ImmunoGen Inks $45M Deal With Novartis, Tata Leads $9.5M Sun Catalytix Deal, InfraReDx Gets $21M, & More Boston-Area Deals News
We saw a number of startup financings, acquisitions, and partnership deals in the healthcare IT, cleantech, life sciences, Web, and software spaces this week in New England.
—Black Duck Software, a Waltham, MA-based open source software firm, announced that it had purchased Ohloh.net from Geeknet (NASDAQ: GKNT) for an undisclosed sum. Black Duck said it will maintain Ohloh’s free open source directory and software developer Web community, and will integrate the directory into its own code search site, Koders.com.
—Cambridge, MA-based cleantech startup Sun Catalytix announced it had raised a $9.5 million Series B round, led by global conglomerate Tata Limited, owner of the largest auto company in India. Existing backer Polaris Venture Partners also participated in the second-round funding for Sun Catalytix, whose technology is built around MIT professor Daniel Nocera’s discovery of a process that uses water, electricity, and a low-cost catalyst to split water molecules into oxygen and hydrogen. The hydrogen can then be used to power fuel cells, engines, and energy-storage systems, the company says.
—NitroSecurity, a Portsmouth, NH-based maker of cybersecurity and event-management software, wrapped up a $6 million Series B financing, led by existing backers Brookline Venture Partners, First Analysis, and NewSpring Ventures. NitroSecurity also said it acquired the security business unit of LogMatrix of Marlborough, MA, an IT and network management company.
—Waltham-based biotech ImmunoGen (NASDAQ:IMGN) said it inked a deal with Novartis, who will pay $45 million for the exclusive rights to use ImnunoGen’s technology to make antibody drugs for several cancer targets. The firm will also finance ImmunoGen’s development expenses plus some research and manufacturing costs. ImmunoGen could receive $200 million in milestones for each target picked by Novartis that leads to a cancer drug, in addition to royalties on sales of the drugs.
—FashionPlaytes, a Salem, MA-based Web startup, added another $4 million, to bring its Series A round up to $5.8 million. The financing was led by new investor Fairhaven Capital, and was joined by existing FashionPlaytes backers New Atlantic Ventures, LaunchCapital, and Golden Seeds. The website enables girls ages five to 12 to design custom clothing using a game-like interface.
—Waltham- and Menlo Park, CA-based Battery Ventures announced it had bought clinical laboratory data management software maker Data Innovations—its third acquisition of a healthcare-focused software firm in the past three years. Financial terms for the deal weren’t disclosed.
—InfraReDx, a Burlington, MA-based maker of coronary imaging systems, said it raised $21 million in Series D funding from new and existing investors. Its technology combines infrared light and intravascular ultrasound techniques to create detailed images of fatty plaque in the arteries. The newest cash will help kick off U.S. sales of InfraReDX’s newest generation system, which nabbed FDA approval this summer.
—Waltham-based Care.com, a provider of a website for rating family care services, announced it had pulled in $20 million in funding, led by New Enterprise Associates and joined by return investors Matrix Partners and Trinity Ventures.