Transaction Case Studies
Commercial Stage Asset Divestiture
- InterMune (NASDAQ: ITMN) is a public, commercial stage biopharmaceutical company focused on the research, development and commercialization of innovative therapies in pulmonology and fibrotic diseases.
- Actimmune® (interferon gamma-1b) is approved for two ultra orphan indications: chronic granulomatous disease and osteopetrosis. Actimmune® was considered non-strategic and deemed a divestiture candidate.
- InterMune selected Locust Walk Partners as its exclusive business and corporate development advisor to divest Actimmune®.
- Prepared high impact teaser and management presentation
- Conducted an outreach to leading global and regional biopharmaceutical companies, both publicly traded and privately held, that are active in the development and commercialization of ultra orphan and/or high value biologic agents.
- Led multiple parties through a confidential diligence process resulting in competing term sheets and contracts.
- Led negotiations on financial terms and actively participated in face-to-face negotiations of the term sheet and definitive agreement.
- Competitive process resulted in a divestiture of Actimmune® for $55M plus two years of royalties to our client, nearly 3x the last 12 month net revenues (as of March 31, 2012).
- The Vidara management team has been successful in the sale of their previous company, Alaven, to Meda for $350M.
Actimmune Product Divestiture for $55M upfront plus 2 year royalty