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.
- 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
- 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.