Transaction Case Studies


Situation Assessment

  • Anokion Bio is Swiss biotechnology company focused on autoimmune diseases by restoring normal immune tolerance. Anokion’s lead asset ANK-780 is an antigen specific treatment for multiple sclerosis.
  • Kanyos Bio was spun out of Anokion in 2015 to support a collaboration with Astellas, with rights to develop assets in type 1 diabetes and celiac disease from Anokion’s platform.
  • Kanyos and Astellas mutually agreed to terminate the agreement
  • Both companies expressed an interest in merging in order to build a complete portfolio with Kanyos’ assets and continued access to Anokion’s platform
  • Kanyos engaged Locust Walk as its exclusive valuation and strategic advisor to ensure terms of the potential merger gave fair value to current investors
  • Locust Walk performed a robust relative valuation analysis of both companies, concluding that the proposed merger terms were in a reasonable fair value range

Key Activities

  • Worked with senior management team to define goalposts for deal terms that align with company goals and could ensure deal success
  • Developed in-depth comparable deals analysis to fairly value both companies and guide term negotiations
  • Conducted thorough diligence based on comparable transactions and discussed valuation model inputs to come to agreement on relative value of both companies
  • Locust Walk provided guidance on the fairness of the transaction and the relative value to Kanyos

Successful Outcome

  • Anokion successfully completed the merger with Kanyos at the agreed upon deal terms
  • Anokion successfully completed a $40M Series B financing off the back of the merger
  • Locust Walk successfully assessed the terms of the merger and provided a formal opinion within four weeks

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