Transaction Case Studies

Multi-track engagement leading to an equity investment

Situation Assessment

  • Rapid Micro Biosystems is a privately held, commercial stage life sciences company.
  • Rapid Micro Biosystems creates innovative products for fast, accurate, and efficient detection of microbial contamination in the manufacture of pharmaceuticals, biologics, biotechnology products, medical devices, and personal care products.
  • Rapid Micro Biosystems is focused on ramping revenue of its Growth Direct system. 
  • The company engaged Locust Walk to run a comprehensive multi-track process to generate investor demand from venture capital, sovereign wealth, private equity, cross over and strategic investors. 

Key Activities

  • Collaborated with management team to recast pro-forma financial statements, ensuring clear articulation of capital requirements and use of proceeds 
  • Ran a comprehensive global process to identify potential financial investors spanning venture capital, sovereign wealth, private equity, cross-over funds and strategic investors with strong capabilities in the quality control/biomanufacturing automation space 
  • Initiated discussions with, and provided guidance on interest from, potential strategic partners for investment and/or acquisition
  • Conducted financial and precedent transaction analysis to assist in the evaluation of deal terms for equity and debt term sheets 
  • Integral in negotiating economic and non-economic terms and provided guidance to Rapid Micro throughout the transaction process

Successful Outcome

  • Rapid Micro successfully raised an equity financing round ($60M) led by new investors Bain Capital Life Sciences and Xeraya Capital
  • The new funding round also included an investment from a new strategic player, Asahi Kasei Medical, along with continued participation by Longitude Capital, Quaker Partners, TVM Capital, and Richard K. Mellon and Sons
  • Funding will be used to accelerate global commercial expansion, operational capability and product innovation
  • Rapid Micro has continued discussions with strategics to explore co-promotion and commercial partnership opportunities to support its growth initiatives 

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CLIENT: Rapid Micro Biosystems


Growth capital for automated, rapid microbial detection system for the healthcare product manufacturing sector

$60M Private Placement