Inside Seattle Genetics’ Big Partnership, Motricity Files for $250M IPO, VC Stats for 2009, & That’s About It for Seattle-Area Deals News
It was a quiet week for deals in the Northwest—too quiet. Maybe companies are steering clear of breaking news so they don’t get drowned out by all the big quarterly earnings news and Apple’s much-anticipated product announcement tomorrow. Probably there’s a storm coming.
—Ryan took us inside a major partnership between Bothell, WA-based Seattle Genetics (NASDAQ: SGEN) and Millennium in Cambridge, MA. The deal, which we originally reported last month, calls for Millennium to sell Seattle Genetics’ experimental drug for Hodgkin’s and other lymphomas in all markets outside the U.S. and Canada. Millennium, which began a research collaboration with Seattle Genetics back in 2003, is acting as the Bothell firm’s global development and marketing partner, thanks to Millennium’s global parent company, Japan-based Takeda Pharmaceutical.
—Wade reported that Harvest Power, a Boston-area renewable fuels company that has operations in Seattle and Vancouver, BC, has formed a partnership with Waste Management (NYSE: WM), the Texas-based waste hauling giant. Waste Management has invested an undisclosed amount to help Harvest Power expand to more cities, starting with the East and West Coasts.
—Dow Jones VentureSource broke out VC data for Washington state in the fourth quarter of 2009, as Bruce reported. The venture dollars invested shot up almost three-fold in the quarter, when $239.4 million was invested in 25 companies, compared with the same quarter in 2008, when less than $85.6 million was invested in 18 companies. For all of 2009, however, Dow Jones showed a 9 percent decline, with $793.4 million invested in 107 companies, as compared to $875.6 million in 97 companies the prior year.
—Bellevue, WA-based Motricity, a software firm that helps wireless carriers and media companies deliver mobile data services to customers, filed a form S-1 with the SEC, saying it plans to sell up to $250 million in an initial public offering. The company was founded in 2001 and is backed by more than $400 million in venture funding; it moved headquarters from North Carolina to Washington following its $135 million acquisition of the mobile services unit of InfoSpace (NASDAQ: INSP) in 2007. Motricity generated revenues of $117.1 million in the 12 months ending on September 30, 2009, but is not profitable.
—Lastly, we had a fascinating guest post from entrepreneur Jasper Kuria, a former Microsoftie, on the reasons behind the “evil” term sheets that VCs negotiate with startups they want to fund, and the ensuing strategy discussions about company growth and exits.