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FinanceTerm Sheet

Term Sheet — Thursday, January 7

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
Down Arrow Button Icon
January 7, 2016, 9:44 AM ET
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Abdicated Responsibility

No column this morning, as I spent all of yesterday in meetings and in transit (and writing up news blurbs this morning). Apologies.

Back and boisterous tomorrow.-- possibly about how the early 2016 venture capital market is being dominated by healthcare-related companies (both in terms of new deals and exits). And now, the news...

THE BIG DEAL

• Flatiron Health, a New York-based cloud database platform for the oncology market, has raised $175 million in Series C funding. Roche led the round, and was joined by Allen & Company, Baillie Gifford and Casdin Capital. The company previously raised a $130 million Series B round in May 2014 at a $350 million post-money valuation. www.flatiron.com

VENTURE CAPITAL DEALS

• Guardant Health, a Redwood City, Calif.-based developer of biopsy-free cancer screening tests, has raised $100 million in Series D funding. OrbiMed Advisors led the round, and was joined by return backers Khosla Ventures, Felicis Ventures, Sequoia Capital, Lightspeed Venture Partners, Pejman Mar, Formation 8 and Heritage Group. Read more.

• C4 Therapeutics, a Cambridge, Mass.-based spinout from the Dana-Farber Cancer Institute, has raised $73 million in Series A funding. Cobro Ventures led the round, and was joined by The Kraft Group, EG Capital Group, Roche and Novartis. The company will focus on targeted protein degradation, and has named Jason Fishman -- a former managing director with investment firms Synthesis Capital and Advent International -- as CEO. www.C4Therapeutics.com

• Sisense, an Israel-based provider of big data analytics for business users, has raised $50 million in Series D funding. Bessemer Venture Partners led the round, and was joined by return backers DFJ Growth, Battery Ventures, Genesis Partners and Opus Capital. www.sisense.com

• Alector LLC, a San Francisco-based developer of immuno-modulatory therapies for Alzheimer’s disease and other neurodegenerative disorders, has raised $29.5 million in Series D funding. The Dementia Discovery Fund led the round, and was joined by fellow new investors Amgen Ventures and AbbVie. Existing shareholders include MRL Ventures, OrbiMed, Polaris Partners, Google Ventures, Topspin Partners and Mission Bay Capital. www.alector.com

• Elastagen Pty Ltd., an Australia-based developer of products based on proprietary recombinant human tropoelastin platform technology, has raised A$13 million in Series B funding. Korea Investment Partners, Amorepacific Ventures and the Wellcome Trust were joined by return backers Brandon Capital Partners, GBS Ventures and ATP Innovations. www.elastagen.com

• PushDoctor, a UK-based provider of on-demand physician consultation via online video, has raised $8.2 million in new VC funding. Oxford Capital Partners and Draper Esprit co-led the round, and were joined by Partech Ventures. www.pushdoctor.co.uk

• Gem, a Venice, Calif.-based blockchain platform startup, has raised $7.1 million in Series A funding. Pelion Venture Partners led the round, and was joined by KEC Ventures, Blockchain Capital, Digital Currency Group and RRE Ventures. www.gem.co

• Kolibree, maker of a connected electric toothbrush, has raised $4 million in VC funding from SOSV, SEB Alliance, Innovacom, Cap Horn and the Dental Investment Group for Health. www.kolibree.com

PRIVATE EQUITY DEALS

• Avalon Healthcare Solutions, a Tampa, Fla.-based lab benefits management company, has raised an undisclosed amount of follow-on funding from existing shareholder Francisco Partners. www.avalonhcs.com

• Audax Private Equity has acquired Source Refrigeration & HVAC Inc., an Anaheim, Calif.-based provider of commercial refrigeration and HVAC services in North America, from Arsenal Capital Partners. No financial terms were disclosed. www.sourcerefrigeration.com

• The Blackstone Group and Gaw Capital Partners each are considering takeover bids for Ascendas Hospitality Trust, a Singapore-listed real estate investment trust valued at around $600 million, according to Reuters. Read more.

• Cortec Group has acquired The Center for Vein Restoration, a network of provider of venous insufficiency treatment clinics in the Mid-Atlantic region, from Waud Capital Partners. No financial terms were disclosed. www.centerforvein.com

• Dental Care Alliance, a portfolio company of Harvest Partners, has acquired Northeast Dental Management, a Paramus, N.J.-based provider of dental support services, from Sentinel Capital Partners. www.nedentalmanagement.com

• Five Point Capital Partners has committed up to $200 million in equity to form and finance WaterBridge Resources LLC, a Houston, Texas-based acquisition platform focused on water infrastructure for upstream producers in North America. www.H2OBridge.com

• Fleet Complete, a Toronto-based portfolio company of Madison Dearborn Partners, has acquired Dutch fleet telematics company ITmobile for an undisclosed amount. www.fleetcomplete.com

• GTCR has agreed to acquire Onvoy LLC, a Minneapolis-based provider of wholesale voice-enabling services, from Communications Infrastructure Investments. No financial terms were disclosed. www.onvoy.com

• Patientco, an Atlanta-based payment technology company focused on the healthcare market, has raised an undisclosed amount of private equity funding from Pamplona Capital Management. www.gopatientco.com

• Peak-Ryzex Inc., a Columbia, Md.-based portfolio company of Keystone Capital, has acquired M-Netics, a UK-based provider of end-to-end enterprise mobility software. No financial terms were disclosed. www.peak-ryzex.com

• Perpetual Capital Partners has acquired California Family Fitness, an Orangeville, Calif.-based fitness club chain, from Bunker Hill Capital. No financial terms were disclosed.
www.californiafamilyfitness.com

• Ridgemont Equity Partners has acquired Cortel Inc. and TowerCom Technologies LLC, and merged them into an Irvine, Calif.-based telecom infrastructure services company called J5 Infrastructure Partners. SR Capital Advisors served as an equity co-investor, while debt financing was arranged by SunTrust Robinson Humphrey and provided by SunTrust Bank, MUFG Union Bank N.A. and U.S. Bank. No pricing terms were disclosed. www.j5infrastructurepartners.com

• Source Intelligence, a Carlsbad, Calif.-based provider of supply chain compliance solutions, has raised $17.5 million from Kayne Partners. www.sourceintelligence.com

IPOs

• Grupo Supervielle SA, an Argentinian bank with around $3 billion in assets under management, has filed for a $100 million IPO. It plans to trade on both the NYSE and the MERVAL, with Morgan Stanley and BofA Merrill Lynch serving as co-lead underwriters.

EXITS

• No exit news this morning.

OTHER DEALS

• Charles River Laboratories (NYSE: CRL) has agreed to acquire WIL Research, an Ashland, Ohio-based provider of non-clinical safety assessment and contract development and manufacturing services to biopharma, agricultural and industrial chemical companies. The deal is valued at $585 million. www.wilresearch.com’

FIRMS & FUNDS

• Gulf Capital has held a $175 million first close on its second credit opportunities fund, which is targeting a total capitalization of $250 million. Read more.

• Sierra Ventures has closed its eleventh early-stage VC firm with $170 million in capital commitments. www.sierraventures.com

Moving In, On & Up

• Bob Baltera, Howard Dittrich, and Brian Farmer have joined Frazier Healthcare Ventures as entrepreneurs-in-residence. The trio also has formed Hawkeye Therapeutics, a search company focused on in-licensing and developing assets from pharma companies. Baltera previously was CEO of Amira Pharmaceuticals (acquired by Bristol-Myers Squibb in 2011), Dittrich previously co-founded NovaCardia (acquired by Merck in 2007) and Farmer was VP of corporate development at NovaDardia and Sequel Pharmaceuticals. www.frazierhealthcare.com

• Roger Chen has stepped down as a principal with venture capital firm OATV, which he had joined in 2013. No word yet on his future plans. www.oatv.com

• Encore Consumer Capital has promoted Daniel Gross and Kisen Nathu from associates to directors. www.encoreconsumercapital.com

• John Fiyod has joined Charlesbank Capital Partners as chief financial officer. He previously was VP of finance at Berkshire Partners. www.charlesbank.com

• Tom Kichler has joined CVC Capital Partners as a partner and head of U.S. energy and industrials. He previously was with One Equity Partners. www.cvc.com

• Michael Littenberg has joined Ropes & Gray as a New York-based partner focused on M&A and other corporate matters. He previously spent 19 years with Schulte Roth & Zabel LLP. www.ropesgray.com

• James Loftus has joined STX Entertainment as senior VP of business development and operations. He previously was with Andreessen Horowitz. www.stxentertainment.com

• Ed Mendham has joined BelHealth Investment Partners as VP of finance for portfolio companies. He previously was CFO of Qforma, a BelHealth portfolio company. www.belhealth.com

• Morgan Stanley has promoted Colm Kelleher, head of its institutional securities group, to president. The move prompted Greg Fleming, head of wealth management, to leave the firm. Read more.

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