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