Locust Walk is pleased to announce that our client Strongbridge Biopharma recently completed its NASDAQ IPO, our first completed IPO advisory assignment. The company engaged the Locust Walk team to assist with a variety of buy side and financing activities that led to five completed transactions in 2015.
The Locust Walk team ran a comprehensive search and evaluation process for the rare endocrine disease landscape, identified and facilitated discussions with key investors and leading investment banks, coordinated a bake-off with Strongbridge’s management team and board, and provided counsel during the IPO process. Throughout the engagement, Strongbridge successfully:
- in-licensed COR-004 from Antisense Therapeutics for $105 in total milestones ($5M upfront),
- acquired COR-005 from Aspireo Pharmaceuticals for $30M in stock and $3M in cash,
- completed mezzanine financings for $59.6M across two rounds with leading biotech institutional investors including Locust Walk Capital as an investor in Strongbridge’s second financing, and
- raised $25M in an initial public offering issuing 2,500,000 shares at $10/share.
In total, the company raised $85M and acquired two products during our multi-year engagement, which is ongoing. Locust Walk is thrilled to have had the opportunity to assist in building Strongbridge.