Mascoma Seeks IPO, Tokai Takes in $23M, Boston-Power Gets $125 for Shift to China, & More Boston-Area Deals News
This week’s deals news in New England was dominated by cleantech and life sciences firms.
—Quincy, MA-based Bluefin Robotics, a maker of autonomous underwater vehicles, acquired the assets of Hawkes Remotes for an undisclosed sum. Hawkes Remotes is a spinoff of Hawkes Ocean Technologies, a Bay Area developer of deep-ocean explorer vehicles.
—Providence, MA-based NABsys, a developer of gene-sequencing technology, raised $10 million in a Series C financing led by its return investor Stata Venture Partners. That brings NABsys’ total funding pot to $21 million. The startup said it will put the money toward developing and commercializing its solid-state electronic systems for single-molecule DNA sequencing and analysis.
—Mascoma, a Lebanon, NH-based biofuels developer, filed for a potential $100 million initial public offering, which is being underwritten by Morgan Stanley, UBS Investment Bank, and Credit Suisse. As of fall 2009, the company had raised $100 million in private equity and about another $100 million in government grants and loans.
—Massachusetts startups collected $156.5 million in equity-based funding in August, continuing to dip from the dollars raised in earlier months of the summer, according to data from CB Insights Funding Flash.
—My hunch is that this month’s Bay State funding numbers will turn out better; Westborough, MA-based cleantech startup Boston-Power announced Tuesday that it had raised $125 million in funding, led by Beijing firm GSR Ventures. Return Boston-Power backers Oak Investment Partners and Foundation Asset Management also provided funding, along with the Chinese government. As a result, the developer of lithium-ion battery technology will shift its operations and manufacturing to China. Boston-Power has now raised more than $316 million.
—Cambridge, MA-based Tokai Pharmaceuticals took in a $23 million third tranche of its Series D round from existing investors Novartis Venture Fund, Apple Tree Partners, and angel investors. The money will go to Tokai’s prostate cancer drug galeterone (TOK-001), as it moves into the second of three clinical trial phases needed for FDA approval.