Metallic strategy
Why Viamet chose to stay private and spin out cancer assets
Viamet Pharmaceuticals Inc.'s decision to do a $60 million series D round one day after withdrawing its planned $75 million IPO late last month can be explained by a "choppy" IPO market and a strategic decision to form relationships with new investors Brandon Point Industries and Woodford Investment Management, according to Richard Katz, Viamet's chief business and financial officer.
"What they brought was significantly more than just capital. What they brought was a depth of expertise," Katz told BioCentury. "The primary driver was the fact that we would be bringing on a very important long-term strategic partner for the company." Brandon Point's Kelly Martin was CEO of Elan Corp. plc, which was acquired by Perrigo Co. plc (NYSE:PRGO; Tel Aviv:PRGO) in 2013 for $9.2 billion...