Transactions

Transactions

Xoma

Royalty Monetization

$22 million

December 2016

North America

Opiant Pharmaceuticals

Partial Royalty Monetization

$17.5 million

December 2016

North America

Rubicon Research

Equity Sale

$33 million

November 2016

North America

SciDose

Partial Sale of Royalties and Milestones

$40 million

September 2016

North America

Academic Inventor

Sale of Phase II Enzyme Replacement Royalty

August 2016

North America

IntelgenX

Partial Sale of Royalties and Milestones

$6 million

August 2016

North America

Topix Pharmaceuticals

Equity Investment

July 2016

North America

Hikma Pharmaceuticals

Sale of ANDAs

February 2016

North America

Undisclosed

Credit Facility

$100 million

February 2016

North America

H2-Pharma

Sale to ANI Pharmaceuticals

$10 million

February 2016

North America

PhosImmune

Sale to Agenus

$10 million upfront in cash & stock + up to $3

December 2015

North America

Amerigen

Senior Credit Facility

$15 million

December 2015

North America

VistaPharm

Sale to Vertice Pharma (backed by Warburg Pincus)

November 2015

North America

XOMA

Sale of Biologics Manufacturing Facilities to Agenus

$5 million in cash and $1 million in Agenus stock

November 2015

North America

XOMA

Sale of Biodefense Program to Nanotherapeutics

November 2015

North America

IGI Laboratories

Acquisition of Alveda Pharmaceuticals

CAD$ 47 million

October 2015

North America

XOMA

License of Global Rights to Anti-TGF-beta Antibody Program to Novartis

Up to $517 million

October 2015

North America

Crown Laboratories

Senior Term Loan from Hayfin Advisors

$20 million

September 2015

North America

cCam Therapeutics

Sale to Merck

Up to $605 million

July 2015

Asia, Africa, MidEast, Latin America

Teva

Sale of 22 generic products to ANI Pharmaceuticals

$25 million

July 2015

North America

ProSolus

Sale to Mission Pharmacal

June 2015

North America

Midatech Pharma

Acquisition of Dara Biosciences

Up to $30 million

June 2015

Europe

arGEN-X

License of a preclinical antibody to LEO Pharma

Up to €105 million

May 2015

Europe

Ipsen

Acquisition of OctreoPharm Sciences

Up to €50 million

May 2015

Europe

Sandoz

Sale of ZONALON to Prestium Pharma

March 2015

North America

Dr Reddy’s

Acquisition of US Rights for Trianex from CMP Pharma

March 2015

North America

Phenex

Sale of Development Program for Non-Alcoholic Steatohepatitis and Other Liver Diseases to Gilead

Up to $470m

January 2015

North America

Lightlake Therapeutics

License of naloxone opioid overdose reversal treatment to Adapt Pharma

>$55 million

December 2014

Europe

Aseptix Health Sciences

License of antimicrobial technology to Ecolab

December 2014

Europe

PDI

Acquisition Financing from SWK Holdings

$20 million

December 2014

North America

PDI

Acquisition of Redpath Integrated Pathology

Up to $35 million

December 2014

North America

Flamel Technologies

Sale of Pessac plant to Recipharm AB

Up to €22 million

November 2014

North America

Sandoz

Divestiture of certain ANDAs to IDT Australia

Up to $18 million

October 2014

North America

Probiodrug

IPO Advisory

$30 million

October 2014

Europe

CureTech

License of pidilizumab to Medivation

Up to $335 million with royalty

October 2014

Asia, Africa, MidEast, Latin America

DBV Technologies

Global Offering Advisory

$116 million

October 2014

Europe

Heritage Pharma

Divestiture of certain ANDAs to Epic Pharma

October 2014

North America

ABT Molecular Imaging

Synthetic Royalty Financing from SWK Holdings

$10 million

October 2014

North America

Innovative Therapies

Sale to Cardinal Health

Up to $65 million

September 2014

North America

Trimel

Acquisition Financing from MidCap Financial

$25 million

July 2014

North America

Trimel

Acquisition of Canadian Rights to Estrace from Shire

$41 million

July 2014

North America

Ventrus Biosciences

Merger with Assembly Pharmaceuticals

May 2014

North America

Chelsea Therapeutics

Sale to Lundbeck

Up to $658 million

May 2014

North America

Fibrotech

Sale to Shire

$75 million upfront + milestones

May 2014

Asia, Africa, MidEast, Latin America

Concordia Healthcare

Acquisition of Donnatal from Revive Pharmaceuticals

$329 million

March 2014

North America

Compugen

Follow-on Offering

$72.5 million

February 2014

Asia, Africa, MidEast, Latin America

Zila

Sale of substantially all assets to DenMat

February 2014

North America

4-Antibody AG

Sale to Agenus

$40 million+ with $10mm upfront

January 2014

Europe

Semprae Laboratories

Sale to Innovus Pharmaceuticals

December 2013

North America

Teva

Sale of 31 ANDAs to ANI Pharmaceuticals

$12.5mm + Profit Share

December 2013

Asia, Africa, MidEast, Latin America

Pinnacle Biologics

Sale to Concordia Healthcare

December 2013

North America

DBV Technologies

Financial Advisor in Private Placement

€29,900,000

November 2013

Europe

Almac

License to Chemotherapy Benefit Test for High Risk Breast Cancer

$9 million + milestones and royalties

November 2013

Europe

Shionogi

Sale of Naprelan to Alvogen

November 2013

Japan

Correvio

Sale to Cardiome

19.9% shares + $12mm

November 2013

Europe

Undisclosed

Arrangement of Authorized Generic Marketer

September 2013

North America

Canterbury Laboratories

Merger into Restorgenex

September 2013

North America

Compugen

Advisor on oncology partnership with Bayer

$550mm with $10mm upfront

August 2013

Asia, Africa, MidEast, Latin America

Sofgen

Sale of Nimodipine ANDA to ANI Pharmaceuticals

August 2013

Europe

Boulder Diagnostics

Financial advisor on a private equity financing

August 2013

North America

Merus Labs

Sale of Factive rights in North America to Okana Ventures

$3.4 mm + Equity

August 2013

North America

Undisclosed

Collaboration agreement to commercialize diagnostic tests

August 2013

North America

Shionogi

Divestiture of Three Pediatric Drugs to Concordia Pharmaceuticals

May 2013

Japan

Inviragen

Sale of Vaccine Company to Takeda

$250mm with $35mm upfront

May 2013

Asia, Africa, MidEast, Latin America

Selexis

Sale of a recombinant protein royalty portfolio to Ligand

April 2013

Europe

Clinigen

Acquisition of EU rights to Vibativ from Theravance

$5mm + royalties

March 2013

Europe

Undisclosed

License of Rights of an OTC Product to a Large Pharma

March 2013

Europe

Molecular Insight

Sale of company to Progenics for up to $106mm

$12mm + milestones

January 2013

North America

SpePharm

Joint Venture with Norgine

December 2012

Europe

GTx

Sale of Fareston to Prostrakan / Kyowa Hakko Kirin

October 2012

North America

Agvar Chemical

Financial Advisor on Disposal of Assets and Valuation

September 2012

North America

Shionogi

Divestiture of Cuvposa to Merz

August 2012

Japan

Xanodyne

Sale of Roxicodone to Covidien

August 2012

North America

Xanodyne

Sale of Rights to Amicar to Versapharm

August 2012

North America

Xanodyne

Sale of Zipsor to Depomed

August 2012

North America

Undisclosed

Sale of aesthetic dermatology company

March 2012

North America

Mission Pharmacal

Purchase of rights to Eletone for dermatologic applications

February 2012

North America

Undisclosed

Structured debt transaction linked to three pharma royalties

$65mm

December 2011

North America

Undisclosed

Licensing transaction to a large pharma in the pain area

October 2011

Europe

Xanodyne

Sale of prenatal vitamin franchise

October 2011

North America

Amorcyte

Sale to Neostem

$10mm + milestones

October 2011

North America

Undisclosed

Acquisition of global rights to a hospital antifungal product

July 2011

Europe

Ventrus Biosciences

Financial Advisor in a follow-on financing for GI company

July 2011

North America

Undisclosed

Sale of royalties by two private equity firms

July 2011

North America

Xanodyne

Co-Promotion with Medimetriks for Zipsor

May 2011

North America

Aegera

Sale of Canadian biotechology company to Pharmascience

May 2011

North America

Cynapsus

Fairness Opinion in neurology drug purchase by Canadian company

April 2011

North America

Undisclosed

Sale of royalties to Cubicin and Lexiscan to Royalty Pharma

$487 million

April 2011

North America

Lpath

Advisor in iSonep License to Pfizer

$500mm with $14mm upfront

December 2010

North America

Quinnova

Sale of dermatology specialty pharma business to Amneal

December 2010

North America

Three Rivers Pharma

Sale to Kadmon

> $100mm

October 2010

North America

Actient Pharma

Advisor in the Acquisition of Six Products from UCB

July 2010

North America

Columbia Labs

Columbia Prochieve License Watson

$92.5mm with $47 upfront

July 2010

North America

Dov

Fairness Opinion in Sale to Euthymics Bioscience Inc.

July 2010

North America

DNP

Acquisition of Thorne Research

$40mm + milestones

June 2010

North America

Undisclosed

License of antimicrobial product to global device company

January 2010

North America

Ikonisys

Marketing Agreement with ENZO Labs

December 2009

North America

Undisclosed

Advisor in the license to a cardiovascular product from a large pharma

December 2009

North America

Undisclosed

Advisor in license of novel vaccine to large pharma

> $500mm

December 2009

North America

Nabi

Advisor in sale of Pentastaph to GSK

$47.5mm with $21.5mm upfront

November 2009

North America

Introgen

Advisor in sale of Advexin rights for contingent consideration

September 2009

North America

Teikoku Pharma

Acquisition of Travanti Pharma

May 2009

Japan

Shareholder group

Advisor to Genentech major shareholder in sale to Roche

$46 billion

March 2009

North America

Introgen

Corporate asset sales

December 2008

North America

AGI Dermatics

Advisor in the company's sale to Estee Lauder

September 2008

North America

Navitas Pharma

Structured sale of the company to Gilead

May 2008

North America

ProEthic Pharma

Sale to Kowa Pharmaceuticals

April 2008

Japan

Midlothian Labs

Sale to Hi-Tech Pharmacal

$7mm

December 2007

North America

DBV Technologies

Advisor in a private placement

DBV Technologies, creator of Viaskin®, a new standard in the treatment of allergy, launched a private placement for a target amount of circa €25 million, which €14 million will be in the form of new shares and€11 million will be in the form of existing shares. DBV Technologies may extend this amount but will in no event place more than 4,722,464 shares consisting of new shares issued by means of a capital increase without shareholders' preemptive rights and existing shares sold by certain shareholders. The shares will be offered in a Private Placement conducted by way of an accelerated bookbuilding. The issuance of new shares by the Company is intended to raise gross proceeds of around €14 million, which will be used to provide additional funding to the Company to finance its development strategy.

Press Release

Almac

Advisor on licensing and commercialization agreement with Genomic Health

Almac Group announced that Genomic Health will exclusively license Almac’s technology and intellectual property to further develop, validate, and subsequently commercialize a multi-gene test to predict benefit from DNA damage-based chemotherapy drugs, such as the commonly used anthracycline-based regimens, in breast cancer. Such a test would be particularly useful for high-risk breast cancer patients who are eligible for chemotherapy based on their Oncotype DX® score. Genomic Health will identify a study cohort for the validation of Almac’s previously identified and published genes. Genomic Health made an up-front payment of $9 million dollars, which the company expects to expense in the fourth quarter of 2013, and will pay additional milestones as certain clinical and commercial endpoints are achieved in the future. Upon successful commercialization of the test, Genomic Health will pay additional royalties to Almac Group.

Press Release

Correvio

Sale of a privately held European pharmaceutical company

Correvio LLC, a privately held pharmaceutical company, was acquired by Cardiome Pharma Corp. Key benefits of the transaction include acceleration of Cardiome's launch of BRINAVESS™ (vernakalant IV) and its transformation into a global commercial organization positioned for future growth; Cardiome acquiring an EBITDA-positive, European, specialty pharmaceutical company selling Aggrastat® (tirofiban HCL) to cardiologists in over 60 countries worldwide with annual revenues of US$30+ million; brings together two highly complementary, in-hospital, intravenous, cardiology products sold through a direct sales force in Europe and via specialty distributors elsewhere; and reduces BRINAVESS build-out costs and shortens the time to profitability by providing an established operational and financial infrastructure with significant operating cost synergies. Under the terms of the agreement, Cardiome has acquired 100% of Correvio through the purchase of a combination of assets and shares of its subsidiaries in exchange for 19.9% of Cardiome’s outstanding shares (proforma ownership of approximately 16.6%) and a deferred cash consideration of US$12 M. The deferred cash consideration will be repaid monthly at an amount equal to 10% of cash receipts from product sales and any applicable interest accrued at 10% compounded annually. The adjusted deferred cash consideration must be repaid in full by December 1, 2019.

Press Release

Canterbury Laboratories

Advisor to a dermaceutical company in a reverse merger

Stratus Media Group, Inc. entered the dermatological industry with the execution of a definitive merger agreement with two related companies - Canterbury Laboratories, LLC, and Hygeia Therapeutics, Inc. Upon the closing, Stratus, which will be renamed Restorgenex Corporation, plans to create a world-class cosmeceutical and pharmaceutical company in the large and expanding field of dermatology and restorative medicine. The merger agreement was approved by the board of directors of all companies and is expected to close following the satisfaction of customary closing conditions including the completion of the audit of Canterbury and Hygeia. Upon the closing, Stratus will acquire the exclusive license for 24 patent-protected compounds from Yale University. These unique compounds address hormonal aging and are scientifically validated to improve the appearance of skin and hair. Upon the closing, Restorgenex Corporation plans to build an anti-aging skincare brand for women over forty-five. As part of this merger and its commitment to biopharmaceuticals, the company also announced today the appointment of Sol J. Barer, Ph.D., the former chairman and CEO of Celgene who has more than 30 years of experience with publicly traded biotechnology companies, as Chairman of its Board of Directors, and Isaac Blech, a leading biotechnology entrepreneur and investor, as Vice Chairman of its Board of Directors.

Press Release

Compugen

Advisor on oncologly partnership with Bayer

Compugen Ltd. signed a collaboration and license agreement with Bayer HealthCare for the research, development, and commercialization of antibody-based therapeutics for cancer immunotherapy against two novel Compugen discovered immune checkpoint regulators. Under the terms of the agreement, Bayer and Compugen will jointly pursue a preclinical research program. Subsequently, Bayer will have full control over further development and have worldwide commercialization rights for potential cancer therapeutics. Under the agreement Compugen will receive an upfront payment of $10 million, and is eligible to receive over $500 million in potential milestone payments for both programs, not including milestone payments of up to $30 million associated with preclinical activities. Additionally, Compugen is also eligible to receive mid to high single digit royalties on global net sales of any resulting products under the collaboration.

Shionogi

Divestiture of Three Pediatric Drugs to Concordia Pharmaceuticals

Concordia Pharmaceuticals Inc. acquired the rights to three Shionogi Inc. products: Kapvay™, Orapred ODT®, and Orapred® OS. As part of the agreement Shionogi will provide transition services to Concordia. This divestiture allowed Shionogi put more focus and resources on those products that are strategically core to its operations, and to progress development of products in its pipeline. Shionogi Inc. is the U.S.-based subsidiary of Shionogi & Co., Ltd., headquartered in Osaka, Japan. Shionogi is a major research-driven pharmaceutical company dedicated to placing the highest value on patients. Shionogi Inc. is focused primarily on two therapeutic areas in the U.S.: women’s health and pain. In addition, Shionogi is engaged in new research in areas such as allergy and cancer.

Press Release

Inviragen

Sale of Vaccine Company to Takeda

Takeda America Holdings acquired biopharmaceutical company Inviragen for an estimated total of $250 million. The deal included an upfront payment of $35 million and future payments of up to $215 million linked to the clinical development and achievement of key commercial milestones by the company. This deal signifies another major step in Takeda's plan towards its goal of establishing a world-class global vaccine business. Inviragen's advanced vaccine candidate against dengue, a serious mosquito-borne illness that threatens nearly half of the world, was of great interest to Takeda's strategic ambitions. Inviragen has created innovative products using its expertise in viral vaccines, including a vaccine for the prevention of dengue infection. The company is also looking at vaccines to protect against hand, foot and mouth disease and chikungunya.

Selexis

Sale of 15+ royalties on antibodies to Ligand

Selexis SA sold more then 15 biologic development programs to Ligand Pharmaceuticals Incorporated. The acquired programs are in various preclinical and clinical stages. Selexis intends to use the funds from the Ligand deal to conduct R&D to further develop the next generation of SUREtechnology Platform™ products. The Company’s SUREtechnology Platform™ is based on novel DNA-based elements that control the dynamic organization of chromatin within all mammalian cells and allows for higher and more stable expression of recombinant proteins. Headquartered in Geneva, Switzerland, Selexis SA is a global life science company with innovative technologies and world-class expert services for drug discovery, cell line development and scale-up to manufacturing of therapeutic proteins.

Press Release

Clinigen

Acquisition of ex-U.S. rights to Vibativ from Theravance

Clinigen acquired exclusive commercialization rights to VIBATIV® in the EU and certain other European countries (including Switzerland and Norway) from Theravance. In exchange, Theravance will receive a $5 million upfront payment from Clinigen and is entitled to receive tiered royalties on net sales of VIBATIV®, ranging from 20% to 30%. The agreement has a term of at least 15 years, with an option to extend exercisable by Clinigen. VIBATIV® is a bactericidal, once-daily, injectable lipoglycopeptide antibiotic with a dual mechanism of action. The drug is approved in the United States for the treatment of adult patients with complicated skin and skin structure infections (cSSSI) caused by susceptible isolates of Gram-Positive bacteria, including Staphylococcus aureus, both methicillin-susceptible (MSSA) and methicillin-resistant (MRSA) strains, since 2009. In 2011, the European Commission granted marketing authorization for VIBATIV® for the treatment of nosocomial pneumonia (hospital-acquired), including ventilator-associated pneumonia, known or suspected to be caused by MRSA when other alternatives are not suitable.

Press Release

Molecular Insight

Sale of company to Progenics for up to $106mm

Progenics Pharmaceuticals acquired Molecular Insight Pharmaceuticals, Inc. in an all-stock transaction. Progenics exchanged 4,566,210 shares of its common stock (8.9% of the total outstanding post-transaction shares) for all of the outstanding shares of Molecular Insight, which will become a wholly-owned subsidiary of Progenics. Molecular Insights is a clinical-stage biotechnology company with a small molecule chemistry pipeline aimed at enhancing cancer treatment. Molecular Insight's small molecule compounds were seen as an excellent complement to Progenics' internally developed oncology programs. The acquisition broadened Progenics' oncology pipeline, adding late-stage opportunities and targeting additional types of cancer while deepening it's strategic focus on the PSMA antigen, which shows great promise as an oncology target. Progenics may make additional milestone payments to the former owners of Molecular Insight based on future commercial sales of the company's compounds. No royalties are due to the former owners of Molecular Insight. This transaction was aimed at furthering Progenics’s strategy to become a preeminent oncology company.

Press Release

GTx

Sale of Fareston to Prostrakan / Kyowa Hakko Kirin

GTx sold the rights to Fareston, a metastatic breat cancer product, to ProStrakan Group plc (ProStrakan) for total cash consideration of $21.7 million. Fareston is a selective estrogen receptor modulator approved in the United States for the treatment of breast cancer in postmenopausal women. After deducting cash expenses relating to the transaction, GTx will receive net cash proceeds from the sale of approximately $19 million. ProStrakan, which is a subsidiary of the pharmaceutical company, Kyowa Hakko Kirin Co. Ltd., executed an Asset Purchase Agreement with GTx to acquire GTx’s exclusive rights in the U.S. to Fareston, along with product inventory. This deal will allow GTx to focus its R&D capabilities to discover, develop, and commercialize other small molecule treatments. Special focus was placed on the development of Enobosarm, a molecule for the prevention and treatment of muscle wasting in patients who have non-small cell lung cancer, and on Capesaris, a molecule for men with advanced prostate cancer.

Press Release

Shionogi

Divestiture of Cuvposa to Merz

Shionogi Inc. sold its orphan product Cuvposa to Merz Pharmaceuticals LLC, the US division of private Germany drug company Merz GMBH & Co. Cuvposa is an oral solution medication designed to treat a condition associated with such neurologic conditions as cerebral palsy. The drug has been commercially available since April 2011 and is the only Food and Drug Administration-approved treatment to reduce chronic severe drooling — a condition known as sialorrhea — in pediatric patients ages 3 to 16 years with neurologic conditions associated with problem drooling. The acquisition of this drug is a promising addition to Merz’s neurology business and reflects its commitment to becoming a recognized leader in the treatment of movement disorders and related conditions in the U.S.

Press Release

Xanodyne

Sale of Roxicodone to Covidien

Xanodyne Pharmaceuticals, the developer of Roxicodone, sold the rights to Roxicodone to Covidien. Roxicodone is approved for moderate to severe pain management and is used where the application of an opioid analgesic is necessary. The drug is currently available in the U.S. As part of the deal, Covidine acquired the rights to Roxicodone (oxycodone hydrochloride tablets USP) in 5, 15 and 30 mg dosage strengths. The deal also gave Covidien all rights to the Roxicodone New Drug Application. The inclusion of Roxicodone enhances Covidine’s pain management product portfolio. Covidine’s pharmaceutical segment Mallinckrodt is a leading manufacturer of bulk acetaminophen in the world and the largest supplier of opioid pain management drugs in the U.S. Xanodyne Pharmaceuticals, an integrated specialty pharmaceutical company, has extensive expertise in pain management.

Xanodyne

Sale of Zipsor to Depomed

Xanodyne Pharmaceuticals sold all rights Zipsor to Depomed. Zipsor is a non-steroidal anti-inflammatory drug (NSAID) indicated for relief of mild to moderate acute pain in adults. The drug was introduced by Xanodyne in 2009, achieved approximately $19 million of net sales in the 12 months ended May 31, 2012. Depomed acquired the product in return for $25.9 million of cash and potential milestone payments based on sales of Zipsor and assumption of certain liabilities. With Depomed's extensive sales force of 164 reps and 78 flex reps, the company believes that Zipsor will achieve significant returns. The company plans to utilize its sales force to promote Zipsor to pain specialists, neurologists, and high prescribing PCPs, in addition to current prescribers of Zipsor.

Press Release

Mission Pharmacal

Purchase of rights to Eletone for dermatologic applications

Mission Pharmacal acquired the prescription barrier cream Eletone Cream, from Ferndale Healthcare, Inc. Eletone Cream is a non-steroidal, barrier cream approved by the FDA for the long-term treatment of atopic dermatitis, an inflammatory, chronically relapsing, non-contagious and pruritic or itchy skin disorder. The product enhances Mission's targeted expansion in the dermatology market. To augment and support its sales efforts, Mission has also created a dermatology focused sales team. Mission Pharmacal is a privately-held pharmaceutical company based in San Antonio, Texas. For more than 65 years, the company has been committed to meeting the unique healthcare needs of women throughout all stages of life, pediatric patients, and those persons dealing with urologic and dermatologic conditions.

Press Release

Amorcyte

Sale to Neostem

NeoStem, a company engaged in the development and manufacturing of cell-based therapies in the U.S., acquired Amorcyte, a development-stage cell therapy company focusing on novel treatments for cardiovascular disease. By acquiring Amorcyte, NeoStem has gained access to AMR-001, a treatment of acute myocardial infarction which is ready to initiate a Phase II study. This treatment could potentially help NeoStem meet a major unmet need in the U.S. market. The definitive merger agreement provides for the issuance of an aggregate of 6,821,283 shares of NeoStem common stock and warrants to purchase an aggregate of 1,881,008 shares of NeoStem common stock. An additional 4,092,768 shares of NeoStem stock will vest upon achievement of specified AMR-001 milestones

Press Release

Aegera

Sale of Canadian biotechology company to Pharmascience

Pharmascience, a pharmaceutical company located in Montreal, aquired Aegera Therapeutics, a Montreal-based clinical-stage biotechnology company focused on developing targeted therapeutics to address thus far unmet major medical needs, primarily in oncology. Pharmascience acquired Aegera in an attempt to increase and diversify its R&D operations.

Press Release

Cynapsus

Fairness Opinion in neurology drug purchase by Canadian company

Cynapsus Therapeutics, a specialty pharmaceutical company developing an improved dosing formulation of an approved drug used to treat the symptoms of Parkinson’s disease, acquired Adagio Pharmaceuticals. The acquistion provided Cynapsus with control over APL-130277, a reformulation of an approved Parkinson's drug. Specifically APL-130277 is an oral reformulation of a injection knows as apomorphine. This acquisition aligns the interests of the Adagio shareholders with those of Cynapsus in risk/reward payoffs. The Proposed Transaction will be structured as a share exchange with Adagio shareholders to receive newly issued common shares in the capital of Cynapsus.

Press Release

Undisclosed

Sale of royalties to Cubicin and Lexiscan to Royalty Pharma

Royalty Pharma acquired the rights to certain royalties payable on sales of Lexiscan and Cubicin. Lexiscan is a market-leading pharmacologic stress agent for radionuclide myocardial perfusion imaging. Sales for the agent in the United States totaled $438 million. Cubicin is the first antibiotic in a class of anti-infectives called lipopeptides. The product posted U.S. sales of $600 million in 2010, which was 14% growth over the previous year. The acquisition deal was made in exchange for a cash payment of $487 million. Royalty Pharma is the industry leader in acquiring revenue-producing intellectual property - principally royalty interests in marketed and late stage biopharmaceutical products.

Press Release

Lpath

Advisor in iSonep License to Pfizer

Lpath, developer of therapeutic antibodies, entered into an agreement with Pfizer. Lpath has provided Pfizer with an exclusive option for a worldwide license to develop and commercialize iSONEP, one of Lpath humanized monoclonal antibodies. Under the terms of the agreement, Pfizer will provide Lpath with an upfront option payment of $14 million in addition to sharing the cost of the planned Phase 1b and Phase 2a trials. Following completion of the two studies, Pfizer has the right to exercise its option for worldwide rights to iSONEP for an undisclosed option fee and, if Pfizer exercises its option, Lpath will be eligible to receive development, regulatory, and commercial milestone payments that could total up to $497.5 million. In addition, Lpath will be entitled to receive tiered double-digit royalties based on sales of iSONEP.

Press Release

Three Rivers Pharma

Sale to Kadmon

Three Rivers Pharmaceuticals, a privately-held specialty pharmaceuticals company, was acquired by Kadmon Pharmaceuticals. Three Rivers will serve as the commercial and operational cornerstone for Kadmon, a privately held biopharmaceutical company based in New York City. Three Rivers marketed several products for the growing hepatitis C market, including INFERGEN™ (Consensus Interferon), Ribasphere® (ribavirin, USP) and RibaPak® (ribavirin). The company also markets AMPHOTEC® (Amphotericin B Cholesteryl Sulfate) for the treatment of invasive aspergillosis, a life-threatening systemic fungal infection, and anastrazole for the treatment of certain cancers. Three Rivers is also developing a suite of generic products in the area of oncology. Kadmon expects to maintain the company's Warrendale, PA headquarters, along with its manufacturing, distribution, commercial and administrative operations.

Press Release

Actient Pharma

Advisor in the Acquisition of Six Products from UCB

In an effort to extend its branded prescription product offerings and strengthen its business growth, Actient Pharmaceuticals acquired six pharmaceutical products from UCB. UCB is a manufacturer of therapeutic and healthcare products. Under the agreement, UCB received an upfront payment upon closing as well as future royalty payments.

Press Release

Columbia Labs

Columbia Prochieve License Watson

Columbia Laboratories sold the rights to its bioadhesive progesterone gel product Prochieve to Watson Pharmaceuticals. Watson was looking to expand its Women's Health brand product portfolio. Under the terms of the agreement, Watson provided Columbia with an initial $47 million payment and received exclusive progesterone gel product rights in the U.S. and 11.2 million newly issued shares of Columbia common stock. The deal included additional contingent payments related to the successful completion of clinical development milestones, receipt of regulatory approvals and product launches for a total of approximately up to $45.5 million.

Press Release

Dov

Fairness Opinion in Sale to Euthymics Bioscience Inc.

Euthymics Bioscience, a neuroscience-focused clinical-stage company, and DOV Pharmaceutical a biopharmaceutical company historically focused on the development of novel product candidates for disorders of the central nervous system, merged their two companies. The merger was intended to strategically strengthen both parties. The merger was structured as a acquisition of DOV by Euthymics. Euthymics paid two installments for a total of $2.0 million in cash.

Press Release

DNP

Acquisition of Thorne Research

Thorne Research, a manufacturer of hypo-allergenic premium natural dietary supplements merged with Diversified Natural Products (DNP). The combination of the two companies joins the clinically researched product portfolio of DNP with the hypoallergenic, exceptionally formulated product line of Thorne.

Press Release

Ikonisys

Marketing Agreement with ENZO Labs

Ikonisys entered a marketing partnership with Enzo Biochem to market Ikonisys' proprietary oncoFISH cervical test. Under the agreement, Enzo Clinical Labs will market the assay to physicians in the States of New York and New Jersey. Ikonisys will conduct the evaluation of the specimen using its proprietary technology.

Nabi

Advisor in sale of Pentastaph to GSK

Nabi Biopharmaceuticals sold its of PentaStaph vaccine to GlaxoSmithKline for a cash payments of $21.5 million. $20 million is associated with the PentaStaph transaction close, $1 million associated with the sale of a separate pre-clinical program for a vaccine against S.epidermedis, and $0.5 million as reimbursement for license fees and clinical materials previously manufactured for use in the Phase I trial. An additional $26 million in payments were agreed upon tied to the completion sales milestones.

Press Release

Teikoku Pharma

Acquisition of Travanti Pharma

Teikoku Pharma, a specialty pharmaceutical company that develops and manufactures enhanced pharmaceutical products based on its transdermal drug delivery technologies with special focus on pain management and CNS, acquired Travanti Pharma Inc, a privately-held corporation that designs, develops and markets innovative drug delivery platforms that improve the safety, compliance, effectiveness and ease of administration of medications delivered to the body. The acquisition is part of Teikoku’s core strategy to develop transdermal pharmaceutical products by applying drug delivery technology to make administration of medicines safer and/or more effective, more controllable, and in some cases eliminating the need for injection.

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AGI Dermatics

Advisor in the company's sale to Estee Lauder

Applied Genetics Inc. Dermatics (AGI), a venture-backed provider of dermatology drugs and other products, was acquired by Estée Lauder Cos. for an undisclosed amount of cash. AGI is a biotechnology laboratory involved in research of DNA repair and specializes in skin photobiology, dedicating research and development into DNA repair, solar impact on the immune system, and cell-signaling in skin. The company has developed sales of an array of cosmetic ingredients to personal care manufacturers for use in skin care products. It has focused on ingredients for skin protection from environmental damage.

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ProEthic Pharma

Sale to Kowa Pharmaceuticals

ProEthic Pharmaceuticals a specialty pharmaceutical company based in Montgomery, Alabama was acquired by Kowa Company, a privately-held company headquartered in Nagoya, Japan. ProEthic will change name to Kowa Pharmaceuticals America and will assume responsibility for all sales and marketing functions currently operating in Montgomery, Alabama.

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Midlothian Labs

Sale to Hi-Tech Pharmacal

Hi-Tech Pharmacal Co., Inc., a specialty pharmaceutical company developing, manufacturing, and marketing generic and branded prescription and OTC porducts, acquired the assets of Midlothian Laboratories, LLC for $5.0 million in an all-cash transaction. Additionally, Hi-Tech will pay approximately $0.9 million for inventory and potentially up to $1.0 million in performance incentives tied to future Midlothian product sales, and the approval of an ANDA. Under the terms of the acquisition, Hi-Tech receives rights to Midlothian’s current product line, consisting of prescription nutritional supplements including pre-natal vitamins and several cough and cold formulations, and future ANDA and non-ANDA products that are in development. Midlothian had sales of approximately $5.6 million and pre-tax income of approximately $0.8 million for calendar 2006.

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