Gurnet Point L.P. Completes Acquisition of Innocoll Holdings plc
Gurnet Point L.P., a healthcare investment fund, and Innocoll Holdings plc (NASDAQ:INNL), a global pharmaceutical and medical
device company, today announced that Gurnet Point has completed its acquisition of Innocoll. As a result, Innocoll’s shares
(NASDAQ:INNL) will no longer be traded on the NASDAQ Global Select Market as of today.
Under the terms of the agreement, Gurnet Point will acquire Innocoll for $1.75 per share in cash, and up to $4.90 in cash from a
contingent value right (CVR), for a total potential per share value of up to $6.65 or up to approximately $209 million in
aggregate.
As previously announced, Gurnet Point is providing a $10 million term loan to provide the additional resources needed for the
continued development of XARACOLL, Innocoll’s late-stage surgically implantable and bioresorbable collagen matrix, within the
post-operative pain market. The term loan will provide the additional capital needed to prepare for the re-submission of the
XARACOLL new drug application (“NDA”) to the U.S. Federal Drug Administration (“FDA”) in order to achieve the milestones related to
the CVR.
“With the close of this transaction, we are excited by the prospect of helping to develop and bring XARACOLL to the market and
we look forward to assisting with the re-submission of XARACOLL for FDA approval and preparing for its commercialization,"
Christopher Viehbacher, Managing Partner at Gurnet Point Capital. We are looking forward to working closely with Innocoll’s
management team to identify XARACOLL’s path to commercialization.
Mr. Viehbacher concluded, “This transaction supports Gurnet Point’s strategy of deploying long-term capital in life sciences,
medical technology and healthcare services companies across all stages of development through to commercialization. It builds on
Gurnet Point’s track record of partnering with companies seeking long-term partners to develop and implement transformative
technologies and health care solutions.”
Tony Zook, Chief Executive Officer of Innocoll, said, “We are excited to begin our work with Gurnet Point with the aim of
successfully filing and commercializing XARACOLL in the U.S. market. Gurnet Point’s deep knowledge of value-driven drug
development, regulatory affairs and clinical trial design and execution will provide us with the opportunity to ultimately bring
XARACOLL to patients.”
About Gurnet Point Capital
Gurnet Point Capital (GPC) is a unique health care fund founded by Ernesto Bertarelli and led by Christopher A. Viehbacher, who,
together, have decades of expertise in an industry for which they share a passion, both as Chief Executives and as investors. With
an initial allocation of $2 billion, GPC is investing long-term capital and supporting entrepreneurs in building a new generation
of companies. Based in Cambridge, MA, its remit is global, encompassing life sciences and medical technologies. The fund invests
across all stages of product development through to commercialisation and does so with an approach that is a hybrid of venture and
private equity investing strategies. This approach is governed by a guiding tenet that even the earliest of technologies must
present a clear commercial case, benefiting both patients and the healthcare system as a whole.
About Innocoll Holdings plc
Innocoll is a global, commercial stage specialty pharmaceutical and medical device company with late stage development programs
targeting areas of significant unmet medical need. Innocoll utilizes its proprietary collagen-based technology platform to develop
biodegradable and fully bioresorbable products and product candidates which can be broken down by the body without the need for
surgical removal or topical application.
Abernathy MacGregor
Blair Hennessy
bth@abmac.com
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