Transaction Case Studies
Sell-Side Engagement for Alloy Therapeutics Leading to a Licensing Agreement with Sanofi for $27.5M in Upfront and Preclinical milestones, up to $400M in Clinical and Commercial Milestone Payments plus Royalties on Net Sales
Situation Assessment
- Alloy Therapeutics is a US-based biotechnology ecosystem company focused on democratizing access to cutting edge drug discovery technologies that are foundational for the discovery and development of biologics
- Alloy’s genetic medicines unit is focused on developing their novel and proprietary AntiClastic Antisense Platform that can be utilized to generate ASO therapies across therapeutic areas
- Alloy was interested in securing a partner to collaborate on the research and development of ASO therapies using the AntiClastic platform for CNS indications and engaged Locust Walk in December 2023 to run a competitive process and support the deal negotiations
Key Activities
- Developed marketing materials and conducted an outreach process to a curated group of potential strategic pharma and biotech partners
- Worked as an extension of the Alloy business development team to provide quantitative and qualitative research and analysis to support deal negotiations
- Led numerous companies through confidential discussions and preliminary due diligence
- Engaged in preliminary negotiations of the term sheets and deal documents identifying key business terms that were essential to a successful deal
Successful Outcome
- Supported the Alloy business development team throughout the process leading up to transaction close
- Advised Alloy on negotiable deal terms, resulting in a meaningful upfront that was at par with comparable deals
