fairness Opinion on CTP-656 Acquisition by Vertex

Fairness opinion for sale of clinical stage drug candidate to large pharma

Concert

Fairness Opinion on CTP-656 Acquisition by Vertex

Concert Pharmaceuticals and Vertex Pharmaceuticals completed an asset purchase agreement under which Vertex acquired CTP-656 which is being studied for use in the treatment of cystic fibrosis. In exchange for all worldwide development and commercialization rights, Concert Pharmaceuticals received $160 million in cash with potential for $90 million in future regulatory approval milestone payments.

The asset acquisition supplemented Vertex’s pipeline portfolio of cystic fibrosis assets in development. CTP-656 is an investigational cystic fibrosis transmembrane conductance regulator (CFTR) potentiator that has the potential to be used as part of a once-daily combination regimen of CFTR modulators.

Concert Pharmaceuticals is a clinical stage biopharmaceutical company focusing on applying its DCE Platform to create novel medicines designed to address unmet patient needs, as well as developing their broad pipeline of innovative medicine targeting pulmonary diseases.

Aquilo Partners completed a fairness opinion for Concert Pharmaceuticals.

$320,000,000

Acquisition of Zoladex in US, CAN from AstraZeneca

Acquisition of marketed cancer therapuetic

TerSera Therapeutics

TerSera Therapeutics enters agreement with AstraZeneca for Zoladex in the US and Canada.

View Press Release

TerSera Therapeutics entered into an agreement with AstraZeneca for the commercial rights to Zoladex (goserelin acetate implant) in the US and Canada. Zoladex is an injectable luteinising hormone-releasing hormone agonist, used to treat prostate cancer, breast cancer and certain benign gynaecological disorders. It was first approved in the US and Canada in 1989. Zoladex had 2016 product sales of $69 million in the US and Canada and $816 million globally. TerSera will pay AstraZeneca $250 million upon completion. AstraZeneca will also receive sales-related income through milestones totaling up to $70 million, as well as recurring quarterly sales-based payments at mid-teen percent of product sales. AstraZeneca will also manufacture and supply Zoladex to TerSera and will continue to commercialize Zoladex in all markets outside the US and Canada.

Aquilo Partners worked with TerSera to identify and execute the acquisition of Zoladex.

Merger with Capnia

Merger with privately held diagnostic devices company

Essentialis

Essentialis Merges with Capnia Creating Rare Disease Therapeutics Company

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Capnia, Inc. announced a merger with Essentialis, Inc. to advance the clinical development of Capnia’s lead therapeutic asset in development for the treatment of Prader-Willi Syndrome. In a concurrent financing to the merger agreement, new and existing investors of Essentialis invested $10 million in newly-issued Capnia shares of common stock.

The lead clinical asset, diazoxide choline controlled-release tablet, is under development as a once-daily oral tablet to treat patients with Prader-Willi Syndrome, as well as potential applications in other indications.

Aquilo Partners acted as a financial advisor to Essentialis in the merger with Capnia.

Acquisition Completed: 3/8/2017

$476,000,000

Acquisition of Performance Optics

Purchase of privately held ophthalmic lens manufacturer

HOYA Corporation

Buyside representation on the acquisition of leading global eyeglass lens manufacturing company.

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Ophthalmic eyewear lenses is the largest business unit in HOYA’s Life Care segment
The acquisition strengthens HOYA’s ability to provide customers with a broader portfolio of leading products, while continuing to provide best-in-class services to the eyewear industry.

Aquilo coordinated with the senior HOYA management team and legal and accounting advisors to structure and negotiate the transaction, provided financial analysis support, and helped manage cross-border diligence and the deal process.

Aquilo worked closely with HOYA leadership in Asia, Europe and the US.

Acquisition Completed: August 2017

Closing: August 2017

Location: Tokyo, Japan

Team: Hiroshi Suzuki (President & CEO), Ryo Hirooka (CFO), Girts Cimermans (Vision Care Company President), Augustine Yee (Chief Legal Officer and Head of Corporate Development and Affairs)

$70,000,000

N. & S. America and Indian Partnership with Metchuen

Regional license and commercialization agreements for Americas and India. One of four regional agreements.

Vivus

Avanafil Partnership with Metuchen Pharmaceuticals LLC

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VIVUS, Inc. announced an exclusive license agreement with Metuchen Pharmaceuticals for STENDRA (avanafil) commercial rights in the US., Canada, South America, and India. Under the license agreement, VIVUS received $70 million and Metuchen would be responsible for royalties due to Mitsubishi Tanabe Pharma Corporation based on net sales. Simultaneously, the companies signed a commercial supply agreement in which VIVUS will be responsible for the manufacturing and supply of STENDRA to Metuchen for a period of 180 days.
Metuchen has the option to assume the manufacturing and supply rights of STENDRA for its territories.

STENDRA (avanafil) is an oral phosphodiesterase type 5 inhibitor approved by the FDA in 2012 for the treatment of erectile dysfunction in the United States and sold under the name SPEDRA in the European Union.

Avanafil is licensed from Mitsubishi Tanabe Pharma Corporation and VIVUS owns worldwide development and commercial rights to avanafil for the treatment of sexual dysfunction, with the exception of certain Asian-Pacific Rim countries. VIVUS has granted exclusive license to the Menarini Group through its subsidiary Gerlin-Chemie AG to commercialize SPEDRA in over 40 European countries plus Australia and New Zealand.

Additionally, VIVUS has granted exclusive license to Sanofi to commercialize avanafil in Africa, the Middle East, Turkey, and Commonwealth of Independent States including Russia.

VIVUS is a biopharmaceutical company committed to the development and commercialization of innovative therapies that focus on advancing treatments for patients with serious unmet medical needs. Metuchen Pharmaceuticals is a privately-held specialty pharmaceutical company focused on improving men’s health.

Aquilo Partners acted as financial advisor to VIVUS in the license agreement of STENDRA.

Closing: October 2016

Location: Mountain View, CA

$150,000,000

Preferred Stock

Financing for clinical-stage cardiovascular biotech company

DalCor Pharmaceuticals

Private financing for a private, late-stage precision medicine company developing dalcetrapib to be the first genetically targeted medicine in cardiovascular disease

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DalCor is the first company developing precision treatments for cardiovascular disease in a genetically distinct population of patients who will derive the most clinical benefit. By integrating clinical and genetic insights, DalCor intends to deliver superior clinical cardiovascular outcomes. The company’s first development program, dalcetrapib, is intended to reduce cardiovascular events in a specific genetic subset of patients.

The company received a total of $150 million in private financing to continue development of dalcetrapib. DalCor will use the proceeds to fund a Phase 3 clinical trial in patients who have recently experienced Acute Coronary Syndrome. An investigational companion diagnostic test developed by Roche Molecular Systems will be used as an aid in determining if a patient is eligible to receive the drug.

Aquilo Partners, L.P. served as a strategic advisor to DalCor Pharmaceuticals.

Acquisition by Becton Dickinson

Sale of privately held single cell genomic analysis company

Cellular Research, Inc.

Sale of a privately held company with advanced tools for massively parallel single cell genetic analysis

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Sale of a privately held company with advanced tools for massively parallel single cell genetic analysis

Cellular Research has developed highly sensitive single cell genetic analysis technologies and products based on its proprietary Molecular Indexing technology to enable gene expression profiles.

Aquilo worked closely with the Cellular Research team and also provided advice on deal process, valuation and structure. The acquisition will enable BD Life Sciences to provide researchers with tools to quantify and study gene expression in large numbers of individual cells by providing an integrated sample prep workflow.

Acquisition Completed: August 2015

Location: Menlo Park, CA

Team: Steve Fodor (CEO, Founder), Ari Chaney (CFO, Founder), Glenn Fu (Senior Scientist, Founder)

Acquisition by Midatech

Sale of publicly traded specialty pharma company

DARA BioSciences, Inc.

Sale of a public, specialty pharmaceutical company focused on the commercialization of oncology and oncology supportive care products in a cross-border transaction to UK-based Midatech.

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For each share of common stock, DARA shareholders will receive 0.272 shares of Midatech stock and a CVR, representing a right to additional contingent cash payments.

The upfront consideration represents a 60% premium over the 15 day volume weighted average DARA price prior to signing. The total consideration represents approximately 10x 2014 sales.

Acquisition Completed: November 2015

Location: Raleigh, NC

$75,000,000+

Acquisition by Boston Scientific

Sale of a privately held, venture-backed, GI company with strong early commercial traction

Xlumena, Inc.

Sale of a privately held, venture-backed, GI company with strong early commercial traction

Xlumena’s device portfolio includes the AXIOS™ and HOT AXIOS™ Stent and Delivery Systems. The AXIOS Stent and Delivery System has received U.S. Food and Drug Administration (FDA) clearance and is the world’s first stent designed for endoscopic ultrasound-guided transluminal drainage of symptomatic pancreatic pseudocysts. The next-generation HOT AXIOS™ Stent and Delivery System incorporates cautery into the delivery of the AXIOS stent. Both systems have CE Mark and are currently sold in select countries in Europe.

Boston Scientific Corporation purchased Xlumena for an upfront payment of $62.5m, an additional payment of $12.5m upon FDA approval of the Hot AXIOS product, and further sales-based milestones based on sales achieved through 2018.

Aquilo worked closely with the Xlumena management team and Board of Directors and also provided advice on deal process, valuation and structure. The acquisition enables Boston Scientific, a leader in the EUS market, to advance its product portfolio with Xlumena’s leading interventional EUS therapeutic devices.

Acquisition Completed: April 2015

Location: Mountain View, CA

Team: Greg Patterson (President & CEO), Bill Albright (CFO)

Board of Directors: Greg Patterson (Xlumena), Tony Natale (Prism Venture Partners), Ken Binmoeller (Founder), Barr Dolan (Charter Venture Partners), Ken Hayes, Jason Hong (Third Point LLC), Eric Sillman (Aperture Venture Partners)

Strategic Investment by Hanmi

Strategic investment and out-licensing of lead product in Korea and China

Allegro Ophthalmics, LLC

Private placement representation on the strategic investment from Asian partner

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Private placement representation of Allegro Ophthalmics, LLC on the $20 million strategic investment from Hanmi Pharmaceutical Co., Ltd. as part of Allegro and Hanmi’s license agreement for Allegro’s Luminate program for Korea and China. Aquilo worked closely with the senior management of Allegro on valuation and structuring of the strategic investment.

The licensing agreement for Korea and China along with the strategic investment provides Allegro a strong development and commercial partner in these countries along with additional capital to to significantly advance the development of Luminate in many ophthalmic indications.

Closing: January 2015

Location: San Juan Capistrano, CA

Acquisition of SPRIX from Luitpold

Acquisition of marketed pain management therapeutic

Egalet

Acquisition of marketed pain product, SPRIX®

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In two transactions, Egalet acquired SPRIX® and in-licensed OXAYDO™, transforming the company into a fully integrated specialty pharmaceutical company focused on developing and commercializing products indicated to treat patients living with moderate to severe pain.

Aquilo worked closely with Egalet management in identifying SPRIX® as a potential acquisition target as well as in providing advice on valuation and deal structure.

$335,000,000

Partnership with Curetech

In-license of clinical stage immunotherapy

Medivation, Inc. (Nasdaq: MDVN)

Buyside representation on the in-licensing of late stage cancer program

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Buyside representation of Medivation on the in-licensing of an anti-PD-1 immune modulatory monoclonal antibody from CureTech Ltd. for potential applications in oncology for up to $335 million in upfront and milestone payments. Aquilo worked closely with the senior management of Medivation providing valuation and structure advisory.

The in-licensing of this program allows Medivation to diversify its cancer portfolio while also increasing its presence in immuno-oncology.

Acquisition Completed: December 2014

Location: San Francisco, CA

Team: David Hung (CEO), Rick Bierly (CFO), Lynn Seely (CMO)

$120,000,000

Acquisition by Nicox S.A.

Sale of a privately held, venture-backed, therapeutic ophthalmology company

Aciex Therapeutics, Inc.

Sale of a privately held, venture-backed, therapeutic ophthalmology company with a strong near-term pipeline

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Aciex’s product pipeline includes clinical stage and pre-IND assets to treat ocular diseases. Aciex’s lead asset is AC-170, a novel formulation of cetirizine (a leading antihistamine marketed under brand names including Zyrtec®), being developed for topical application in the eye for the first time for the treatment of allergic conjunctivitis. AC-170 has completed two Phase 3 safety and efficacy studies, demonstrating statistically significant results over vehicle control for the primary endpoint of ocular itching.

Nicox S.A., a French public company, purchased Aciex for $65m in newly issued Nicox shares upfront, plus contingent value rights giving right to Nicox shares, for a potential additional value of up to $55m.

Aquilo worked closely with the Aciex management team and Board of Directors and also provided advice on deal process, valuation and structure. The combined company now has ophthalmic diagnostic and therapeutic strength and is poised for growth in the US and internationally.

Acquisition Completed: October 2014

Location: Boston, MA

Team: Les Kaplan (Executive Chairman), Tom Cavanagh (President)

Board of Directors: Les Kaplan, Ph.D. (Aciex), Mark Abelson, M.D. (Ora Investment Group), Dayton Misfeldt (Bay City Capital), Hal Werner (HealthCare Ventures), Jake Nunn (NEA), Raj Rai (Akorn)

$43,400,000

Series B Preferred Stock & Debt

Growth capital for private, commercial-stage hip and knee implant company

OMNIlife science, Inc.

Growth capital for a private, commercial-stage hip and knee implant company with significant revenues and proprietary robotic and navigation platform

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Funding will be used immediately to fund OMNI’s growth initiatives, including expansion of OMNI’s hip and knee product lines; commercial development of the proprietary OMNInav hip replacement solution; and doubling the number of deployed OMNInav systems.

The financing was led by Deerfield Management Company, providing OMNI a strong strategic financial partner with deep experience in the robotics and orthopedic space (previous investment in Mako Surgical), while avoiding syndicate risk.

Aquilo was the exclusive placement agent to OMNI, sourcing the new investor, playing an integral role in determining the structure of the securities, coordinating diligence and negotiating terms.

Closing: April 2014

Security: Convertible Debentures, Term Note, Series B Preferred Stock

Location: East Taunton, MA

Team: George Cipolletti (President & CEO)

$337,500,000+

Acquisition of SPL

Acquisition of privately held manufacturer and supplier of heparin

Shenzhen Hepalink Pharmaceutical Co., Ltd.

Shenzhen Hepalink Pharmaceutical Co., Ltd.

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Buy-side representation of Hepalink in the acquisition of privately held Scientific Protein Laboratories, LLC (“SPL”) for US$337.5 million in cash plus certain contingent payments.
Aquilo worked closely with Hepalink’s US-based business development subsidiary and with the company’s senior leadership in China, providing valuation and structure advisory, as well as cross border diligence and deal process coordination.

The acquisition of SPL allows Hepalink to expand its presence as a leading worldwide supplier of heparin, and provides the combined company with greater product development and growth opportunities in new markets.

Acquisition Completed: April 2014

Location: Shenzhen, China

Team: Li Li (Chairman & CEO), Haihua Bu, Bruce Wendel, Gary Doten

$40,000,000

Acquisition by Becton Dickinson

Sale of privately held diagnostic instrument company

Alverix, Inc.

Sale of privately held diagnostic instrument company with a commercialized product in the point-of-care market.

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Alverix developed the Veritor System, a novel image-based instrument ideally suited for the point-of-care market and based on the company’s proprietary optical reader platform. The Veritor System is supplied to Becton Dickinson (“BD”) for the rapid detection of Flu A+B, Group A Strep, Adenovirus, and Respiratory Syncytial Virus in clinical laboratories and in physicians’ offices.

Aquilo managed a competitive process with multiple interested parties and assisted Alverix in evaluating and executing the merger.

BD acquired Alverix for an upfront total of $40 million cash.

Closing: January 2014

Location: San Jose, CA

Team: Ric Tarbox (President & CEO), Pat Petruno (Founder & COO), Tong Xie (CTO & VP of R&D)

Board of Directors: Gary Kurtzman, Stephen Socolof

$61,000,000

Africa, Middle East & CIS Partnership with Sanofi

Regional license and commercialization agreements for Africa, Turkey, Middle East, and CIS. One of four regional agreements.

VIVUS, Inc.

Avanafil Partnership with Sanofi

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VIVUS has entered into a License and Commercialization Agreement with Sanofi to commercialize avanafil on an exclusive basis in Africa, the Middle East, Turkey, and the Commonwealth of Independent States (CIS) including Russia. Sanofi will be responsible for obtaining regulatory approval in its territories. Sanofi intends to market avanafil under the tradename SPEDRA™ or STENDRA™.

Under the terms of the agreement, VIVUS is eligible to receive up to $61 million in upfront payments, regulatory and sales milestones. VIVUS will also receive escalating royalties based on net sales over the life of the agreement.

In July 2013, VIVUS announced an exclusive license with the Menarini Group to commercialize avanafil in Europe, Australia and New Zealand. In October 2013, VIVUS announced an exclusive license with Auxilium Pharmaceuticals, Inc. to commercialize avanafil in the United States and Canada. Under the Menarini, Auxilium and Sanofi agreements, avanafil is expected to be commercialized in over 100 countries worldwide.

SPEDRA™, the trade name for avanafil in the EU and certain other territories outside of the U.S., has been approved by the EMA for the treatment of ED in the EU.

STENDRA™, the trade name for avanafil in the U.S. and certain other territories, is approved by the FDA for the treatment of ED in the U.S.

Aquilo Partners acted as exclusive financial advisor to VIVUS in the partnering of avanafil to Sanofi. Aquilo assisted in the negotiation of the economics and other business-related items of the license agreement.

Closing: December 2013

Location: Mountain View, CA

Team: Seth H.Z. Fischer (CEO), Timothy E. Morris (SVP, CFO), John L. Slebir, Esq. (VP, BD)

Board of Directors: Michael J. Astrue, J. Martin Carroll, Samuel F. Colin, M.D., Alexander J. Denner, Ph.D., Seth H.Z. Fischer, Johannes J.P. Kastelein, Mark B. Logan, David York Norton, Jorge Plutzky, M.D., Herman Rosenman, Robert N. Wilson

$25,000,000

Series C Preferred Stock

Financing for GI device company

Xlumena

Placement Agent for Xlumena’s $25 million Series C financing

$300,000,000

North American Partnership with Auxilium

Regional license and commercialization agreements for United States and Canada. One of four regional agreements.

VIVUS

VIVUS entered into an agreement with Menarini to commercialize and promote SPEDRA™ (avanafil) in over 40 European countries plus Australia and New Zealand

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VIVUS entered into an agreement with Menarini to commercialize and promote SPEDRA™ (avanafil) in over 40 European countries plus Australia and New Zealand.

VIVUS entered into an agreement providing Auxilium the exclusive rights to STENDRA™ (avanafil) in the U.S. and Canada.

VIVUS entered into a License and Commercialization Agreement with Sanofi to commercialize avanafil on an exclusive basis in Africa, the Middle East, Turkey, and the Commonwealth of Independent States (CIS) including Russia.

Avanafil is a new phosphodiesterase-5 inhibitor (PDE5-i) approved under the trade name STENDRA™ by the U.S. FDA in April 2012 and by the European Commission (EC) in June 2013 for the treatment of erectile dysfunction (ED).

Under the Menarini, Auxilium and Sanofi agreements, avanafil is expected to be commercialized in over 100 countries worldwide.

Under the Menarini license agreement, VIVUS is expected to receive approximately €39 million including upfront payments totaling €16 million and VIVUS is eligible to receive up to €79 million in milestones and other payments over the life of the agreement in addition to royalties.

Under the Auxilium license agreement, VIVUS is eligible to receive up to $300 million based on certain regulatory and sales milestones, including an upfront licensing fee of $30 million and a $15 million payment contingent upon a potential label amendment regarding onset-of-action, in addition to royalties on product sales.

Under the Sanofi license agreement, VIVUS is eligible to receive up to $61 million in upfront payments, regulatory and sales milestones and VIVUS will also receive escalating royalties based on net sales over the life of the agreement.

Aquilo introduced the parties and assisted in the negotiation of the economics and other business-related items of the license agreements.

Client: Vivus, Mountain View, CA
Partnered with: Menarini Group / Auxiluim / Sanofi
Closing: Jul. 2013, Oct. 2013, Dec. 2013
Management:
Leland F. Wilson (CEO)
Peter Y. Tam (President)
Michael P. Miller (SVP, CCO)
Timothy E. Morris (SVP, CFO)
John L. Slebir, Esq. (VP, BD)

$250,000,000+

Acquisition by Actelion

Sale of privately held, specialty pharma company with FDA-approved orphan drug for early stage mycosis fungoides

Ceptaris Therapeutics Inc.

Sale of privately held, specialty pharmaceutical company with FDA-approved orphan drug for early stage mycosis fungoides

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Ceptaris developed VALCHLOR™, a proprietary gel formulation of mechlorethamine for the treatment of early stage (IA and IB) mycosis fungoides, a type of cutaneous T-cell lymphoma (CTCL). VALCHLOR was the first FDA-approved topical mechlorethamine product available to treat the signs and symptoms of this rare cancer.

A $25 million payment was made at signing, with FDA approval of VALCHLOR as a closing condition. VALCHLOR received FDA approval on August 26, 2013.

Aquilo managed a competitive process with multiple interested parties, augmented discussions between Actelion and Ceptaris, and assisted Ceptaris in evaluating and negotiating the merger agreement.

The transaction included a total of $250 million through closing, and additional payments based on net sales and/or the achievement of certain commercial milestones.

Acquisition Completed: September 2013

Location: Malvern, PA

Team: Stephen Tullman (Chairman & CEO), Tim Henkel (EVP, Head of R&D), Doug Gessl (COO & CFO)

Board of Directors: Stephen Tullman, Albert Cha, M.D., Ph.D., John Doux M.D., David Drahms, William Hamilton Ph.D.

$100,000,000

European Partnership with Menarini

Regional license and commercialization agreements for United States and Canada. One of four regional agreements.

VIVUS, Inc.

European Partnership with Menarini

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VIVUS has entered into a License and Commercialization Agreement and a Supply Agreement with Menarini and its wholly-owned subsidiary BERLIN-CHEMIE AG/MENARINI, to commercialize and promote SPEDRA™ (avanafil) in over 40 European countries plus Australia and New Zealand.

SPEDRA is a new phosphodiesterase-5 inhibitor (PDE5-i) approved under the trade name STENDRA™ by the U.S. FDA in April 2012 and by the European Commission (EC) in June 2013 for the treatment of erectile dysfunction (ED).

The Menarini Group is the leading Italian pharmaceutical company in the world with over 125 years of history. Menarini, a private company headquartered in Florence, Italy, has a 2012 turnover of more than €3.2 billion ($4.2 billion) and has over 16,000 employees worldwide. In the EU, Menarini expects to field a sales force of 1,350 representatives to promote SPEDRA.

The financial terms of the transaction include an upfront payment and various approval and sales milestones plus royalties on SPEDRA sales. Within the first year, VIVUS is expected to receive approximately €39 million (or approximately $51 million at current exchange rates) including upfront payments totaling €16 million (or approximately $21 million at current exchange rates). VIVUS is eligible to receive up to €79 million (or approximately $102 million at current exchange rates) in milestones and other payments over the life of the agreement in addition to royalties.

Aquilo Partners acted as exclusive financial advisor to VIVUS in the partnering of SPEDRA to Menarini. Aquilo assisted in the negotiation of the economics and other business-related items of the license agreement.

Closing of European Partnership: July 2013

Location: Mountain View, CA

Team: Leland F. Wilson (CEO), Peter Y. Tam (President), Michael P. Miller (SVP, CCO), Timothy E. Morris (SVP, CFO), John L. Slebir, Esq. (VP, BD)

Board of Directors: Mark B. Logan, J. Martin Carroll, Charles J. Casamento, Ernest Mario, Ph.D., Jorge Plutzky, M.D., Linda M. Dairiki Shortliffe, M.D., Peter Y. Tam, Leland F. Wilson, Robert N. Wilson

$700,000,000

Acquisition by Pfizer

Sale of biopharma company with approved ADHD treatment

NextWave Pharmaceuticals, Inc.

Sale of specialty pharmaceutical company with an FDA-approved drug for attention deficit/hyperactivity disorder (ADHD)

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NextWave is the developer of Quillivant XR™ (methylphenidate hydrochloride) for extended-release oral suspension, the first once-daily liquid medication approved in the U.S. for the treatment of ADHD.

Quillivant XR received approval from the FDA on September 27, 2012.

Aquilo introduced Pfizer and NextWave, and assisted NextWave in evaluating and negotiating the option and merger agreement.

The transaction included $275 million in upfront payments, and up to $425 million based on certain sales milestones.

Aquilo previously assisted NextWave in its $45 million Series C financing in January 2011.

Acquisition Completed: November 2012

Location: Cupertino, CA

Team: Jay P. Shepard (Principal & CEO), Cynthia M. Butitta (SVP & CEO), Craig Chambliss (SVP & CBO)

Board of Directors:
 Jay P. Shepard, Gaurav Aggarwal, Robert Casale, Steve Elms, Hingge Hsu, Frank Kung, Anand Mehra, Dayton Misfeldt, Patrick J. Zenner

$812,500,000

European Partnership with Baxter

License and commerialization agreement for clinical stage oncology candidate in Europe

Onconova Therapeutics, Inc.

European Partnership with Baxter for Rigosertib Equity Investment by Baxter

Onconova granted Baxter the European rights to its novel targeted anti-cancer compound rigosertib, which is currently in a Phase 3 study for the treatment of a group of rare hematologic malignancies called Myelodysplastic Syndromes (MDS) and a Phase 2/3 study for pancreatic cancer. MDS includes a wide range of bone marrow disorders associated with an increased risk of progression to acute myeloid leukemia (AML).

The financial terms of the European rights transaction are $50 million upfront payment, up to an additional $515 million of pre-commercial milestones in Myelodysplastic Syndromes (MDS) and pancreatic cancer, and potential commercial milestones and royalties

One of the largest licensing deals to date solely for European rights to a drug candidate. Importantly, Onconova retains 100% of the commercial rights in the US and outside of Europe (excluding Korea and Japan following an agreement with SymBio in 2011).

Baxter also made a separate $50 million equity investment in Onconova.

Aquilo introduced Baxter and assisted Onconova in evaluating and negotiating equity investment and licensing agreement.

Closing of European Partnership: September 2012

Closing of Equity Investment: July 2012

Location: Newtown, PA

Team: Ramesh Kumar, Ph. D. (CEO), Francois E. Wilhelm, M.D., Ph.D. (CMO)

Board of Directors: Michael B. Hoffman, Henry S. Bienen, Jodi Devlin, Ramesh Kumar, Chandra Shekhar Reddy Kundur, Viren Mehta, Pankaj R. Patel, K. Ravindra, E. Premkumar Reddy, Alan R. Williamson

$50,000,000

Strategic Investment by Baxter

License and commerialization agreement for clinical stage oncology candidate in Europe

Onconova Therapeutics, Inc.

Onconova granted Baxter the European rights to its novel targeted anti-cancer compound rigosertib, which is currently in a Phase 3 study for the treatment of a group of rare hematologic malignancies called Myelodysplastic Syndromes (MDS) and a Phase 2/3 study for pancreatic cancer. MDS includes a wide range of bone marrow disorders associated with an increased risk of progression to acute myeloid leukemia (AML).

The financial terms of the European rights transaction are $50 million upfront payment, up to an additional $515 million of pre-commercial milestones in Myelodysplastic Syndromes (MDS) and pancreatic cancer, and potential commercial milestones and royalties.

One of the largest licensing deals to date solely for European rights to a drug candidate. Importantly, Onconova retains 100% of the commercial rights in the US and outside of Europe (excluding Korea and Japan following an agreement with SymBio in 2011).

Baxter also made a separate $50 million equity investment in Onconova.

Aquilo introduced Baxter and assisted Onconova in evaluating and negotiating equity investment and licensing agreement.

Closing of European Partnership: September 2012

Closing of Equity Investment: July 2012

Location: Newtown, PA

Team: Ramesh Kumar, Ph.D. (CEO), Francois E. Wilhelm, M.D., Ph.D. (CMO)

Acquisition by Bionomics

Sale of privately held oncology company

Eclipse Therapeutics, Inc.

Sale of a private biotechnology company focused on developing novel therapeutic product candidates that target cancer stem cells in oncology

A spin-off of the Biogen Idec oncology franchise, Eclipse Therapeutics is developing novel drug candidates that target cancer stem cells (CSCs) in oncology, and has a validated cancer stem cell platform technology called CSC Rx Discovery™.

Eclipse’s lead compound ET101 is aimed at an undisclosed CSC target which is over-expressed on most solid tumors. ET101 is expected to move into human trials in 2014.

Aquilo Partners led the outreach to strategic parties, including the introduction to Bionomics, and assisted in the negotiation of the structure and the financial parameters of the deal with Bionomics. Eclipse shareholders received approximately 6.5% of Bionomics’ issued capital and rights to receive cash earn-outs.

Closing: September 2012

Location: San Diego, CA

Team: Jonathan Lim, M.D. (CEO), Peter Chu, Ph.D. (President), Christopher Reyes, Ph.D. (CSO)

$207,500,000

Acquisition by Sanofi

Sale of privately held pharmaceutical company

Topaz Pharmaceuticals, Inc.

Sale of a specialty pharmaceutical company with a new drug application filed for Sklice™

Sell-side representation of Topaz in competitive process with multiple bidders.

Venture-backed Topaz is a specialty pharmaceutical company focusing on the development and commercialization of pediatric and dermatology pharmaceutical products.

Topaz’s Sklice® (ivermectin) 0.5% topical lotion represents a new standard for Rx care providing single dose efficacy by breaking the lice life cycle combined with an unparalleled safety record in an appealing, consumer friendly formulation.

In February 2012, the U.S. Food and Drug Administration approved Sklice® (ivermectin) lotion, 0.5% for the topical treatment of head lice, in patients 6 months of age and older. Effective and well-tolerated, Sklice Lotion treats lice in most patients with a single 10-minute application of the lotion, without nit combing.

Closing: October 2011

Location: Horsham, PA

Team: Robert Radie (President & CEO), Tom Beck, M.D. (CMO), Mark Strobeck, Ph.D. (CBO)

Board of Directors: Bob Casale, Cameron Durrant, Dov Goldstein, Nick Spring, Robert Weisskoff

$22,500,000

Series B Preferred Stock

Financing for healthcare equipment company focused on vein visualization solutions

AccuVein Inc.

Financing of medical imaging company commercializing an industry-leading, hand-held vein illumination device

Commercial stage company with: AV300 hand-held vein illumination solution for venipuncture that allows health care professionals to see a map of peripheral veins on the skin’s surface for procedures including blood draws, IV infusions and blood donations, sales at more than 750 U.S. hospitals and in 63 countries worldwide, proprietary technology useful for a broad range of imaging and medical diagnostic applications

Funding will be used to provide growth capital to continue expansion into untapped markets and enhance focus on customers globally

Closing: July 2011

Security: Series B Preferred

Location: Long Island, NY

Team: Ron Goldman (CEO)

New Investors: MVM Life Science Partners, Bessemer Venture Partners

Board of Directors: Eric Bednarski, Chris Gabrieli, Jimmy Lackie, Frank “Trey” Flautt, III, Ron Goldman

$45,000,000

Series C Preferred Stock

Sale of biopharma company with approved ADHD treatment

NextWave Pharmaceuticals, Inc.

Financing of specialty pharmaceutical company focused on cardiovascular and CNS diseases

Funding will be used to:

  • Commercialize recently launched NEXICLON™XR for the treatment of hypertension
  • Expand the CNS portfolio
  • Prepare for the introduction of a novel extended-release liquid methylphenidate for Attention Deficit Hyperactivity Disorder (ADHD), currently under review by the FDA

Closing: January 2011

Location: Cupertino, CA

Team: Jay P. Shepard (President & CEO), Craig Chambliss (SVP & CBO)

New Investors: Bay City Capital, Panorama Capital, Kearny Venture Partners

Existing Investors: Aisling Capital, Fidelity Biosciences, Sofinnova Ventures, Vivo Ventures

Board of Directors: Jay P. Shepard, Gaurav Aggarwal, Robert Casale, Steve Elms, Hingge Hsu, Frank Kung, Anand Mehra, Dayton Misfeldt, Patrick J. Zenner

Acquisition of ROXRO PHARMA

Purchase of privately held specialty pharma company focused on pain

Luitpold Pharmaceuticals, Inc.

Buy-side representation on the acquisition of a specialty pharmaceutical company with an FDA-approved drug for pain

View Press Release

Buy-side representation of Luitpold in competitive process for the privately held ROXRO PHARMA, Inc.

Aquilo worked closely both with US-based subsidiary Luitpold and with Tokyo-based parent company Daiichi Sankyo.

ROXRO’s SPRIX® – an intranasal formulation of keterolac tromethamine – was approved by the FDA in May 2010 for the short-term treatment of acute moderate to moderately severe pain that requires analgesia at the opioid level.

Closing: December 2010

Location: Shirley, NY

Team: Mary Jane Helenek (President & CEO)

Acquisition by OriGene

Sale of gene synthesis company while spinning out a new oligonucleotide synthesis technology into a new company

Blue Heron Biotechnology, Inc.

Sale of a market leader in the gene synthesis field

View Press Release

Venture-backed OriGene is a gene-centric tool company committed to providing everything a researcher would need to conduct gene-based research.

Blue Heron has developed the industry’s most advanced gene synthesis technology and is capable of handling the most difficult DNA sequences.

A complete product solution for gene researchers is provided by OriGene’s complete collection of human cDNA clones combined with Blue Heron’s gene synthesis capabilities.

Definitive Agreement: July 2010

Closing: August 2010

Location: Bothell, WA

Team: John Fess (CEO), John Mulligan (CSO & Founder)

Board of Directors: John Richards, Jeff Szekeres, John Fess, John Mulligan

Acquisition of PharmaForce, Inc.

Acquisition of specialty injectable generic pharma company

Luitpold Pharmaceuticals, Inc.

Buy-side representation on the acquisition of a fully integrated specialty injectable pharmaceutical company

View Press Release

Buy-side representation of Luitpold in competitive process for the privately held PharmaForce.

Aquilo worked closely both with US-based subsidiary Luitpold and with Tokyo-based parent company Daiichi Sankyo.

PharmaForce focused on difficult to manufacture sterile products and sole source or first-to-market generic injectable products.

Closing: December 2009

Location: Shirley, NY

Team: Mary Jane Helenek (President & CEO)

Acquisition of Clarient

Sale of cancer diagnostics company

Applied Genomics, Inc. (AGI)

Sale of company with novel tools for the detection and classification of human cancer

Strategically important: Rapidly growing cancer diagnostics company Clarient has the powerful commercial engine that is expected to drive the sale of the proprietary technology/tests developed by AGI.

Several AGI-developed tests ready for market launch by Clarient at time of the transaction close, including Pulmotype(R) for classifying lung cancer patients.

AGI uses a proprietary process whereby complex gene expression data is used to target antibody production and generate datasets of protein expression across thousands of tumor tissues.

Definitive Agreement: December 2009

Closing: December 2009

Location: Huntsville, AL

Team: Rob Seitz (CEO), Doug Ross (CSO)

Board of Directors: Jim Hudson, Roy Nichols, Lonnie McMillian, Rob Seitz, Doug Ross

View Press Release

$765,000,000

Partnership with Astellas

License and commercialization agreement for WW rights to clinical-stage oncology candidate

Medivation, Inc. (Nasdaq: MDVN)

Global partnership with Astellas for XTANDI

View Press Release

Medivation was developing enzalutamide, a novel, oral anti-androgen drug candidate for prostate cancer. After a successful Phase 2 trial, Medivation advanced the drug into a pivotal Phase 3 trial in September 2009.

Aquilo assisted Medivation throughout the enzalutamide partnering process, introducing potential strategic partners and helping the company evaluate the financial, strategic and corporate governance aspects of potential partnerships.

The economic aspects of the deal with Astellas include $110 million upfront payment, up to $335 million of development milestones, up to $320 million of commercial milestones, a 50/50 split of US profits, and tiered double-digit royalties on ex-US sales.

When Phase 3 data was released it drove an $800 million increase in market cap for Medivation, and Astellas’ market cap increased by $500 million that same day.

XTANDI (enzalutamide) was approved in the US in August 2012 and commercially available in September 2012.

From the date of the announcement of the global partnership with Astellas until the commercial launch in September 2012, the market cap of Medivation increased by $3.0 billion.

Definitive Agreement: October 2009

Closing: October 2009

Location: San Francisco, CA

Team: David Hung (CEO), Patrick Machado (CFO)

Series B Preferred Stock

Financing for commercial-stage pain company

Xanodyne Pharmaceuticals, Inc.

Financing of specialty pharmaceutical company focused on women’s healthcare and pain management

View Press Release

Commercial stage company with: Significant pain franchise, Zipsor recently launched and Lysteda NDA filed.

Closing: October 2009

Security: Series B Preferred

Location: Newport, KY

Team: Michael Valentino (President & CEO), Rita O’Connor (CFO), Gary Shangold (CMO), Natasha Giordano (CCO)

New Investors: Longitude Capital, Silver Point Capital, Skandia Asset Management

Existing Investors: AIG Global, Aisling Capital, Apax Partners, Blue Chip Venture, Essex Woodlands Health Ventures, HealthCare Ventures, MPM Capital, Union Springs

Board of Directors: Rolf Classon, Vaughn Kailian, Dennis Purcell, Steven St. Peter, James Shannon, Craig Tooman, Michael Valentino

$184,000,000

Acquisition by Roche

Sale of antibody therapeutic company

ARIUS Research Inc.

132% premium over closing price on day Aquilo engaged

View Press Release

ARIUS developed a proprietary antibody platform called FunctionFIRST™, which rapidly identifies and selects antibodies based on their functional ability to affect disease before progressing into clinical development.

Aquilo helped ARIUS evaluate multiple strategic options, from single product licensing deals to broad platform deals to a full acquisition of the company.

The final acquisition price of C$2.44/share (transaction value of approximately US$184m) represented a premium of 44% to the 20-day volume-weighted average closing price ending May 15, 2008 (the last trading day prior to ARIUS’ announcement that third parties had shown interest in ARIUS and its technologies) and 132% over the closing price on the day ARIUS engaged Aquilo.

Definitive Agreement: July 2008

Closing: September 2008

Location: Toronto, Canada

Team: David S. Young (CEO), Warren Whitehead (CFO)

Board of Directors: David S. Young, Carl L. Gordon, Joseph Zakrzewski, James Rae, Graham Strachan

Acquisition by Tethys Bioscience

Sale of clinical diagnostic tools company

Lipomics Technologies, Inc.

Sale to Tethys Bioscience, Inc.

View Press Release

Lipomics established a leadership position in personalized medicine for metabolic disorders by combining world-class expertise in lipid biology with its technology for quantitative metabolite profiling.

Lipomics has developed clinical diagnostic tools with an emphasis on high-density lipoprotein metabolism, diabetes, weight loss and inflammation.

Aquilo ran the sale process and advised Lipomics on structuring a private-to-private acquisition by Tethys Bioscience, a personalized predictive medicine company led by noted biotech executive Mickey Urdea (Chiron and Bayer) and backed by Kleiner Perkins and Mohr Davidow.

Definitive Agreement: September 2008

Closing: September 2008

Location: Sacramento, CA

Team: Steven Watkins (CEO & CSO), Brian Sway (CFO)

Board of Directors: Roger Salquist, Steven Watkins, Anula Jayasuriya, Scott Lenet, Michael Miille

Acquisition by Thermo Fisher

Sale of provider of RNAi, gene expression, and protein detection products

Open Biosystems, Inc.

Competitive process involved multiple large companies

View Press Release

Open Biosystems is a provider of RNA interference (RNAi), gene expression, and protein detection products for life science research.

Aquilo helped to position Open Biosystems as the market leader in short-hairpin RNA (shRNA) and viral-vector systems for delivering shRNA into living cells.

Competitive process with multiple bidders.

Definitive Agreement: June 2008

Closing: June 2008

Location: Huntsville, AL

Team: Brian Pollock (CEO), Troy Moore (CTO)

Board of Directors: Jim Hudson, Geoff Duyk, Lonnie McMillian, Richard Myers, Brian Pollock, Troy Moore, Matt Baker

$26,500,000

Series C Preferred Stock

Financing for life sciences company focused on DNA sequencing platform for human genome sequencing and analysis

Complete Genomics, Inc.

Large hedge fund-led financing

Preemptive term sheet 1 month after initiation of financing

Handful of additional introductions generated multiple leads

Single investor with large bite size cut back to $16 million

2x step-up in valuation, 1.5x senior non-participating liquidation preference

Complete Genomics completed IPO in November 2010 and was acquired by BGI in March 2013

Closing: February 2008

Location: Mountain View, CA

Team: Cliff Reid (President & CEO), John Curson (CFO), Rade Drmanac (CSO)

New Investors: Highland Capital Management

Existing Investors: OVP Venture Partners, Enterprise Partners Venture Capital, Prospect Venture Partners, Genentech

Board of Directors: Alex Barkas, Drew Senyei, Charles Waite, Cliff Reid

$16,000,000

Series D Preferred Stock

Strategic investment and out-licensing of lead product in Korea and China

Laboratory Partners, Inc.

Laboratory Partners Raises $16 Million in Private Financing

Acquisition financing by private equity firm.

Reengaged Aquilo Partners after successful Series B preferred stock and debt financing in March 2007.

Total raised by Aquilo Partners for Laboratory Partners in 2007 was $69m.

Closing: December 2007

Security: Series D Preferred

Team: Richard Daly (President & CEO)

New Investors: Primus

Existing Investors: Chrysalis Ventures, Undisclosed Investor, Oxford Bioscience Partners, Marathon, Fort Washington Private Equity, Hillside Capital Management

Board of Directors: Jonathan Fleming, David Jones, Jack Davis, Richard Daly, Keith Kerman

Acquisition by Ocimum

Sale of drug discovery company's Genomics Division

Gene Logic, Inc.

Sale of Genomics Division to India-based Ocimum Biosolutions, Ltd.

View Press Release

Gene Logic’s Genomics Division has developed a significant clinical network, a quality-driven large scale data production facility, and flexible data management and data analysis skills from over more than a decade of working with the largest drug developers.

Gene Logic’s Genomics Division included a comprehensive biorepository with toxicogenomic, pharmacogenomic and clinical genomic databases and software tools.

Aquilo successfully positioned the Genomics Division as a valuable asset creating a competitive process among domestic and international life science companies.

Definitive Agreement: October 2007

Closing: December 2007

Location: Gaithersburg, MD

Team: Charles Dimmler (President & CEO), Philipo Rohrer (CFO), Larry Tiffany (SVP, GM, Genomics)

Board of Directors: Stark Thompson, Michael Brennan, Charles Dimmler, Mark Gabrielson, Mark Gessler, Anthony Gorry, David Urdal

$41,200,000

Series C Preferred Stock

Sale of clinical stage oncology and infectious disease company

GlobeImmune, Inc.

Financing of platform immunotherapy company led by a large US hedge fund

View Press Release

GlobeImmune is an immunotherapy company focused on the Tarmogen® platform for treating cancer and infectious diseases with a lead product candidate that has completed Phase 1b clinical trials for the treatment of chronic hepatitis C infection.

Aquilo managed a global distribution effort and built a diverse syndicate of investors comprised of a large US hedge fund, US and Asian venture funds, a large foundation and a major biotechnology company.

Closing: September 2007

Security: Series C Preferred

Location: Louisville, CO

Team: Tim Rodell (CEO), David Apelian (CMO), Jeff Rona (CBO)

New Investors: Wexford Capital, Celgene, Mellon Family Investment Company, Richard King Mellon Foundation, Eminent Venture Capital, Boston Life Science Venture, and WRF Capital

Existing Investors: HealthCare Ventures, Morgenthaler Ventures, Sequel Venture Partners, Lilly Ventures, Medica Venture Partners, Adams Street Partners, Biogen Idec, Pac-Link Bioventures, China Investment and Development, Yasuda Enterprise Development, Partners Healthcare, and GC&H Investments

Board of Directors: Tim Rodell, Richard Duke, Darren Carroll, Chris Christoffersen, Ehud Geller, Gus Lawlor, Dan Mitchell, Paul Mieyal

Acquisition by LabCorp

Sale of company focused on robotic systems and automation solutions for diagnostic testing and biomedical research processes

Protedyne Corporation

Sale of company focused on robotic systems and automation solutions for diagnostic testing and biomedical research processes

Closing: May 2007

Location: Windsor, CT

Team: Fran Tuttle (CEO), Peter Massaro (CTO)

$44,000,000

Series E Preferred Stock

Financing for late-stage biopharma company

QuatRx Pharmaceuticals Company

Financing of late-stage company by international syndicate of investors

View Press Release

QuatRx is a late-stage private company with a portfolio of drug candidates that each address an important medical need and represents a potential billion-dollar commercial opportunity.

QuatRx is led by an experienced management team that previously worked at Parke-Davis, where they were responsible for the clinical development and commercialization of the largest selling drug in history, $12 billion Lipitor.

QuatRx selected Aquilo Partners to help it with a last private round after withdrawing its registration statement for an IPO due to market conditions.

Aquilo Partners managed a global distribution effort and built a strong syndicate of U.S. and European investors.

Aquilo Partners worked with the company specifically to identify crossover investors that could support the company going forward.

“The strong interest we’ve received from these leading investors and the continued support from our existing investors reflect the excitement we share as we approach upcoming milestones for our clinical development programs.” – Robert Zerbe, CEO & Founder, QuatRx Pharmaceuticals.

Closing: May 2007

Security: Series E Preferred

Location: Ann Arbor, MI

Team: Robert Zerbe (CEO), Gary Onn (CFO)

New Investors: Venrock, T. Rowe Price, Catella Healthcare, Hercules Technology Growth Capital

Existing Investors: Frazier Healthcare Ventures, TL Ventures, MPM Capital, InterWest Partners, Thomas Weisel Healthcare Ventures, Stockwell Capital, H&B Capital, BioMedical Ventures, Bio Fund Ventures, Twilight Venture Partners

Board of Directors: Christopher Ehrlich, Richard Fox, Patrick Heron, Anders Hove, Christopher Moller, Nicholas Simon, August Watanabe, Anders Wiklund, Robert Zerbe

$31,000,000

Series C Preferred Stock

Financing for company with approved point-of-care blood diagnostic platform

Epocal Inc.

$31.0 million with a single crossover investor

View Press Release

Epocal is a developer of the FDA 510(k) approved enterprise point-of-care blood diagnostic platform that delivers lab-quality results to the bedside at a significantly lower manufacturing cost than conventional point-of-care tests.

Term sheet received one month after initiation of financing.

Closing: April 2007

Security: Series C Preferred

Location: Ottawa, ON

Team: Imants Lauks (CEO)

New Investors: Highland Capital Management

Existing Investors: Genesys Capital Partners

Board of Directors: Kelly Holman, Nathan Hukill, Kirk Mandy, Imants Lauks

$53,000,000

Series B Preferred Stock & Debt

Financing for diagnostic services company

Laboratory Partners, Inc.

Laboratory Partners Raises $53 Million in Private Financing

Closing of private placement concurrent with acquisition of regional clinical laboratory.

Acquisition financing including debt and equity.

Closing: March 2007

Security: Series B Preferred & Debt

Team: Richard Daly (President & CEO)

New Investors: Marathon, Undisclosed

Existing Investors: Oxford Bioscience Partners, Chrysalis Ventures, Fort Washington Private Equity, Hillside Capital Management

Board of Directors: Jonathan Fleming, David Jones, Jack Davis, Richard Daly

$60,000,000

Series C Preferred Stock

Financing for clinical-stage company

Aerovance Inc.

Worked closely with board and management to bring in two of the largest VCs focused on life sciences

View Press Release

Aerovance is a company that is focused on the development and commercialization of biologics for respiratory and inflammatory diseases.

The company is a spinout of Bayer.

The $60 million financing is structured in two tranches: $28 million at first closing in May 2006 and $32 million at second closing in March 2007 following completion of milestones.

Closing: May 2006

Security: Series C Preferred

Location: Berkeley, CA

Team: Bill Newell (President), Rick Fuller (Executive VP, COO), Tony Rimac (VP, Principal Financial Officer)

New Investors: Clarus Ventures, Alta Partners

Existing Investors: Apax Partners, Lehman Brothers, NGN Capital, Burrill & Co.

Board of Directors: Farah Champsi, Lee Douglas, Nick Galakatos, Hingge Hsu, Mark Perry, John Walker

$85,000,000

Series B Preferred Stock & Debt

Financing for commercial-stage specialty biopharmaceutical company

Solstice Neurosciences, Inc.

One of the largest financings of 2006 will be used to support the commercialization of Myobloc

View Press Release

Specialty biopharmaceutical company with commercial-stage product Myobloc® (Botulinum Toxin Type B) is indicated for patients with cervical dystonia.

Lead investor is a SEC-registered investment adviser specializing in credit and alternative investment currently managing over $30 billion in leveraged loans, high yield bonds, structured products and other assets for banks, insurance companies, pension plans, foundations, and high net worth individuals.

Closing: November 2006

Security: Series B Preferred & Debt

Location: Malvern, PA

Team: Shawn Patrick O’Brien (President & CEO), Michael Pagnotta (CFO)

New Investors: Highland Capital Management

Existing Investors: Thomas, McNerney & Partners, Investor Growth Capital, Morgan Stanley Venture Partners, Oxford BioSciences Partners

Board of Directors: Doug Fambrough, Brian Gallagher, Nathan Hukill, Fazle Husain, Liza Page Nelson, Shawn Patrick O’Brien, Brett Pope, James Thomas

Acquisition by Genetix

Sale of company focused on automated imaging and image analysis systems

Applied Imaging Corp.

147% premium to shareholders in sale to UK-based Genetix

View Press Release

Applied Imaging is a leading supplier of automated imaging and image analysis systems for genetics and cancer applications.

Aquilo successfully positioned Applied Imaging as a valuable asset creating a competitive process leading to a bidding war between UK-based Genetix and a rival bidder.

The final offer represented a 147% premium over the 30-day closing price prior to the original announcement of the merger between Applied Imaging and Genetix.

Definitive Agreement: November 2006

Closing: November 2006

Location: San Jose, CA

Team: Robin Stracey (CEO), Terry Griffin (CFO)

Board of Directors: G. Kirk Raab, John Blakemore, Carl Hull, Andre Marion, Robin Stracey, Pablo Valenzuela

Acquisition by Nektar

Sale of respiratory device company

Aerogen, Inc.

Offer was a 159% premium to common shareholders

View Press Release

Aerogen develops products based on its OnQ Aerosol Generator technology to improve the treatment of respiratory disorders in the acute care setting.

Aquilo worked with management, board and shareholders to deliver maximum value to all parties.

The offer represented a 159% premium to common shareholders.

Definitive Agreement: August 2005

Closing: October 2005

Location: Mountain View, CA

Team: John Hodgman (CEO), Bubba Breuil (CFO)

Board of Directors: Jean-Jacques Bienaimé, Bernard Collins, Dick Daly, Phyllis Gardner, Ehud Ivri, Robert Roe, Jane Shaw, John Hodgman

Acquisition by Invitrogen

Sale of biomolecular detection company

Quantum Dot Corporation

Sold Quantum Dot to leading reagent company, Invitrogen

View Press Release

Quantum Dot Corporation offers novel solutions for biomolecular labeling and detection that employ Quantum Dot (Qdot(R)) nanocrystals.

Multiple term sheets including large and small companies as well as potential investors.

Definitive Agreement: September 2005

Closing: October 2005

Location: Hayward, CA

Team: George Dunbar (CEO), Gayle Kuokka (CFO)

Board of Directors: George Dunbar, Jonathan MacQuitty, André Marion, Robert Overell, Rebecca Robertson, Mickey Urdea

Acquisition by Fisher Scientific

Sale of systems provider for High Content Screening and High Content Analysis

Cellomics Inc.

Sale process generated interest from several large companies

Cellomics is a provider of systems for High Content Screening and High Content Analysis.

View Press Release

Aquilo worked with the company to successfully position Cellomics as a market leader in the high-content cellular-analysis field.

Competitive process with multiple bidders.

Definitive Agreement: August 2005

Closing: September 2005

Location: Pittsburgh, PA

Team: Dan Calvo (CEO), Bill Sharp (VP, BD)

Board of Directors: Jim Sharp, Dan Calvo, D. Lansing Taylor, Norbert Gorny, Uli Simon, Jonathan Fleming, Buck Phillips

$62,500,000

Series D Preferred Stock

Financing for anti-infectives company

Replidyne, Inc.

$62.5 million transaction with crossover investors

Replidyne is a biopharmaceutical company focused on developing and commercializing innovative anti-infective products.

Aquilo worked with the company to secure multiple term sheets and increase the size of the transaction from $40 million due to demand.

In 2006, Replidyne successfully completed its IPO with Merrill Lynch, Morgan Stanley, Cowen and Company, and Pacific Growth Equities as underwriters.

Closing: August 2005

Security: Series D Preferred

Location: Louisville, CO

Team: Ken Collins (CEO), Roger Echols (CMO), Pete Letendre (CCO)

New Investors: Duquesne Capital Management, Healthcare Investment Partners, MDS Capital Corp., undisclosed investor

Existing Investors: HealthCare Ventures, TPG Ventures, Morgenthaler Ventures, Perseus-Soros BioPharmaceutical Fund, Sequel Venture Partners, Temasek Holdings Pte Ltd and Quintiles Transnational

Board of Directors: Chris Christoffersen, Ken Collins, Geoff Duyk, Chris Earl, Nebojsa Janjic, Gus Lawlor, Dan Mitchell

Acquisition by Agilent Technologies

Sale of software company for gene expression analysis

Silicon Genetics

Sale process generated multiple interested parties

View Press Release

Silicon Genetics is a leading provider of software solutions for gene expression analysis.

Aquilo worked closely with the founder and majority shareholder to explore liquidity alternatives.

Definitive Agreement: August 2004

Closing: October 2004

Location: Redwood City, CA

Team: Andrew Conway (Chariman & Founder), Michael Bates (CFO)

Board of Directors: Andrew Conway, Scott Hunicke-Smith, Jay Littlefield

$65,000,000

Series C Preferred Stock

Financing for pain management company

AlgoRx Pharmaceuticals, Inc.

AlgoRx’s $65 million financing was one of the largest life science financings in 2004 and included foreign and domestic investors.

AlgoRx is a pharmaceutical company focused on the development of pain management products that address areas of unmet need.

View Press Release

The round of financing received over $100 million of interest, and the deal size increased from $30 million due to demand.

Aquilo served as exclusive placement agent, owning and driving the transaction process to a close.

In 2005, AlgoRx merged with Corgentech to form public company Anesiva (NASDAQ: ANSV).

Closing: February 2004

Security: Series C Preferred

Location: Cranbury, NJ

Team: Ron Burch (CEO), Jeff Rona (CFO)

New Investors: Advent International, S.R. One, Pacific Rim, Index Ventures, Lehman Brothers, Hunt Ventures, EGS Healthcare Capital, Piper Jaffray, NIF, Axiom, Cogene BioTech, William Harris Investors

Existing Investors: JP Morgan Partners, InterWest Partners, Sofinnova Ventures

Board of Directors: Ron Burch, Charlie Cohen, Rod Ferguson, Arnie Oronsky, Mike Powell