Transaction Case Studies
Sell-Side M&A Engagement for Tolerance Therapeutics Leading to an Acquisition by Ligand for $20M in Cash
Situation Assessment
- Tolerance is a company that owns a royalty on Sanofi’s Tzield that is indicated to delay the onset of Stage 3 Type 1 Diabetes
- In November 2023, Tolerance and Locust Walk successfully secured an acquisition with Ligand Pharmaceuticals for $20M in cash
Key Activities
- Conducted a rapid and highly targeted campaign to identify 16 companies with relevant royalty practices
- Led numerous companies through a confidential due diligence process
- Worked in collaboration with legal and business development teams to drive transaction to a successful close
Successful Outcome:
- Provided Tolerance with a successful exit for Tolerance and provided Ligand with a key royalty to include in their portfolio
- Significant cash payment for Tolerance in a challenging capital market