Analyst's Notebook


		Analyst's Notebook - Key Deals

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Key Deals

Some alliances stand out as being pivotal to the industry whether it is due to a novel structure, a new way of valuing a potential product, or just the sheer size of the financials. This Key Deals page highlights recent important alliances, with a discussion by one of Recap's consultants. Below we also link to past Breakthrough Alliance Award nominees and an alliance 'hall of fame.'

05/20/2008

	Bristol-Myers Squibb and Adnexus


	by Michael G. McCully

Venture Capital's search for liquidity over the past 3 years has heavily favored the Trade Sale (M&A) route. Its been increasingly challenging for Biotech executives to find partnership models that (1) provide non-dilutive cash to advance a pipeline and (2) preserve opportunities for Trade Sale. Adnexus did just that. They were able to put together an outstanding license deal, only to replace it with the prefered venture end-game: a Trade Sale.

Alliance Summary on Recap.com (subscribers only)
Alliance Summary on rdna.com (subscribers only)

Acquisiton Summary on Recap.com (subscribers only)
Acquisiton Summary on rdna.com (subscribers only)

Other Key Deals - The 10 Deals That Changed Biotech

Other Key Deals - Breakthrough Alliances
Nominees for the annual Allicense conference award

Allicense 2010
	1	Sanofi-Aventis/Exelixis	05/2009	Early-Stage Collaboration in Cancer
	2	Astra Zeneca/Targacept	12/2009	Phase II Collaboration for Depression
	3	Millennium/Seattle Genetics	12/2009	Phase II Co-Development for Lymphoma Product
	4	Takeda/Amylin	10/2009	Phase II Collaboration in Diabetes/Obesity
	5	Novartis/Incyte	11/2009	Phase III Collaboration for Cancer Products
Allicense 2009
	1	Pfizer/Medivation	10/2008	Co-Development of Dimebon for Treatment of Alzheimer’s and Huntington’s
	2	GlaxoSmithKline/Regulus Therapeutics	04/2008	Discovery of MicroRNA-Therapeutics for Inflammation
	3	Purdue Pharma/Infinity Pharmaceuticals	11/2008	Ex-US Development of Novel Cancer Compounds
	4	Bristol-Myers Squibb/Exelixis	12/2008	Co-Development of Two Novel Cancer Compounds
	5	Genzyme/Osiris Therapeutics	11/2008	Co-Development of Stem Cell Products
Allicense 2008
	1	Bristol-Myers Squibb/Adnexus	02/2007	Discovery and Development of Adnectin-Based Therapeutics in Oncology
	2	Ortho-McNeil/ISIS Pharmaceuticals	09/2007	Antisense Drugs to Treat Metabolic Diseases
	3	Merck/Ariad Pharmaceuticals	07/2007	Defrolimus mTOR Inhibitor for Treatment of Cancer
	4	Sanofi-Aventis/Regeneron Pharmaceuticals	11/2007	Co-Development of Fully-Human Therapeutic Antibodies
	5	Roche/Alnylam Pharmaceuticals	07/2007	Discovery and Development of RNAi Therapeutics
Allicense 2007
	1	Janssen/Vertex	06/2006	Co-Development of VX-950 for Treatment of Hepatitis
	2	MedImmune/Infinity	08/2006	Co-Development and Commercialization Alliance for Small Molecule Cancer Drugs
	3	GlaxoSmithKline/Epix Pharmaceuticals	12/2006	GPCR Drug Discovery and Co-Development Alliance
	4	Takeda/Affymax	06/2006	Co-Development of Hematide for Treatment of Anemia
	5	Novartis/Human Genome Sciences	06/2006	Co-Development of Albuferon for Treatment of Chronic Hepatitis C
Allicense 2006
	1	Biogen Idec/PDL BioPharma	09/2005	Co-Development & Profit Split of Three Phase II Antibody Products
	2	Bayer/Nuvelo	01/2006	Co-Development of Alfimeprase Thrombolytic ex-US
	3	Novartis/Anadys Pharmaceuticals	06/2005	Co-Development & Co-Promotion of Oral Products for Treatment of Hepatitis
	4	Roche/BioCryst	11/2005	Development of BCX-4208 PNP Inhibitor for Autoimmune & Transplantation Indications
	5	AstraZeneca/AtheroGenics	12/2005	Development of AGI-1067 for Treatment of Atherosclerosis
Allicense 2005
	1	Serono/ZymoGenetics	10/2004	Co-Development and Commercialization Alliance for Therapeutic Proteins
	2	Merck/Neurogen	11/2003	Vanilloid Receptor Collaboration for Treatment of Pain
	3	Bristol-Myers Squibb/Medarex	11/2005	Co-Development of MDX-010 & MDX-1379 for Treatment of Melanoma
	4	Serono/CancerVax	12/2004	Co-Development of Canvaxin for Treatment of Melanoma
	5	GlaxoSmithKline/Theravance	03/2004	Small Molecule Strategic Alliance in Multiple Therapeutic Areas
Allicense 2004
	1	Amgen/Tularik	05/2003	Discovery and Co-Development of Small Molecules for Treatment of Cancer
	2	Aventis/Regeneron	09/2003	Co-Promotion & Profit Split of VEGF-Trap for Oncology & Ophthalmology
	3	Ortho Biotech/Millennium	06/2003	Co-Development & Co-Promotion of Velcade for Treatment of Cancer
	4	Novartis/Idenix	03/2003	Investment in and Development of Two Drugs for Treatment of Hepatitis B Infections
	5	Pfizer/Eyetech	12/2002	Co-Development & Co-Promotion of Macugen for Macular Degeneration
Allicense 2003
	1	GlaxoSmithKline/Adolor	04/2002	Co-Development & Co-Promotion of Alvimopan for Treatment of GI Disorders
	2	Pfizer/Neurocine	12/2002	Co-Development & Co-Promotion of Indiplon for Treatment of Insomnia
	3	Aventis/Genta	04/2002	Co-Development & Co-Marketing of Genasense for Treatment of Cancer
	4	GlaxoSmithKline/Exelixis	10/2002	Discovery and Co-Development of Novel Therapeutics
	5	Lilly/Amylin	09/2002	Co-Development & Co-Promotion of AC2993 for Treatment of Type 2 Diabetes
Allicense 2002
	1	Bristol-Myer Squibb/Exelixis	07/2001	Discovery & Validation of Tumor Suppressor Gene Targets for Cancer
	2	Eli Lilly/ISIS Pharmaceuticals	08/2001	ISIS-3521 for cancer and target validation for treatment of metabolic & inflammatory diseases
	3	Abbott/Millennium	03/2001	Discovery & co-development of diagnostics & treatments for Obesity & Diabetes
	4	Bristol-Myers Squibb/ImClone Systems	09/2001	Co-Development of Erbitux for treatment of cancer
	5	Roche Diagnostics/deCODE Genetics	06/2001	DNA probe diagnostics for novel disease markers
Allicense 2001
	1	Novartis/Vertex Pharmaceuticals	05/2000	Discovery and Co-development alliance to generate chemical compounds targeting selected kinases
	2	Bayer/CuraGen	01/2001	Drug discovery alliance in metabolic and toxigenomic areas as well as pharmacogenomic research services
	3	Genentech/OSI Pharmaceutials	01/2001	Late stage clinical alliance for development and commercialization of OSI-774 promising epidermal growth factor receptor inhibitor for treatment of cancer
	4	Bristol-Myers Squibb/3-Dimensional Pharmaceuticals	07/2000	Discovery alliance using 3DP's DiscoverWorks technology to generate and select lead compounds
	5	Aventis/Millennium	06/2000	Broad-range five year access to Millennium's genomics and bionformatics platforms for equity and technology fees
Allicense 2000
	1	AstraZeneca/Maxygen	06/1999	Molecular Breeding Alliance for Crop Improvement
	2	Pfizer/ArQule	07/1999	Combinatorial Chemistry Partnership
	3	Innovex/CV Therapeutics	05/1999	Commercialization Agreement for Ranolazine
	4	Schering AG/LeukoSite/Ilex Oncology	08/1999	Marketing Agreement for Campath
	5	Abbott/Triangle Pharmaceuticals	06/1999	Alliance to Market Six Antivirals
Allicense 1999
	1	Eli Lilly/Ligand Pharmaceuticals	11/1997	Metabolic Disease Collaboration
	2	Bayer/Millennium	09/1998	Small Molecules Genomics Alliance
	3	Wyeth Lederle Vaccines/Aviron	01/1999	FluMist Influenza Vaccine Alliance
	4	SmithKline Beecham/Coulter Pharmaceuticals	10/1998	Bexxar Alliance
	5	Eli Lilly/ICOS Corporation	09/1998	PDE5 inhibitor (aka Cialis) Joint Venture
Allicense 1998
	1	Monsanto/Millennium	10/1997	Plant Genomics Alliance
	2	Amgen/Guilford Pharmaceuticals	08/1997	Neuroimmunophilin Alliance
	3	Procter & Gamble/Regeneron	05/1997	Target Validation Alliance
	4	Eli Lilly/Millennium BioTherapeutics	05/1997	Secreted Protein Joint Venture
	5	Genentech/Alteon	12/1997	Pimagedine Alliance
	6	SmithKline/Incyte	09/1997	diaDexus Joint Venture
Allicense 1997 - Pharma Category
	1	Searle/Hybridon	01/1996	Antisense Alliance and Joint Venure
	2	Merck KGaA/Human Genome Sciences	07/1996	Genomics Alliance
	3	Hoechst Marion Roussel/Alliance Pharmaceutical	02/1996	LiquiVent Alliance
	4	Astra Merck/Intercardia	12/1995	Bucindolol Alliance
	5	Allergan/Ligand	01/1995	Retinoid Therapeutics Joint Venture
Allicense 1997 - Biotech Category
	1	Boehringer Ingelheim/ISIS Pharmaceuticals	07/1995	Cell Adhesion Alliance
	2	American Home Products/Millennium	07/1996	CNS Gene Sequencing Alliance
	3	Abbott/Sonus Pharmaceuticals	05/1996	EchoGen Alliance
	4	Bristol-Myers Squibb/EntreMed	12/1995	Antiangiogenisis Alliance
	5	Rhone-Poulenc Rorer/Guilford Pharmaceuticals	06/1996	Gliadel Alliance

The Analysts' Notebook is prepared by Deloitte Recap LLC’s analysts and consultants using Recap.com and rDNA.com data. For over 15 years Recap Consulting has provided clients with expert advice and in-depth analysis in the areas of alliance structuring and deal valuation.

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