Transaction Case Studies

Increasing Optionality for a Single-Product Company in an Orphan Disease Space

Situation Assessment

  • Savara is a biotechnology company focused on the research and development of innovative therapies for the treatment of serious and life-threatening rare respiratory diseases.
  • Savara’s main asset, AeroVanc, is a Phase 3 drug for the treatment of lung infections in connection with cystic fibrosis.
  • Savara engaged Locust Walk Partners to help identify opportunities to expand its pipeline in orphan respiratory and/or infection indications to increase company value and position the company for continued long-term growth and success.

Key Activities

Locust Walk utilized a three-person team with extensive experience evaluating assets for possible acquisition, including extensive experience in deal execution.  The firm conducted an extensive search and evaluation of orphan respiratory and/or infectious disease products currently in development that matched Savara’s existing strategy and would fit in nicely with AeroVanc’s development timelines.  The firm also initiated outreach to several potential partners.  Key activities included:

  • Leveraging both commercial and proprietary data sources to generate a list of several hundred assets of potential strategic interest to Savara, nearly all of which were not previously known.
  • Conducting diligence on key assets to further assess strategic viability as well as transactability.
  • Outreach to key companies to open negotiations for assets of interest
  • Provided deal strategy and transaction structuring for proposed acquisition targets for term sheet submissions

Successful Outcome

  • Submission and negotiation of term sheets with four separate partners for potential asset in-license/acquisition transactions
  • Savara acquired Serendex Pharmaceuticals, adding two new orphan respiratory programs to its pipeline

–Serendex Pharmaceuticals was sourced, originally contacted and initial offers submitted through Locust Walk’s efforts

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CLIENT: Savara

PARTNER: Serendex Pharmaceutical

Identified and Initiated buy-side acquisition