Illustration: Aïda Amer/Axios
The corporate debt market is beginning to follow the public equity market's lead in decoupling from the real economy.
The big picture: Overall credit conditions have steadily improved since March, thanks in large part to Fed backstops.
Back to Epicor: Regular readers know my animosity toward dividend recaps, which too often misalign private equity incentive structures. So let's leave that aside for now...
The bottom line: Private equity and its lenders spent 2009 staring into the abyss. In 2020, they're just pretending it doesn't exist.
Illustration: Rebecca Zisser/Axios
EBay's (Nasdaq: EBAY) board of directors today will meet to pick a buyer for the company's classified-ads business, which could fetch between $8 billion and $10 billion.
🚑 Imvax, a Philadelphia-based developer of cell therapies for brain cancer, raised $112 million in Series C funding. HP Wild Holdings led, and was joined by fellow return backers Ziff Capital Partners, Magnetar Capital, and TLP Investment Partners. http://axios.link/VfY9
• BlueVoyant, a New York-based cyber threat intelligence startup, raised $68 million in new Series B funding led by Temasek. http://axios.link/s2X9
🚑 Adagio Therapeutics, a Waltham, Mass.-based developer of antibodies for coronaviruses, raised $50 million. Polaris Partners and Mithril Capital co-led, and were joined by Fidelity, OrbiMed, M28 Capital, and GV. http://axios.link/H9qZ
• Moneybox, a London-based savings and investing app, raised £30 million in Series C funding. Eight Roads was joined by return backers Breega and CNP. http://axios.link/MuDV
🚑 Activ Surgical, a Boston-based robotic surgery startup, raised $15 million. Artis Ventures led, and was joined by LRVHealth, DNS Capital, GreatPoint Ventures, Tao Capital Partners, and Rising Tide VC. http://axios.link/Xpgp
🚑 CartiHeal, an Israeli developer of implants for treating joint surface lesions, raised $15 million from Bioventus. http://axios.link/3ZZr
• Cohesion, a Chicago-based smart office building startup, raised $6.5 million in seed funding led by Hyde Park Angels. http://axios.link/gVwu
🚑 Accel-KKR invested in Forcura, a Jacksonville, Fla.-based provider of post-acute health care software. www.forcura.com
🤡 Cirque du Soleil, the bankrupt live events company, reached a new purchase agreement with its secured lenders, replacing an earlier agreement with equity owners TPG Capital and Fosun International. http://axios.link/jxyd
• GHK Capital Partners acquired Hasa, a Saugus, Calif.-based maker of water treatment products, from Peak Rock Capital. www.hasapool.com
• Partners Group agreed to buy a majority stake in Portuguese crop protection company Rovensa from Bridgepoint at an enterprise value of €1 billion (including debt). http://axios.link/ihF2
⛽ 2W Energia, a Brazilian energy trading firm, hired banks for an IPO that could raise upwards of $282 million, per Reuters. http://axios.link/vCji
🚑 ALX Oncology, a Burlingame, Calif.-based immuno-oncology biotech, raised $162 million in its IPO. The company priced 8.5 million shares at $19, versus plans to offer 8 million at $15-$17, for a fully-diluted market value of $730 million. It will list on the Nasdaq (ALXO) and had raised $128 million from firms like VenBio Partners (30.6% pre-IPO stake), Lightstone Ventures (15%), Vivo Capital (12.9%), and Logos Opportunities Fund (8.6%). http://axios.link/5Pap
🚑 Berkeley Lights, an Emeryville, Calif.-based digital cell biology startup, raised $178 million in its IPO. The company priced 8.1 million shares at $22 (above upwardly-revised range), for a fully-diluted market cap of $1.5 billion. It will list on the Nasdaq (BLI) and had raised $245 million in VC funding from Walden-Riverwood Ventures (22.5% pre-IPO stake), Sequoia Capital (15%), Nikon (8.1%), Cota Capital, KTB Network, Atinum Investment, Shangbay Capital, AJS BioTree Healthcare Fund, Varian, Black Diamond Ventures, and Paxion Capital. http://axios.link/TwEX
🚑 Deerfield Healthcare Technology Acquisitions, the third healthcare SPAC formed by Deerfield Management, raised $125 million in its IPO. http://axios.link/sWm3
🚑 Pandion Therapeutics, a Phase 1 biotech developing engineered T-cells for autoimmune diseases, raised $135 million in its IPO. The company priced 7.5 million shares at $18, versus original plans to offer 5.5 million shares at $16-$18, for an initial market cap of $504 million. It will list on the Nasdaq (PAND) and had raised $138 million in VC funding from firms like Versant Ventures (15.9% pre-IPO stake), Polaris Partners (14.7%), Roche (14.2%), S.R. One (8.8%), and Boxer Capital (6.5%). http://axios.link/sIoj
🚑 Renalytix AI, a British developer of diagnostic tests for kidney disease, raised $74 million in its IPO. The company priced 5.5 million shares at $13.50, below the company’s as-converted share price on London’s AIM, for a fully diluted market cap of $490 million. It will trade on the Nasdaq (RNLX).
• Briggs & Stratton (NYSE: BGG) has until Sunday to secure new financing, or else likely file for bankruptcy protection. The century-old Wisconsin maker of small gasoline engines missed a $6.7 million interest payment earlier in the week, but was given an extension by its lenders. http://axios.link/R2rp
🎲 Leisure Acquisition Corp. (Nasdaq: LACQ), a blank check acquisition company, terminated its $1.1 billion agreement to acquire Canadian casino operator Gateway Casinos. http://axios.link/a6Dz
• Orange (Paris: ORA) is considering a sale of up to 50% of its Poland fiber-optic network, which could fetch around €1 billion, per Reuters. http://axios.link/EWwm
• SoftBank Group sold another $2.2 billion worth of Alibaba Group (NYSE: BABA) shares. http://axios.link/iYYN
• Balance Point Capital Partners, a Connecticut-based private equity and debt firm, is raising $425 million for its fifth fund, per an SEC filing. www.balancepointcapital.com
• Boyne Capital, a Florida-based private equity firm focused on the lower middle-markets, is raising $225 million for its second fund, per an SEC filing. www.boynecapital.com
• CRV raised $600 million for its eighteenth early stage VC fund. It also said that longtime general partner Devdutt Yellurkar is stepping back. http://axios.link/YuUA
• Industry Ventures is raising $750 million for its ninth secondaries fund, per an SEC filing. www.industryventures.com
• McCarthy Capital, an Omaha-based private equity firm, is raising $425 million for its seventh fund, per an SEC filing. http://axios.link/RGml
• SV Angel is raising $30 million for its eight seed-stage fund, per an SEC filing.
• Carolina Brochado has joined EQT to lead a new growth equity fund, per TechCrunch. She previously was a partner with SoftBank Vision Fund and, before that, Atomico. http://axios.link/kV4V
• Anne Yang joined Star Mountain Capital as a partner and strategic portfolio manager. She previously was an adviser to the firm and M&A banker at Goldman Sachs. http://axios.link/2o3e
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