Transaction Case Studies


Situation Assessment

  • Eagle Pharmaceuticals (Nasdaq: EGRX) is a US-based pharmaceutical company developing and commercializing treatments for critical care and oncology patients

  • Eagle anticipated an upcoming revenue gap due to legacy product erosion and patent cliffs

  • Eagle was interested in expanding its corporate development capabilities to include comprehensive search and evaluation, outreach and negotiation, and transaction execution support

  • Locust Walk worked directly with Eagle’s CEO and management team to provide a turn-key corporate development team and support all activities

  • By close of engagement (~12 months), Eagle successfully transacted on two deals supported by Locust Walk (acquisition of Acacia Pharma; equity investment and option to acquire of Enalare Therapeutics)

Key Activities

  • Conducted comprehensive screening efforts to identify a short list of high-value and transactable targets in critical care and oncology

  • Continuously conducted ‘background screening’ for additional opportunities in parallel to pursuit of initially identified targets

  • Crafted deal theses and tailored messaging/outreach to targets in order to position Eagle as the optimal buyer, and ideally subvert competitive processes

  • Supported confidential due diligence efforts, valuation and terms structuring, negotiations and discussions with target(s), and Board of Directors material creation

  • Comprehensive process led to multiple active deals driven and coordinated by the Locust Walk team in collaboration with Eagle’s legal and business development counterparts

Successful Outcome

  • Completion of Eagle’s $104M buy-out of Acacia Pharma providing Eagle with two high-growth and already approved hospital products

  • Completion of Eagle’s equity investment and option to acquire clinical-stage company, Enalare Therapeutics; deal expands Eagle’s development pipeline with a high upside and novel respiratory stimulant to fill in future revenue gaps

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