Genmab completed the acquisition of ProfoundBio for $1.8bn.
Genmab, a biotechnology company, completed the acquisition of ProfoundBio, a clinical-stage biotechnology company, for $1.8bn.
"With the completion of this strategic transaction, we are excited to welcome our new colleagues and their expertise in developing next-generation antibody-drug conjugates to our exceptionally talented R&D team. We look forward to unlocking new opportunities as we strengthen our oncology portfolio and continue to work towards our goal of transforming the lives of patients with innovative antibody medicines,” Jan van de Winkel, Genmab President and CEO.
Genmab was advised by Goldman Sachs, Kromann Reumert (led by Bart Creve), Shearman & Sterling (led by Clare O’Brien, Derrick Lott, Harald Halbhuber and JB Betker) and Simmons & Simmons (led by Jingyuan Shi). Financials advisors were advised by Sullivan & Cromwell (led by Matthew G. Hurd). ProfoundBio was advised by Bank of America, Morgan Stanley, Cooley (led by Brenden Rowook Park, Rama Padmanabhan, Patrick Loofbourrow and Ruomu Li), Wilson Sonsini Goodrich & Rosati (led by Julia L. Minitti), Jun He Law and Travers Thorp Alberga.
Admiral Acquisition to acquire Acuren from American Securities for $1.85bn. (FS)
Admiral Acquisition, a publicly-listed acquisition vehicle, agreed to acquire Acuren, a North American provider of critical asset integrity services, from American Securities, a private equity firm, for $1.85bn.
"American Securities has been a great partner to Acuren. We're looking forward to working with the Admiral team to support Acuren's next phase of growth as a public company. The Admiral team's successful track record of driving value creation for shareholders while providing great jobs for employees, across diverse businesses, particularly industrial services, is well aligned with our long term growth objectives. Our commitment to providing best-in-class services to our clients remains unwavering," Talman Pizzey, Acuren CEO.
Acuren is advised by Harris Williams & Co, Robert W Baird and Weil Gotshal and Manges. Admiral Acquisition is advised by Jefferies & Company, UBS, Collected Strategies (led by Ed Hammond and Dan Moore) and Greenberg Traurig. Jefferies is advised by Latham & Watkins. American Securities is advised by Weil Gotshal and Manges and Prosek Partners. Debt financing is provided by Jefferies & Company.
Henderson Park completed the acquisition of Arizona Biltmore resort in Phoenix from Blackstone Real Estate for $705m. (FS, RE)
Henderson Park, a private equity real estate manager, completed the acquisition of Arizona Biltmore Resort in Phoenix from Blackstone Real Estate, an investment company, for $705m.
“This transaction presents a rare and compelling opportunity to acquire a historic but newly refurbished hotel in one of the country’s premier hospitality markets and to both immediately capitalize on accelerated performance and to further enhance the resort’s offering into the future,” Nick Weber, Henderson Park CEO and Founder.
Henderson Park was advised by Jones Day and FTI Consulting (led by Richard Sunderland and Ellie Sweeney). Blackstone Real Estate was advised by Eastdil Secured and Simpson Thacher & Bartlett (led by Nancy L. Mehlman, Danielle Jackson, Andrew Blau and Erik Quarfordt). Debt financing was provided by Deutsche Bank, JP Morgan and Morgan Stanley.
Biogen to acquire Human Immunology Biosciences for $1.8bn.
Biogen, a biotechnology company, agreed to acquire Human Immunology Biosciences, a biotechnology company focused on developing therapies for immune-mediated diseases, for $1.8bn.
“With its deep development and commercialization capabilities, Biogen is in a position to accelerate the development of new medicines, including felzartamab, for patients with severe immune-mediated diseases. We are excited to combine the HI-Bio team’s expertise with Biogen’s global footprint,” Travis Murdoch, HI-Bio CEO.
Human Immunology Biosciences is advised by Bank of America, Goldman Sachs, Goodwin Procter and FGS Global (led by Morgan Warners). Biogen is advised by Covington & Burling.
Amphenol completed the acquisition of Carlisle Interconnect Technologies from Carlisle Companies for $2bn.
Amphenol, a global provider of high-technology interconnect, antenna and sensor solutions, completed the acquisition of Carlisle Interconnect Technologies, the harsh environment interconnect solutions business of Carlisle Companies, an American diversified company, for $2bn.
“The acquisition of CIT enhances Amphenol’s product offerings for highly engineered harsh environment interconnect solutions and will enable us to deliver a more comprehensive technology offering for our customers in the commercial air, defense and industrial markets. We are excited to welcome CIT’s talented employees to the Amphenol family and look forward to working together with them to drive outstanding operating performance,” R. Adam Norwitt, Amphenol President and CEO.
Amphenol was advised by Evercore and Latham & Watkins (led by Robert Katz and Charles Ruck). Carlisle was advised by JP Morgan and Kirkland & Ellis.
Hess facing three lawsuits over disclosures in Chevron deal.
Oil producer Hess on May 21 said it is currently facing three lawsuits alleging inadequate disclosures over its proposed sale to Chevron, Reuters reported.
Chevron last October offered to acquire Hess in a move to gain a foothold in oil-rich Guyana's lucrative offshore fields. However, the deal has been stalled due to a conflict with Exxon Mobil and pending regulatory approval by the Federal Trade Commission.
Hess is advised by Goldman Sachs (led by Brian Haufrect and Suhail Sikhtian), JP Morgan, Wachtell Lipton Rosen & Katz (led by Martin Lipton, Karessa Cain and Zachary Podolsky) and FGS Global (led by Paul Verbinnen).
Mobix Labs completed the acquisition of RaGE Systems for $20m.
Mobix Labs, a manufacturer of semiconductors that are used for 5th generation technology, completed the acquisition of RaGE Systems, a provider wireless solutions for telecommunications, infrastructure, aerospace, defense, and commercial sectors, for $20m.
“We are excited to further our collaboration with the RaGE Systems team on developing breakthrough wireless communications systems and integrated circuits. We believe the acquisition will spur increased innovation, extend our customer base, broaden the markets we serve, and accelerate our ability to extend our industry-leading technology portfolio. This will increase the pace of developing additional next-generation wireless products for our customers,” Fabian Battaglia, Mobix Labs CEO.
Mobix Labs was advised by Blueshirt Group (led by Jeff Fox and Lori Barker).
TransDigm Group completed the acquisition of SEI Industries.
TransDigm Group, an aerospace manufacturing company, completed the acquisition of SEI Industries, an industrial fabric products manufacturer. Financial terms were not disclosed.
"We are excited about the acquisition of SEI Industries. SEI is a leader in products for firefighting helicopters and other liquid transportation solutions. The Company is widely known in the industry for its highly engineered and specialized products, which fit well with our proprietary and aftermarket-focused value generation strategy. SEI's innovative products and excellent customer service at its global repair centers have created a strong portfolio of established, long-term customers," Kevin Stein, TransDigm President and CEO.
Snowflake talks to acquire Reka AI fizzles with no deal.
Snowflake’s talks to acquire startup Reka AI for more than $1bn have broken down, dashing an effort by the software company to bring more generative AI muscle in-house, Bloomberg reported.
Reka makes large language models — artificial intelligence software trained on massive swaths of the internet that can be used for a range of tasks, such as captioning images or as customer support chatbots. Snowflake, which makes cloud-based data analytics tools, was in discussions to acquire Reka for more than $1bn.
Yankees holder Ray Chambers weighs selling stake in NY team.
US businessman Ray Chambers is renewing efforts to sell a minority stake in the New York Yankees, potentially adding to a string of deals involving iconic sports teams.
Chambers is seeking a buyer for the holding in Yankee Global Enterprises, the Major League Baseball franchise’s parent company, according to the people. Sportico valued the Yankees at about $7.9bn in March, Bloomberg reported.
Wearable AI startup Humane explores potential sale.
Artificial intelligence startup Humane has been seeking a buyer for its business, just weeks after the company’s closely watched wearable AI device had a rocky public launch.
The company is working with a financial adviser to assist it, Bloomberg reported.
Eir Partners Capital closes Eir Partners Investment Program II at $496m. (FS)
Miami-based private equity firm Eir Partners Capital has closed its Eir Partners Investment Program II with $496m in capital commitments, having closed its predecessor, Eir Partners Program I, at $255m in 2021.
The fund secured commitments from financial institutions, insurance companies, family offices, funds-of-funds, endowments and foundations.