Transaction Case Studies

Multi-Track Sell-Side and Financing Engagement Leading to Acquisition

Situation Assessment

  • Thar Pharmaceuticals is a privately held biopharmaceutical company focused on converting IV only drugs to oral formulations for new and existing indications.
  • Thar engaged Locust Walk to secure a strategic partner and/or financing to initiate pivotal trials for its lead compound, T121.
  • T121 is a novel, oral formulation of zoledronic acid for the treatment of complex regional pain syndrome (CRPS). CRPS is a debilitating, chronic pain disorder that has no approved therapies.
  • To fund pivotal trials, Thar pursued, in tandem, a path toward a U.S. initial public offering as well as strategic licensing and M&A opportunities.

Key Activities

  • Locust Walk engaged in a multi-track process that parallel processed strategic partnership/ acquisition opportunities along with public and private financing to allow Thar to fund development
  • Strategically repositioned company and conducted a comprehensive commercial assessment focusing on the opportunity of T121 in complex regional pain syndrome (CRPS)
  • Ran a comprehensive process to identify potential development/commercial partners with strong capabilities in the orphan and/or pain and CNS
  • Ran a comprehensive process to identify potential investors and investment banks to syndicate a public financing
  • Advised Thar throughout the IPO process including S-1 drafting and development of investor/filing materials
  • Integral in negotiating economic and non-economic terms and provided guidance to Thar and its board throughout the acquisition process

Successful Outcome

  • Thar was successfully acquired by Grunenthal, a private European biopharma company focused on the development and commercialization of CNS and pain products.
  • Acquisition of T121 adds to Grunenthal’s existing CRPS franchise product IV neridronic acid.

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CLIENT: Thar Pharmaceuticals

Multi-Track Sell-Side and Financing Engagement Leading to Acquisition