Xeris Pharmaceuticals goes public

Chicago-based Xeris Pharmaceuticals Inc, a specialty pharmaceutical company, has raised $85.5 million for its IPO after pricing its 5.7 million shares at $15 per share. The stock began trading June 21, 2018 on the NASDAQ under the ticker symbol “XERS.” Jefferies, Leerink Partners, RBC Capital Markets and Mizuho Securities are the lead underwriters. Xeris Pharmaceuticals’ pre-IPO backers include Merieux Developpement, Wild Basin Investments, Deerfield, Redmile Group and Texas Venture Labs, according to Crunchbase. PRESS RELEASE CHICAGO, June 20, 2018 (GLOBE NEWSWIRE) — Xeris Pharmaceuticals, Inc. (NASDAQ:XERS), a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced the pricing of the Company’s initial public offering of 5,700,000 shares of common stock at a public offering price of $15.00 per share, before underwriting discounts, for gross proceeds of $85.5 million. All of the shares
Continue reading "Xeris Pharmaceuticals goes public"

Magenta Therapeutics starts trading on the NASDAQ

Cambridge, Massachusetts-based Magenta Therapeutics, a biotechnology company focused on developing new medicines “to bring the curative power of bone marrow transplant to more patients,” has raised about $100 million for its IPO after pricing its over 6.6 million shares at $15 per share. The stock began trading June 21, 2018 on the NASDAQ under the ticker symbol “MGTA.” J.P. Morgan, Goldman Sachs and Cowen are the lead underwriters. Magenta’s pre-IPO backers include Casdin Capital, EcoR1 Capital, Eventide Asset Management, Watermill Asset Management, Be the Match BioTherapies and Access Industries. PRESS RELEASE CAMBRIDGE, Mass.–(BUSINESS WIRE)–Magenta Therapeutics, Inc., a clinical-stage biotechnology company developing novel medicines to bring the curative power of bone marrow transplant to more patients, today announced the pricing of its initial public offering of 6,666,667 shares of its common stock at a price to the public of $15.00 per share, for total
Continue reading "Magenta Therapeutics starts trading on the NASDAQ"

VC-backed Kezar Life Sciences unveils IPO

South San Francisco-based Kezar Life Sciences, a biopharmaceutical company developing novel small molecule therapeutics, has raised about $75 million for its IPO after pricing its 5 million shares at $15 per share. The stock began trading June 21, 2018 on the NASDAQ under the ticker symbol “KZR.” Jefferies and Cowen are the lead underwriters. Kezar’s pre-IPO backers include Cormorant Asset Management, Morningside Venture, Cowen Healthcare Investments, Pappas Ventures, Qiming Venture Partners, Bay City Capital, EcoR1 Capital, Omega Funds and Aju IB Investment. PRESS RELEASE SOUTH SAN FRANCISCO, Calif., June 20, 2018 /PRNewswire/ — Kezar Life Sciences, Inc. (Nasdaq:KZR), a clinical-stage biotechnology company discovering and developing novel small molecule therapeutics to treat unmet needs in autoimmunity and cancer, announced today that it has priced its initial public offering of 5,000,000 shares of its common stock at a public offering price of $15.00 per share. The gross proceeds
Continue reading "VC-backed Kezar Life Sciences unveils IPO"

VC-backed Avrobio rolls out IPO

Cambridge, Massachusetts-based Avrobio, a developer of gene therapies for rare diseases, has raised $99.7 million for its IPO after pricing its over 5.2 million shares at $19 per share. The stock began trading June 21, 2018 on the NASDAQ under the ticker symbol “AVRO.” Morgan Stanley, Cowen and Wells Fargo Securities are the lead underwriters. Avrobio’s pre-IPO backers include Cormorant Asset Management, Surveyor Capital, Aisling, Brace Pharma Capital, Eventide Asset Management, Morningside, Atlas Venture, SV Health Investors and Clarus Ventures. PRESS RELEASE CAMBRIDGE, Mass., June 20, 2018 (GLOBE NEWSWIRE) — AVROBIO, Inc. (the “Company”), a Phase 2 clinical stage gene therapy company focused on developing potentially curative ex vivo lentiviral-based gene therapies to treat rare diseases following a single dose, today announced the pricing of its initial public offering of 5,247,958 shares of common stock at a public offering price of $19.00 per share,
Continue reading "VC-backed Avrobio rolls out IPO"

VC-backed Aptinyx goes public

Aptinyx Inc, a biopharmaceutical company focused on developing treatments for neurologic disorders, has debuted its IPO after pricing its near 6.4 million shares at $16 per share. The stock began trading June 21, 2018 on the NASDAQ under the ticker symbol “APTX.” J.P. Morgan, Cowen, Leerink Partners and BMO Capital Markets are the lead underwriters. Aptinyx’s pre-IPO backers include Bain Capital Life Sciences, Adage Capital, Nan Fung Life Sciences, Rock Springs Capital, New Leaf Venture Partners, Frazier Healthcare Partners, Osage University Partners, Adams Street Partners and Beecken Petty O’Keefe & Company. PRESS RELEASE EVANSTON, Ill., June 20, 2018 /PRNewswire/ — Aptinyx Inc. (NASDAQ: APTX), a clinical-stage biopharmaceutical company developing transformative therapies for challenging neurologic disorders, today announced the pricing of its initial public offering of 6,399,999 shares of its common stock at a public offering price of $16.00 per share. All of the shares
Continue reading "VC-backed Aptinyx goes public"

TPG-backed Cushman & Wakefield files to go public

Cushman & Wakefield, the real estate firm backed by TPG, has filed plans to go public, according to a June 20 SEC filing. Morgan Stanley, JP Morgan, Goldman Sachs and UBS Investment Bank are joint bookrunners on the deal, the filing said. Other Cushman investors include PAG Asia Capital and Ontario Teachers’ Pension Plan. Cushman didn’t list how many shares it would sell or their price range; that will come in future filings.

Canadian medical cannabis company Tilray files to go public

Canadian medical cannabis producer Tilray has filed for an IPO. The company is planning on trading its stock on the NASDAQ under the ticker symbol “TLRY.” The number of shares that will be sold as well as the stock’s pricing terms have yet to be set. Cowen and BMO Capital Markets will serve as lead underwriters. Tilray does not plan on trading the stock on any Canadian stock exchange. Tilray is a portfolio company of Privateer Holdings. PRESS RELEASE Tilray Inc., a vertically-integrated and federally-licensed cannabis cultivator, processor and distributor, today announced the filing of a registration statement with the U.S. Securities and Exchange Commission (the “SEC”) for a proposed initial public offering (“IPO”) of shares of its Class 2 common stock in the United States. Tilray intends to list its Class 2 common stock on the Nasdaq Global Select Market under the ticker symbol “TLRY”. The
Continue reading "Canadian medical cannabis company Tilray files to go public"

GoodBulk sets IPO pricing terms

Monaco-based GoodBulk, an owner and operator of dry bulk vessels, has priced 8.5 million shares of its IPO between $15 and $17.50 per share. The stock will trade on the NASDAQ under the ticker symbol “GBLK.” Morgan Stanley and Credit Suisse are the lead underwriters. GoodBulk’s backers include CarVal Investors and Lantern Asset Management. PRESS RELEASE Hamilton, Bermuda – (18 June 2018) – GoodBulk Ltd. (“GoodBulk” or the “Company”) today announced that it has launched its initial public offering of 8,500,000 common shares (the “Offering”) at an anticipated initial offering price between $15.50 to $17.50 per common share pursuant to a registration statement filed on Form F-1 with the U.S. Securities and Exchange Commission (“SEC”). In connection with the Offering, the Company intends to grant the underwriters the option to purchase up to 1,275,000 additional common shares. GoodBulk has applied to list its
Continue reading "GoodBulk sets IPO pricing terms"

SurveyMonkey confidentially files for IPO: Reuters

U.S. online survey company SurveyMonkey on Monday said it had confidentially registered for an initial public offering with the Securities and Exchange Commission, through its parent SVMK Inc. The number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said. In May, sources told Reuters that SurveyMonkey had hired investment bank JPMorgan Chase & Co (JPM.N) to help lead preparations for an IPO. The San Mateo, California-based company, which has around 3 million daily users, was previously run by Dave Goldberg, the late husband of Facebook Inc (FB.O) Chief Operating Officer Sheryl Sandberg. SurveyMonkey’s main investors include Alphabet’s CapitalG and Tiger Global Management.

BJ’s Wholesale sees IPO at $15-$17/share: Reuters

BJ’s Wholesale Club Holdings Inc expects its initial public offering to be priced between $15 and $17 per share, giving the warehouse club operator a market capitalization of up to $2.15 billion. At the top end of that range, the offering of 37.5 million shares would raise $637.5 million. The company, which was taken private in 2011 for $2.8 billion, filed with regulators to go public for the second time last month. It owns 215 warehouse clubs, mainly on the U.S. east coast, and competes with Costco Wholesale Corp (COST.O) and Walmart Inc’s (WMT.N) Sam’s Club. Analysts had said that BJ’s debut in a competitive market was “sensible” as investors’ confidence in the retail sector had risen. The company will list on the New York Stock Exchange under the symbol “BJ”.

Verrica Pharmaceuticals goes public

West Chester, Pennsylvania-based Verrica Pharmaceuticals, a developer of products that treat skin diseases, has raised $75 million for its IPO after pricing its 5 million share at $15 per share. The stock began trading June 15, 2018 on the NASDAQ under the ticker symbol “VRCA.” BofA Merrill Lynch, Jefferies and Cowen are the lead underwriters. Verrica’s pre-IPO backers include PBM Capital Group and OrbiMed. PRESS RELEASE WEST CHESTER, Pa., June 14, 2018 (GLOBE NEWSWIRE) — Verrica Pharmaceuticals Inc. (“Verrica”) (Nasdaq:VRCA), a pharmaceutical company focused on identifying, developing and commercializing innovative pharmaceutical products for the treatment of skin diseases with significant unmet needs, today announced the pricing of its initial public offering of 5,000,000 shares of its common stock at a public offering price of $15.00 per share, for total gross proceeds of approximately $75.0 million before underwriting discounts and commissions and estimated offering expenses. In
Continue reading "Verrica Pharmaceuticals goes public"

Apollo pauses plans to sell security firm Constellis, say sources: Reuters

Apollo Global Management (APO.N) has halted plans to sell U.S. military security services business Constellis after talks with Canada’s Garda World Security Corp [GWSC.UL] broke down, according to people familiar with the matter. The New York-based private equity firm bought Constellis, founded in 1997 as Blackwater, for about $1 billion in 2016 and had been pursuing a so-called dual track sale process looking at an outright sale or an initial public offering (IPO), sources said this week, asking not to be named because the matter is private. A representative for Apollo declined to comment. Garda and Constellis did not respond to requests for comment.
Rising U.S. government defense spending has fueled dealmaking in the government services industry, and Apollo, hoping to tap that momentum, was aiming for Constellis to fetch between $2 billion and $2.5 billion, including debt, in a potential sale, the sources said.
Continue reading "Apollo pauses plans to sell security firm Constellis, say sources: Reuters"

Oerlikon planning drive systems IPO to fund expansion: Reuters

OC Oerlikon (OERL.S) will sell shares of its drive systems business which makes transmissions for Lamborghini and Ferrari as it raises money to bolster its surfacing and textile machinery units, the Swiss technology group said on Friday. Oerlikon said the IPO, planned for the third quarter of 2018, would comprise 100 percent of shares in the new business to be called GrazianoFairfield, if the greenshoe is exercised in full. The drive systems segment is Oerlikon’s second-biggest after its surface solutions business. It includes Italian unit Graziano that makes components for sports cars and tractors and its U.S.-based Fairfield Manufacturing unit, which has operations in India and China and makes gears and custom drives for construction, mining equipment and oil and gas production. Operating margins from GrazianoFairfield have been slimmer than those in Oerlikon’s surface solutions business, prompting speculation for years that the unit was a disposal candidate.
Continue reading "Oerlikon planning drive systems IPO to fund expansion: Reuters"

CVC to sell Delachaux Group stake to Caisse de dépôt, family

CVC Capital Partners has agreed to sell its interest in the Delachaux Group, a French industrial and manufacturing company focused on rail infrastructure, energy and data management systems, and chronium metal. The buyers are Caisse de dépôt et placement du Québec and the Delachaux family. No financial terms were disclosed. CVC, a European private equity firm, took Delachaux Group private in 2011 in partnership with the founding family. The company’s sale will result in the suspension of a planned initial public offering, initiated in May 2018, and consolidate the Delachaux family’s majority ownership. Delachaux Group was established in 1902. PRESS RELEASE Paris, 14 June 2018 – The Delachaux Group, CVC Capital Partners (“CVC”) and Caisse de dépôt et placement du Québec (“CDPQ”), today announced that the Delachaux family and CDPQ have entered into an exclusivity agreement in order to acquire CVC Capital Partners Fund V’s stake in the Delachaux Group.
Continue reading "CVC to sell Delachaux Group stake to Caisse de dépôt, family"

Stone Canyon Industries to acquire ICS from Centerbridge

Stone Canyon Industries LLC has agreed to acquire Industrial Container Services, a provider of container solutions, container services and container management systems. No financial terms were disclosed. ICS is currently owned by Centerbridge Partners LP. PRESS RELEASE LOS ANGELES, June 14, 2018 /PRNewswire/ — Stone Canyon Industries LLC (“SCI”), through its subsidiary, BWAY Holding Company (“BWAY”), entered into a definitive agreement and plan of merger to acquire the parent holding company of Industrial Container Services (“ICS”), a leading provider of container solutions, container services, and container management systems. ICS is currently majority-owned by investment funds affiliated with Centerbridge Partners, L.P. (“Centerbridge”). BWAY is a leading global supplier of industrial rigid packaging products and services. The transaction, which is comprised of cash and stock consideration payable to ICS shareholders, has an enterprise value of approximately $1.0 billion. It is anticipated that on a pro forma basis, after giving effect
Continue reading "Stone Canyon Industries to acquire ICS from Centerbridge"

Maranon backs Falfurrias Capital’s buyout of Tax Guard

Maranon Capital has provided a senior credit facility to back Falfurrias Capital Partners’ acquisition of Tax Guard. No financial terms were disclosed. Based in Boulder, Colorado, Tax Guard is a provider of data that helps give lenders insights into a client’s hidden tax liabilities. PRESS RELEASE CHICAGO–(BUSINESS WIRE)–Maranon Capital, L.P. today announced that it was Agent for a senior credit facility to support Falfurrias Capital Partners’ acquisition of Tax Guard. Headquartered in Boulder, Colorado, Tax Guard is the leading provider of proprietary data and services that help lenders accurately assess tax-related credit risk associated with potential borrowers. Tax Guard is the first company in the U.S. to give lenders real-time insights into a client’s hidden tax liabilities, information typically not available to lenders unless and until the IRS files a tax lien. For more information, visit www.Tax-Guard.com. About Maranon Capital Maranon Capital, L.P. is an
Continue reading "Maranon backs Falfurrias Capital’s buyout of Tax Guard"

PE HUB Second Opinion

New York’s attorney general is seeking to shut down President Trump’s charitable foundation, accusing the president of using the charity to advance his self-interests and boost his 2016 presidential campaign. Royal Caribbean Cruises Ltd is acquiring a majority stake in Silversea Cruises for about $1 billion. The Justice Department says that former FBI Director James Comey was “subordinate” in the Hillary Clinton email inquiry; however, the Justice Department also noted that there was no proof that political FBI bias affected the outcome. Under pressure from investors, Rolls-Royce will cut 4,600 jobs. Microsoft is developing its own cashierless store technology, says a report. Kentucky sues Walgreens for its role in the opioid crisis. The disgraced organizer of the Fyre Festival, who was charged last year with wire fraud in connection to the failed event, allegedly sold fake tickets while out on bail. European Commission names 52 experts to its AI advisory
Continue reading "PE HUB Second Opinion"

PE HUB Healthcare Wire Highlights, 6.14.18

Dissecting CD&R’s investment in naviHealth It’s Thursday again, and more than one buyout shop has taken a victory lap in the universe of healthcare M&A this week. In fact, the private equity community fueled several billion dollars of announced deal flow over the past few days. So much for a summer slowdown. The most sizable trade was, of course, the long-anticipated take-private of physician-outsourcing giant Envision – which KKR, continuing on its healthcare tear, has claimed control in a $9.9 billion deal including debt. In other activity, Nordic Capital cashed out on European vetcare company AniCura in a deal valued at about €2 billion. And there’s Clayton, Dubilier & Rice, which bought a majority stake in Cardinal Health’s naviHealth, the convenor of bundled payments, in a deal I’ve learned was valued well north of $1 billion … but more on that later. The large check sizes commanded in some of the week’s highlights underscore what remains a hyper-aggressive market. And my conversations
Continue reading "PE HUB Healthcare Wire Highlights, 6.14.18"

True Ventures to raise $325 mln third select fund

True Ventures has set out to raise a $325 million third select fund, according to a filing with the SEC. The filing did not report a first close. The firm announced a $112 million second select fund in 2017 to make growth investments in its portfolio companies. The filing can be found here.  

Atlanticus procures $100 mln debt financing

Atlanta-based Atlanticus Holdings Corp, a consumer finance company, has secured a $100 million revolving credit facility from Credit Suisse AG, Cayman Islands Branch. The closing of this revolving credit facility comes on the heels of Atlanticus securing a $90 million revolving credit facility from TowerBrook Capital Partners. PRESS RELEASE ATLANTA (PRWEB) JUNE 14, 2018 Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus”, “we”, “our” or “us”), a technology enabled consumer finance company, today announced the closing of a $100 million asset-backed, revolving credit facility with Credit Suisse AG, Cayman Islands Branch, a leading financial services provider. The new facility allows for a total of $190 million in committed debt capital (when combined with existing facilities) to fund our investments in Fortiva® branded general-purpose credit card receivables. The revolving credit facility follows the closing of our previous $90 million revolving credit facility with TowerBrook Capital Partners L.P. (“TowerBrook”), a transatlantic investment management firm,
Continue reading "Atlanticus procures $100 mln debt financing"