Lilliputian Discovers $25M, Biovex Bags $40M, Clinical Data Cedes Cogenics to Beckman Coulter for $17M, & More Boston-Area Deals News

4/6/09

This past week saw a decent amount of venture dealmaking for Massachusetts tech and life sciences firms, with Woburn’s BioVex and Wilmington’s Lilliputian Systems scoring the biggest rounds.

—Boston-area biotech startup TargAnox closed a $5.1 million Series A funding round led by Ascent Biomedical Ventures. Partners Innovation Fund contributed $250,000 to the round and helped draw up the initial business strategy for TargAnox, which is out to commercialize discoveries made at Brigham and Women’s Hospital in Boston.

—Woburn, MA-based BioVex, a developer of cancer-fighting viruses, raised $40 million in venture capital to support late-stage clinical testing of its treatment for metastatic melanoma. Amsterdam-based Forbion Capital Partners led the deal and existing investors including Credit Agricole Private Equity, Innoven Partners, New Science Ventures, Triathlon Medical Venture Partners, and Scottish Equity Partners participated as well.

—Charles River Ventures of Waltham, MA, and Menlo Park, CA, closed its 14th fund with $320 million, bringing its total capital under management to around $2.1 billion.

—Lexington, MA-based CommonAngels and Waltham MA-based Stage 1 Ventures led a Series A financing round for Waltham, MA-based inStream Media, maker of a system that allows retailers to deliver behaviorally targeted ads and discount offers to shoppers at brick-and-mortar stores. The value of the deal was not disclosed.

—Aushon BioSystems, a Billerica, MA-based provider of microarray tools and services, raised $6.5 million from North Bridge Venture Partners.

—Natick, MA-based Semilab, a maker of metrology tools for semiconductor manufacturing and R&D, acquired Natick neighbor Advanced Metrology Systems and Billerica, MA-based QC Solutions for an undisclosed amount of cash.

—Software maker SpaceClaim of Concord, MA, a provider of 3D direct modeling tools, raised $7 million from return investors including Borealis Ventures, Kodiak Venture Partners, Needham Capital Partners, and North Bridge Venture Partners.

—Cambridge, MA-based biotech giant Genzyme (NASDAQ:GENZ) acquired rights to three cancer drugs (one which shows promise as a treatment for multiple sclerosis) from Germany-based Bayer AG. The deal doesn’t involve upfront fees, but Genzyme will make annual payments from revenue to Bayer. The Cambridge firm will also shell out $75 million to $100 million for a Seattle-area factory to produce one of the drugs.

—Nano-Terra, a nanotechnology research and development firm based in Cambridge, MA, announced it will develop new surface materials for water treatment in partnership with Minneapolis-based Pentair (NYSE:PNR). Financial terms of the deal were not disclosed.

—Newton, MA-based Clinical Data (NASDAQ:CLDA) cut a deal to sell its outsourced genomics research business, Cogenics, for about $17 million to Orange County, CA-based life sciences company Beckman Coulter (NYSE:BEC).

Lilliputian Systems of Wilmington, MA, reportedly raised $25 million to support the development of tiny fuel cells for mobile phones and laptops. The round, which brings Lilliputian’s total raised to about $90 million, included new investors Stata Venture Partners of Needham, MA, and Altira Group of Denver, and repeat investors Atlas Venture, Fairhaven Capital, RockPort Capital Partners, and Kleiner Perkins Caufield and Byers.

—Cadec Global, a Manchester, NH-based maker of GPS tracking, logging, and safety equipment for truck fleets, hauled in $4 million in new financing from existing investor Thule Investments of Reykjavik, Iceland.

—Sepaton, a maker of various products for enterprise data protection based in Marlborough, MA, raised $15.5 million in a Series F round led by new investor Focus Ventures of Palo Alto, CA. The round was joined by Jerusalem Venture Partners, Menlo Ventures, Valhalla Partners, and HarbourVest Partners, all return investors.

—Wireless chipmaker M/A-COM Technology Solutions of Lowell, MA, was acquired by John Ocampo, the owner of California private equity fund GaAs Labs, for $30 million in cash and $30 million in senior loan notes. Another $30 million is on the table, depending on future M/A-COM revenues.

—Waltham, MA-based skin-treatment developer Magen BioSciences was acquired by Wilmington, N.C.-based contract research firm PPD (NASDAQ:PPDI) for just $14.5 million. In 2006, Magen raised $15.4 million in a Series A round of financing led by Highland Capital Partners and joined by Flybridge Venture Partners (formerly IDG Ventures) and Lux Capital.

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