Case study:
Large company investments – Boyds supports the acquisition of UK-based oncology drug developer
Background:
The client was a large Asian-headquartered biopharmaceutical company, looking to grow through the purchase of multiple clinical and pre-clinical acquisitions. The target company with whom they wanted to engage with was a UK-based biotech company with assets in both clinical and pre-clinical testing. The Boyds team were asked to undertake a detailed scientific due diligence to critically assess two antibody programmes, and carry out an assessment of ongoing CMC activities, regulatory agency interactions and internal quality management systems.
Boyds approach
In discussion with the client, we agreed on the scope of the work and the deadline for which the scientific due diligence report would be delivered. The client provided Boyds with access to a data room, with significant detail on the ongoing activities of the target company, particularly concerning the status of their clinical stage pipeline. Our Project Leader divided the work up across the team, based on skills and experience, setting clear expectations and deadlines for the delivery of the required information.
The Boyds team then interrogated the data room to ascertain the quality of information being presented by the target company to the client. Upon delving deeper into the information provided, a significant number of questions were raised by the Boyds team and passed on to the target company. The target company provided detailed answers to these questions, allowing the Boyds team to make an informed judgment and advising the client that the clinical programs were proceeding as reported by the target company.
Impact and Outcomes
Based on the outcome of our report to the client, a transaction was concluded and the target company was acquired for approx. £100 million.
