Centerview Partners, a New York-based investment firm, has become a prolific M&A advisor to life sciences companies in recent years. On Monday, his long list of deals grew even longer.
The firm is acting as exclusive financial advisor to Oyster Point Pharma, which has agreed to be bought by generic drugmaker Viatris in a deal valued at $424 million. Oyster said its board of directors unanimously approved the acquisition, which is expected to close in early 2023.
Including Oyster, Centerview, since 2018, has advised on at least 52 biopharmaceutical acquisitions valued at $50 million or more, according to data collected by BioPharma Dive. The number of these deals Centerview has worked on exceeds that of several other much larger investment banks, including Goldman Sachs, JP Morgan Chase and Morgan Stanley.
BioPharma Dive’s count is based on advisory relationships that were publicly disclosed in conjunction with the deal announcement and may not include all participating banks.
Centerview frequently advises on biotech deals
|Investment bank||# of deals involved in*||Notable Offers|
|Centerview Partners||52||Biohaven, Acceleron, MyoKardia|
|Goldman Sachs||29||ChemoCentryx, turning point, Medicines Co.|
|J. P. Morgan||23||Kymab, Bio Veils, Aimmune|
|Morgan Stanley||18||Global Blood, Translate Biography, Audiences|
|PJT Partners||eleven||Star F, Sierra, Kiadis|
*Biotech acquisitions since 2018. Count includes acquisitions for which the bank advised, does not necessarily reflect exclusive relationships, and may not include all relevant deals during the period.
The deals Centerview worked on vary in both scope and size. This year alone, the firm helped advise biohaven pharmaceuticalsa migraine treatment company; world blood therapy, a manufacturer of drugs for sickle cell disease; Y Akouos, a gene therapy developer. Respectively, those companies agreed to sell for $11.6 billion, $5.4 billion and up to $610 million.
The firm has also been involved in some of the largest biopharmaceutical mergers and acquisitions in recent times. It worked at AstraZeneca $39 billion purchase from rare disease drug maker Alexion Pharmaceuticals. And Centerview served as financial advisor to Immunomedics during its sale to Gilead Sciences in 2020 – a deal that ultimately totaled $21 billion and garnered a premium of more than 100%.
Larger acquisitions like these usually have multiple advisory banks. But Centerview often serves as exclusive advisor to smaller biotech companies being sold.
In total, the combined value of biopharmaceutical acquisitions Centerview has been involved in since 2018 amounts to about $220 billion, according to data from BioPharma Dive. The firm has also been involved in other notable biopharmaceutical transactions, including Pfizer and GSK. consumer health joint venture and Mylan and Upjohn’s merger of generic drugs which resulted in Viatris.
Centerview was founded in 2006 by a group of investment bankers that included Blair Effron, a former group vice president of UBS AG, and Stephen Crawford, a former co-chairman of Morgan Stanley. For 2009, the company had courted three senior bankers at Bank of America. It now has offices in New York, London, Paris and California, and says it has advised on transactions worth more than $3 trillion in various industries, ranging from retail and energy to finance and technology.
Oyster is the latest Centerview healthcare deal to be announced. Headquartered in New Jersey, Oyster develops therapies for eye conditions, and by the end of 2021, authorization received from the Food and Drug Administration to start selling Tyrvaya, a nasal spray for dry eye disease.
Viatris has agreed to buy Oyster for $11 a share, which is 32% above where the target company’s shares were trading at the close of trading on Friday. The deal also includes a so-called contingent value right of up to $2 per share.
Centerview declined BioPharma Dive’s request for comment.