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Gates Foundation's $540 million gift to science comes as the federal government pulls back on funding

M&A and IPOs

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
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September 25, 2013, 3:34 PM ET
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American Express Co. (NYSE: AXP) said that it is in talks to sell a 50% stake in its travel business to an investor group led by Certares, for between $700 million and $1 billion. The deal would be structured as a joint venture. www.americanexpress.com

Stryker Corp.
 (NYSE: SYK) has agreed to acquire MAKO Surgical Corp. (Nasdaq: MAKO), a Fort Lauderdale, Fla.-based maker of robotic devices for hip and knee replacements, for approximately $1.65 billion, or $30 per share (86% premium to yesterday’s closing price). www.stryker.com

Yongye International Inc. (Nasdaq: YONG), a Chinese maker of crop and animal nutrient products, has agreed to be acquired by existing shareholder Full Alliance International Ltd. for approximately $340 million, or $6.69 per share (11.9% premium to last Friday’s closing price). www.yongyeintl.com

Evoke Pharma Inc., a San Diego-based drug developer focused on gastrointestinal disorders, raised $25 million in its IPO. The company priced 2.1 million shares at $12 per share (low end of range), for an  initial market cap of around $69 million. The company will trade on the Nasdaq under ticker symbol EVOK, while Aegis Capital Corp. served as lead underwriter. Shareholders include Domain Associates (30.9%), Latterell Venture Partners (30.9%) and Windamere Venture Partners. www.evokepharma.com

Foundation Medicine, a Cambridge, Mass.-based developer of genomics-based cancer diagnostic tests, raised around $106 million in its IPO. It priced 5.89 million shares at $18 per share, compared to original plans to offer 5 million shares at between $14 and $16 per share. It has an initial market cap of approximately $473 million. The company will trade on the Nasdaq under ticker symbol FMI, while Goldman Sachs and J.P. Morgan served as lead underwriters. Shareholders include Third Rock Ventures (30.9% pre-IPO stake), Kleiner Perkins Caufield & Byers (16.6%), Google Ventures (11.5%), Lab Corp. of America (5.2%), Bill Gates (5.2%), Wellington Management (5.1%), Deerfield Management, Casdin Capital, Redmile Group, Roche Venture Fund, WuXi Corporate Venture Fund, Evan Jones and Yuri Milner. www.foundationmedicine.com

Ophthotech Corp., a Princeton, N.J.-based developer of therapies for wet and dry age-related macular degeneration, raised $167.2 million in its IPO. The company priced 7.6 million shares at $22 per share, compared to original plans to sell 5.72 million shares at between $16 and $19 per share. Its initial market cap is approximately $662 million. The company will trade on the Nasdaq under ticker symbol OPHT, while Morgan Stanley and J.P. Morgan served as lead underwriters. It had raised more than $200 million in VC funding, from firms like Novo AS (28.65% pre-IPO stake), SV Life Sciences (26.8%), HBM Healthcare Investments (15.21%) and Clarus Ventures (13.57%). www.ophthotech.com

Vince, a New York-based high-end apparel maker owned by Sun Capital Partners, has filed for a $200 million IPO. It plans to trade on the NYSE under ticker symbol VNCE, with Goldman Sachs serving as lead underwriter. The company reports a $107 million net loss on $708 million in revenue for fiscal 2012, compared to a $147 million net loss on $663 million in revenue for its fiscal 2011.www.vince.com

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