Juno Therapeutics

Background Diligence and advisory re: structure to major investor in largest Series A (at the time) in biotech history Involved combining IP from three globally renowned research institutions, forming a new company and subsequently in-licensing additional IP and acquiring other companies Initial therapeutic focus is on CAR Tcell immunotherapy for liquid cancers Two senior KG…

Background

  • Diligence and advisory re: structure to major investor in largest Series A (at the time) in biotech history
  • Involved combining IP from three globally renowned research institutions, forming a new company and subsequently in-licensing additional IP and acquiring other companies
  • Initial therapeutic focus is on CAR Tcell immunotherapy for liquid cancers
  • Two senior KG team members lead the project. One was a senior scientist in a comprehensive cancer center. The other was an internationally recognized expert on business structure and financing

Activities

  • Diligence addressed eighteen areas and reviewed hundreds of articles on the science
  • On-site discussions with key scientists, research institution management, prospective Newco management and prospective investors
  • In-person and phone interviews with key scientific opinion leaders, scientists working in areas relevant to the technology, prospective board members and a variety of other knowledgeable individuals; such as a former member (presidential appointee) of the National Cancer Advisory Board.

Results

  • A company was formed through the time’s largest Series A biotech raise.
  • Kirchner was engaged on two subsequent occasions to provide services in support of a Series B raise again around the IPO.
  • The offering had the second-fastest $1B IPO valuation ever (behind YouTube).
  • The company was subsequently acquired by Celgene for $9B , then by Bristol-Myers Squibb for $74B.