A123Systems Gives Chrysler a Charge, Segway Scoots into GM Deal, Basho Banks $2M, & More Boston-Area Deals News
It’s only been a few days since last I rounded up the deals news from New England’s tech and life sciences firms, but there are still a few transactions worth mentioning.
—Millennium, the Cambridge, MA-based subsidiary of Japan’s Takeda Pharmaceutical Company, paid $4 million up front to Seattle Genetics (NASDAQ: SGEN) for a worldwide license to the Bothell, WA-based firm’s antibody-based cancer drug technology. Millennium will also pay for development of the product candidate and royalties on any eventual sales.
—Watertown, MA-based A123Systems inked a deal to supply Chrysler with advanced lithium ion batteries for its new line of electric vehicles, the first of which is expected to hit the road next year. A123 will build a plant in Michigan to manufacture the batteries.
—Epix Pharmaceuticals (NASDAQ:EPIX) commenced an exchange offer for $100 million in debt in a bid to avoid bankruptcy. The Lexington, MA-based firm also sold certain market rights to its cardiovascular imaging agent, gadofosveset trisodium, to Lantheus Medical Imaging of North Billerica, MA, for $28 million.
—Bedford, NH-based Segway teamed with General Motors to develop a new electric-powered, two-wheeled, two-seater vehicle. The firms have already begun testing prototypes of the vehicle, called Project P.U.M.A. (for Personal Urban Mobility & Accessibility), which can go up to 35 miles per hour.
—Enterprise sales software maker Basho Technologies, of Cambridge, MA, raised $2 million in an initial close of its Series B round. Harbor Island Equity Partners of Wilmington, NC, led the deal, which was joined by Wilmington Investor Network, an angel group.