Avila, iRobot, Verastem, Illume, & More Boston Deal News
This week’s deal news covered a breadth of sectors: biotech, medical devices, mobile applications, software, and robotics. Not to mention a major venture capital fund raise.
—Waltham, MA-based drugmaker Avila Therapeutics was bought by New Jersey-based Celgene (NASDAQ: CELG) for $350 million, with as much as another $575 million available in milestones. Avila is a maker of “covalent” drugs that are designed to shut down the activity of disease-causing proteins for a prolonged period of time.
—Verastem, a young Cambridge, MA-based biotech working on drugs targeting cancer stem cells, completed its initial public offering, led by UBS and Leerink Swann. The IPO (5.5 million shares sold at $10 apiece) represented a strong showing among investors, as Verastem originally indicated it planned to sell 4.5 million shares priced between $9 and $11 each. The underwriters have a 30-day option to buy another 825,000 shares.
—Burlington, MA-based ConforMIS, a maker of knee implant systems, raised $89 million in a Series E funding from private equity investors and government investment funds abroad. The company said it will put the money toward sales, manufacturing, and expansion of its technology.
—Co3 Systems, a maker of data loss management software, received new funding from Fairhaven Capital. The Cambridge, MA-based startup said it will put the money (whose sum was undisclosed) toward sales, marketing, and engineering.
—Malborough, MA-based medical device startup Navilyst Medical will be acquired by Albany, NY-based AngioDynamics (NASDAQ: ANGO) in a transaction valued at $372 million, based on the company’s $14.20 per share closing stock price Monday. Navilyst, which focuses on technology for vascular access, interventional radiology and interventional cardiology, was sold by Boston Scientific to the private equity firm Avista Capital Partners in 2008.
—Boston-based Bain Capital Ventures raised a new $600 million fund, its largest to date, according to a report in the New York Times’ DealBook. The firm said that the fund was oversubscribed, and had 15 percent coming from new investors.
—Vsnap, a video messaging startup working out of the MassChallenge space in Boston, nabbed $40,000 in seed funding from the Massachusetts Technology Development Corp.’s FastTrack program.
—The Needham, MA-based company behind iZup, a mobile app aimed at preventing phone usage while driving, was bought by Options Media Group Holdings, which makes a competing application known as PhoneGuard. Options Media agreed to acquire 100 percent of the stock of Illume Software, iZup’s maker, which will in turn become a wholly owned subsidiary of the company, according to a press release. The transaction is contingent upon Options Media receiving funding connected to the acquisition and for ongoing operations, and is expected to close by February 12, the release explains.
—iRobot invested $6 million in InTouch Health, a provider of robotics technology that enables physicians to communicate remotely with patients, the company announced Tuesday. The deal gives Bedford, MA-based iRobot (NASDAQ: IRBT) a minority stake in inTouch and expands on a July 2011 joint development and licensing agreement surrounding healthcare applications of iRobot’s technology. InTouch’s FDA approved telemedicine technology will help iRobot gain a presence in hospitals, emergency care facilities, patient wards, and operating rooms, according to the announcement.