Deals of the day: Botox maker gets $50 billion buyout offer

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Venture Capital Deals

Principia Biopharma Inc., a South San Francisco-based developer of small molecule drugs within the fields of autoimmune disease and oncology, has raised $50 million in Series B funding. Sofinnova Ventures led the round, and was joined by return backers Morgenthaler Ventures, New Leaf Venture Partners, OrbiMed, SR One and Mission Bay Capital. The company previously raised $40

ProNAi Therapeutics Inc., a Plymouth, Minn.-based developer of nucleic acid therapeutics, has raised $59.5 million in Series D funding. Vivo Capital led the round, and was joined by new investors Frazier Healthcare Ventures, OrbiMed Advisors, Adams Street Partners, RA Capital Management, Caxton Alternative Management, Hopen Life Science Ventures, Sectoral Asset Management and Janus Capital Management. Return backers included Capital Midwest Fund, Apjohn Ventures Fund, Amherst Fund and Grand Angels. Jefferies LLC served as placement agent.

Tubular Labs, a Mountan View, Calif.-based provider of data-driven marketing solutions for the online video market, has raised $11 million in Series B funding. Canaan Partners led the round, and was joined by return backers FirstMark Capital and Lerer Ventures.

APX Labs, a Herndon, Va.-based platform that allows enterprises to create custom apps for wearables like Google Glass, has raised $10 million in Series A funding led by New Enterprise 

Electric Cloud
, a San Francisco-based provider of software delivery acceleration solutions, has raised $4 million in new Series E funding from existing backers Siemens Venture Capital, U.S. Venture Partners, Mayfield Fund, RRE Ventures and Rembrandt Venture Partners. The round total is now $12 million, including an $8 million first close announced last September.

, an Indianapolis-based provider of outbound sales automation and analytics, has raised $3 million in new VC funding led by Cultivation

Yik Yak
, developer of a hyper-local anonymous chatting app, has raised $1.5 million in seed funding from Azure Capital Partners, DCM and Vaizra Investments.

Beats Music, a streaming music service spun out of Beats Audio last year, is raising between $60 million and $100 million in new VC funding, according to Billboard.

Private Equity Deals

Actis has invested a “significant” amount into Upstream, a provider of mobile monetization solutions for the emerging markets.

Bain Capital has agreed to acquire an undisclosed stake in Viewpoint Construction Software, a Portland, Ore.-based provider of software solutions and services to the construction industry. Existing Viewpoint shareholders TA Associates and Updata Partners sold their entire positions to Bain as part of the transaction.

Cross Match Holdings, a Palm Beach Gardens, Fla.-based portfolio company of Francisco Partners, has agreed to acquire DigitalPersona, a Redwood City, Calif.-based developer of biometrics-based identity verification solutions. No financial terms were disclosed. DigitalPersona CEO Rich Agostinelli will serve as CEO for the combined company.

Great Point Partners has sponsored a recapitalization of Corrona Inc., an observational registry for clinical healthcare trials (with a focus on rheumatology). 

PC Network Services Inc
., a Sewickley, Penn.–based provider of outsourced IT solutions and managed services, has secured an undisclosed amount of new equity funding. Brook Venture Partners led the round, and was joined by Blue Heron Capital and Prides Crossing Capital. Cogent Growth Partners served as placement agent.

 has agreed to acquire CABB International, a German manufacturer of fine chemicals, fromBridgepoint. No financial terms were disclosed.

TPG Capital
 and Shanghai Fosun Pharmaceutical Group Co. have agreed to acquire Chindex International Inc. (Nasdaq: CHDX), a Bethesda, Md.–based provider of primary care hospitals and affiliated ambulatory clinics in China, for $461 million, or $24 per share. TPG and Shanghai Fosun originally bid $19.50 per share for Chindex, which said that it received a $23 per share “superior offer” from an undisclosed backer earlier this month.

Wellcentive, an Atlanta-based provider of population health management SaaS solutions to health organizations, has raised an undisclosed amount of minority growth equity funding. Summit Partnersled the round, and was joined by return backers Noro-Moseley Partners and Harbert Management Partners.


Ares Management, a Los Angeles-based alternative asset manager, has set its IPO terms to 18.17 million common units being offered at between $21 and $23 per unit. It plans to trade on the New York Stock Exchange under ticker symbol ARES, with J.P. Morgan and BofA Merrill Lynch serving as lead underwriters. For 2013, Ares reports $306 million in net economic income, a metric favored by publicly-traded private equity firms that don’t believe GAAP accounting best explains their financial performance. In terms of more traditional financials, Ares reports $873 million in 2013 revenue — including $517 million in management fees and $176 million in performance fees — compared to $1.26 billion in 2012 revenue. It had $74 billion in assets under management through year-end 2013.

Card Factory
, a UK-based greeting card maker and retailer, is preparing an IPO that would raise around £90 million at a £700 million valuation, according to the FT. The company is currently controlled by Charterhouse Capital Partners.

Heritage Insurance Holdings LLC, a Clearwater, Fla.-based property and casualty insurance holding company, has filed for a $100 million IPO. Citigroup is serving as lead underwriter. The company reports $34 million of net income on $124.8 million in 2013 revenue.

Papa Murphy’s Holdings Inc.
, a Vancouver, Wash.-based franchisor and operator of Take ‘N’ Bake pizza stores, has set its IPO terms to 5.83 million shares being offered at between $11 and $13 per share. It would have an initial market cap of approximately $204 million, were it to price in the middle of its range. The company plans trade on the Nasdaq under ticker symbol FRSH, with Jefferies, Baird and Wells Fargo serving as lead underwriters. It reports a $600,000 net loss on around $52 million in revenue for 2013, compared to a $2 million net loss on $67 million in revenue for 2012. Shareholders include Lee Equity Partners, Access Industries and Thrivent Financial.

Ulthera Inc.
, a Mesa, Ariz.-based developer of an FDA-approved ultrasonic medical device for the aesthetics market, has filed for an $86.25 million IPO. It plans to trade on the Nasdaq under ticker symbol ULTH, with J.P. Morgan and Citigroup serving as co-lead underwriters. The company reports $11.8 million in net income on $82.2 million in 2013 revenue. Shareholders include New Enterprise Associates (40.8% pre-IPO stake) and Apposite Healthcare Fund (33.8% pre-IPO stake).


Valeant Pharmaceuticals International Inc. (NYSE: VRX) has offered to acquire Botox maker Allergan Inc. (NYSE: AGN) for approximately $50 billion in cash and stock. The offer is worth approximately $152.88 per Allergan share (including $48.30 in cash), which represents a 31% premium to Allegan’s price before hedge fund Pershing Square Capital Management revealed on April 10 that it had acquired more than a 5% interest in the company. Pershing Square now holds around a 9.7% stake in Allergan, and is partnering with Valeant on the takeover bid. 

Novartis (NYSE: NVS) has agreed to acquire the oncology drug business of GlaxoSmithKline(NYSE: GSK) for upwards of $16 billion, while selling its vaccine business to GSK for $7.1 billion. The two companies also will combine their consumer drug businesses.

Baring Private Equity Asia has agreed to sell Net Japan Co., a Japanese precious metals recycler, to Orix Corp. (Tokyo: 8591) for approximately $205 million, according to Reuters.

FPX, a Dallas-based provider of cloud-based sales enablement solutions, has acquired Glider, a Portland, Ore.-based provider of contract lifecycle management automation. No financial terms were disclosed. FPX had been seeded by True Ventures, CrunchFund and Portland Seed Fund.

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