（English follows）
アーサム社は、創業時よりM&Aを出口戦略の主軸に据え、形成外科・皮膚科の希少疾患のパイプライン開発をバーチャルR&Dで推進する創薬バイオベンチャーです。本件はUpfront55億円・Milestone72億円、合計約127億円の譲渡金額となる大型のベンチャーM&A Exitとなりました。アセット売買を含む国内の創薬パイプライン案件としては過去最大の金額となります。
弊社及び私は、アーサム社のアドバイザーとして（兼代表の田中は外部CFOとして）、本件M&Aのプロセス全体の準備・交渉開始から公表までをリードさせていただきました。
持分買増しによるアーンアウト設計、優先分配を考慮した価格設計、買い手の上場自己株の割当て、税制への対応など様々なM&A論点を含むスキーム設計となりましたが、本件はIPOに偏在しがちな国内のベンチャー出口戦略に一つの方法を例示できたと考えております。
ベンチャーのM&A Exitを検討されている方はご相談ください。お力添えできるものと思います。
【アーサム社リリース】
https://www.arthamther.com/news/255/
【科研製薬リリース】
https://www.release.tdnet.info/inbs/140120211130443576.pdf
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Report on Venture M&A Exit Support (Total 12.7 billion yen)
ARTham Therapeutics, Inc., for which our investment hub serves as financial advisor, has entered into a capital alliance with Kaken Pharmaceutical (4521) and announced that it will become a wholly owned subsidiary on a voting rights basis. This is a venture M&A exit deal with a total value of 12.7 billion yen.
ARTHAM is a drug development bio-venture that promotes pipeline development for rare diseases in plastic surgery and dermatology through virtual R&D, with focus on M&A as its main exit strategy. This case was a large-scale venture M&A exit with a total of approximately 12.7 billion yen (5.5 billion yen for Upfront and 7.2 billion yen for Milestone).
As advisors (and external CFO) to ARTham, we led the entire M&A process from the start of preparations / negotiations to the announcement.
The design of the scheme was full of various M&A topics, such as earning-out design through equity purchase, price design considering preferential distribution, allocation of the buyer’s listed treasury shares, and the taxation issues.
I believe that this case was able to present one of the ways to exit venture businesses, which tend to focus on IPOs in Japan.
I would like to express my sincere appreciation to Mr. Nagabukuro, the founder of the company, the VCs and other corporate shareholders, all the executives and employees, and the lawyers for their hard work. And I wish you further success in the future!
<Release by ARTham>
https://www.arthamther.com/news/255/
<Release by Kaken Pharmaceutical
https://www.release.tdnet.info/inbs/140120211130443576.pdf