Cephalon, a Nasdaq-listed drugs company, has agreed to buy Gemin X Pharmaceuticals, a biopharmaceutical company for cancer therapeutics, for $225m.
A further $75m in performance fees can be paid to Gemin X stockholders, which include SB Life Science Ventures I, a $100m fund backed by Japan-based technology conglomerate Softbank.
Investment bank Deutsche Bank advised Cephalon with legal counsel from Ballard Spahr. Citi acted as financial adviser and Cooley as lawyers to Gemin X.
Gemin X has raised more than $94m in equity before the sale and its other shareholders included venture capital firms Caxton Advantage Life Sciences Fund , Sanderling Ventures , GrowthWorks Capital , CDP/Vantage Point, ProQuest , Business Development Bank of Canada, Solidarity Fund, QFL, Merlin Nexus , Pinnacle Bioventures, HBM Partners , H.I.G. Ventures, Ontario Teachers’ Pension Plan Board.
Separately, New York-listed Valeant Pharmaceuticals International has made a $5.7bn bid for Cephalon.