Healthcare Private Placement and M&A Transactions Review Week Ending June 11, 2023

ITM Isotopen Technologien München: The company received EUR 256 million of development capital from Temasek Holdings, Carbyne Equity Partners, Nextech Invest, Athos (Family Office), BlackRock and Qatar Investment Authority on June 5, 2023. The company is an operator of a radiopharmaceutical biotech company intended to improve the treatment outcome of cancer patients.

Upstream Bio: The company raised $200 million of Series B venture funding in a deal led by Enavate Sciences and Venrock on June 8, 2023. Access Biotechnology, Altshuler Shaham Investment House, Bain Capital Life Sciences, Omega Funds, OrbiMed, Samsara BioCapital, HBM Healthcare Investments, TCG Crossover Management, Decheng Capital and Wellington Management also participated in the round. The company is an operator of a biotechnology business intended to address allergic and inflammatory diseases.

Alkeus Pharmaceuticals: The company raised $150 million of Series B venture funding in a deal led by Bain Capital Life Sciences on June 5, 2023. TCG Crossover Management, Sofinnova Investments, and Wellington Management also participated in the round. The company is an operator of a clinical-stage biopharmaceutical company intended to develop treatments against serious and untreatable diseases of the eye.

Bitterroot Bio: The company raised $145 million of Series A venture funding in a deal led by ARCH Venture Partners and Deerfield Management on June 7, 2023. GV, Alexandria Venture Investments, Koch Disruptive Technologies and other undisclosed investors also participated in the round. The company is an operator of a biotechnology business intended to develop and deliver therapies for patients with cardiovascular disease.

Mozart Therapeutics: The company raised $80 million of Series A venture funding in a deal led by ARCH Venture Partners and Sofinnova Partners on October 26, 2021, putting the company’s pre-money valuation at $36 million. MRL Ventures Fund, Leaps by Bayer, Alexandria Venture Investments, Pfizer Ventures, AbbVie Ventures, Ono Venture Investment, UPMC Enterprises, Altitude Life Science Ventures, and Eli Lilly and Company Foundation also participated in the round. The company is a developer of disease-modifying therapies designed to focus on developing novel immune engagers.

Kate Therapeutics: The company raised $51 million of Series A venture funding in a deal co-led by Westlake Village BioPartners and Versant Ventures on June 8, 2023. Osage University Partners and UF Innovate also participated in the round. The company is an operator of a biotechnology business intended to develop adeno-associated virus-based gene therapies to treat genetically defined muscle diseases.

Lyndra Therapeutics: The company raised $20.4 million of venture funding from undisclosed investors on June 7, 2023. The company is a developer of novel therapeutics intended to sustain extended drug release in an oral dosage form.

Adaptive Phage Therapeutics: The company raised $12 million of venture funding from undisclosed investors on June 9, 2023. The company is an operator of a clinical-stage business intended to treat multi-drug resistant pathogenic bacteria.

Pendulum Therapeutics: The company raised $10 million of venture funding from Fonterra Co-operative Group on June 9, 2023. The company is a developer of microbiome interventions and drugs designed to improve healthcare by managing chronic illnesses and tackling type 2 diabetes.

Gyant: The company raised $8.6 million of venture funding from undisclosed investors on June 8, 2023. The company is a developer of an AI-care navigation assistant intended to drive patient engagement and improve care utilization.

SelectION: The company raised $5.0 million of venture funding from undisclosed investors on June 5, 2023. The company is a developer of peptide therapeutics designed to assist in the treatment of autoimmune diseases and disorders.

SciTech Development: The company raised $2.7 million of venture funding in a deal led by Storm Lake Capital, the National Foundation of Cancer Research, and the HRN Family Office on June 7, 2023. Pointe Angels and other undisclosed investors also participated in the round. The company is an operator of a biopharmaceutical business intended to advance breakthroughs in cancer treatments through safer drug delivery.

Paratek Pharmaceuticals / Gurnet Point Capital: the company entered into a definitive agreement to be acquired by Gurnet Point Capital and Novo Holdings through a $462 million LBO on June 6, 2023. Paratek Pharmaceuticals Inc is a clinical-stage biopharmaceutical company.

Avrio Health / Arcadia Consumer Healthcare: The company, a subsidiary of Purdue Pharma, was acquired by Arcadia Consumer Healthcare, via its financial sponsors Bansk Group and Constitution Capital Partners, through an estimated $397 million LBO on June 5, 2023. The company is a developer and manufacturer of consumer health products.

PolarityTE / Grander Acquisition: The company reached a definitive agreement to be acquired by Grander Acquisition for $6.5 million on June 6, 2023. PolarityTE Inc is a clinical-stage biotechnology company developing regenerative tissue products and biomaterials.

CERo Therapeutics / Phoenix Biotech Acquisition: The company reached a definitive agreement to be acquired by Phoenix Biotech Acquisition through a reverse merger, resulting in the combined entity trading on the NASDAQ under the ticker symbol PBAX on June 5, 2023. The company is a developer of cellular immunotherapies designed to create a unique class of medicines for cancer patients.