Transaction Case Studies

Commercial Stage Asset Divestiture

Situation Assessment

  • 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®.

Key Activities

  • 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.

Successful Outcome

  • 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.

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CLIENT: InterMune


Actimmune Product Divestiture for $55M upfront plus 2 year royalty