Data Domain Fight Continues, Adimab Adds Merck and Roche as Partners, BigBelly Solar Gets Dirty With Waste Management, & More Boston-Area Deals News
[Corrected 4:40pm ET, June 22; see first item] Deals last week involved everything from cancer screening to trash compacting, but the analysts were kept on their toes by the dramatic events unfolding between EMC and Data Domain.
—Reuters reported that data storage giant EMC (NYSE EMC), of Hopkinton, MA, was prepared to raise its bid—from $30 to $35 dollars a share—to acquire Data Domain (NASDAQ: DDUP), a data deduplication software company based in Santa Clara, CA. The increase, if it occurred, would be made to outbid EMC rival NetApp’s (NASDAQ: NTAP) bid of $30 per share. [An earlier version of this item implied that EMC had made the increase, which EMC informed us was erroneous---Eds.] The Data Domain board recommended that shareholders reject EMC’s $30 offer, but two law firms filed class action suits on behalf of company shareholders against the board for refusing to negotiate with the Hopkinton firm.
—Exact Sciences (NASDAQ:EXAS), the Marlborough, MA-based developer of a DNA-based colorectal cancer screening test raised $8.2 million in private placement of stock. The company also announced that it had licensed technology related to DNA testing for the disease from the Mayo Clinic.
—BigBelly Solar, a Needham, MA, startup, inked a deal to distribute its solar-powered trash-compacting bin technology through Waste Management (NYSE: WMI), a Houston, TX-based waste removal company with over 20 million customers. Waste Management operates in dozens of places across North America, many of which may soon sport BigBelly technology, with the aim of lowering municipal waste expenses.
—Novartis (NYSE: NVS), the Swiss pharmaceutical giant, joined five other major drug makers in backing Boston-based startup Enlight Biosciences. Enlight is developing technologies to aid drug discovery and development. By supporting the Boston firm, Novartis and the other companies all get access to Enlight’s technologies.
—Gynecological device developer Interlace Medical raised $20.5 million in Series C funding. Based in Framingham, MA, Interlace will use the money to commercialize its Myosure system, designed to remove uterine fibroids and polyps less invasively.
—Adimab, a Lebanon, NH-based startup developing new antibody-drug-discovery technology, received a big boost when major pharmaceutical companies Merck (NYSE:MRK ) and Roche) signed on as research collaborators. Adimab will use its proprietary technology to identify antibodies against specific disease targets of interest to each pharmaceutical partner.
—Woburn, MA-based LogMeIn revealed that it that it plans to offer 5 million shares of common stock when it goes public on the NASDAQ exchange. The company, which makes remote control devices for computers and other machines, hopes to sell each share for between $14 and $16 for an IPO worth between $70 million and $80 million.
—Wade learned that some of the shareholders of e-paper display company E Ink may try to prevent the Cambridge, MA-based company’s sale to Taiwan’s Prime View International, announced earlier this month. The proposed $215 million sale will come up for a vote by shareholders and could be blocked by them if they think the offer is too low; E Ink’s board of directors has already voted in favor of the deal.
—Beaumaris Networks, a stealth telecommunications startup, received $5.3 million of a $6.8 million financing round from Charles River Ventures. Beaumaris and CRV are both based Waltham, MA; the startup is currently hiring software engineers for its secretive project.
—Boston-based Sapient, an IT consulting and interactive marketing firm, acquired advertising firm Nitro Group for about $50 million. Two brands will be created from the deal, Sapient Nitro and Sapient Interactive.
—EnerNOC (NASDAQ: ENOC) a Boston-based manager of demand-response programs for large utilities, acquired energy management software company eQuilibrium Solutions. Also based in Boston, eQuilibrium’s software helps businesses monitor their carbon footprints, which could help EnerNOC’s clients meet greenhouse gas emissions requirements.
—ImmunoGen (NASDAQ: IMGN), the Waltham, MA-based developer of a technology for making antibody drugs more potent, raised $33 million last week through a stock offering. Promising clinical trials have increased interest in Immunogen stock this year.