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T ALES FROM S ERENEX : U NIVERSITY S PIN - OFF TO P FIZER A CQUISITION Anil K. Goyal, Ph.D., CLP Carolina Innovations Seminar Thursday, January 6, 2011.

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Presentation on theme: "T ALES FROM S ERENEX : U NIVERSITY S PIN - OFF TO P FIZER A CQUISITION Anil K. Goyal, Ph.D., CLP Carolina Innovations Seminar Thursday, January 6, 2011."— Presentation transcript:

1 T ALES FROM S ERENEX : U NIVERSITY S PIN - OFF TO P FIZER A CQUISITION Anil K. Goyal, Ph.D., CLP Carolina Innovations Seminar Thursday, January 6, 2011

2 Preface:Beginning and ConclusionPreface:Beginning and Conclusion 1 Chapters: Years Chapters: Years Epilogue:Essential Ps of SerenexEpilogue:Essential Ps of Serenex 3 Story Outline © 2010 by A.Goyal All rights reserved. 2

3 D ISCLAIMERS 1)“A LL PERSONS, INCIDENTS AND SITUATIONS PORTRAYED IN THIS PRESENTATION ARE FICTIONAL. A NY RESEMBLANCE TO ACTUAL PERSONS, INCIDENTS, AND SITUATIONS IS COINCIDENTAL AND ACCIDENTAL.” 2)“I NDIVIDUAL R ESULTS M AY V ARY ” © 2010 by A.Goyal All rights reserved. 3

4 The Beginning and the Culmination June 2001 Spin-Off from Univ. of Virginia (Prof. Tim Haystead) Proteomics Company (Tools/technology) 2 Employees (Prof. Haystead and George Young) Personal loan from George Young April 2008 Company with 2 clinical programs and a drug discovery pipeline ~32 Employees ~$80M invested Acquired by Pfizer Multi-hundred Million $$ exit for investors © 2010 by A.Goyal All rights reserved. 4

5 Co Location: Incubator to Downtown Durham incubator in RTP 2003 – 2008 Downtown Durham © 2010 by A.Goyal All rights reserved.5 “Clark and Sorrell” (Garage & Auto Repair Shop) Durham Historic Landmark

6 Clark & Sorrell 1910 & 2001 © 2010 by A.Goyal All rights reserved

7 Year : The Beginning Founding Management Team: – Professor Tim Haystead, at Univ. of Virginia (UVa) – George Young, SVP of Ops, ex-VP Sales, Dyax (living in MA/NC) – Robert Dishman, CEO, ex-Director, Dyax (living in MA) – Susan Dana Jones, SVP of Corp. Development (living in MA) – Lanny Bynum, SVP Finance & Administration Patents: Technology patents on ATP-Sepharose resin Market Areas: Proteomics (Protein separation and identification), target discovery and toxicity profiling Prof. Haystead moves to Duke University Serenex (“Out of Serendipity”) established in Durham Series A: Metaphase Venture Partners, $2 million Pfizer and Pharmacia Evaluate Proteome Mining Technology © 2010 by A.Goyal All rights reserved. 7

8 Serenex’s Proteome Mining Technology © 2010 by A.Goyal All rights reserved. 8 Protein separation, MS analysis of peptides to identify proteins Compound Conc. Competitive displacement of proteins off resin Compound Specific proteome fraction is captured Proteome Extract (e.g. Pig tissues) Eluted Proteins Proprietary Resin Resin with bound Purine Binding proteins

9 2002: Series B Funding & New Leadership Apr Steve Hall joins as VP of R&D Ex- Lilly/Sphinx, Squibb; 20+ pharma Business Model Shift: Tools  Drug Discovery Platform/ Services & Internal Discovery Aug Series B Financing: $15 Million  Intersouth Partners  Lilly Ventures  Seaflower Ventures &  Metaphase Venture Partners SeptChiron Proteome Mining Deal Oct JnJ Proteome Mining Deal NovRichard Kent, joins as President and CEO Ex-GSK Chief Medical Officer, © 2010 by A.Goyal All rights reserved. 9

10 2003: Deals, Internal Discovery & Grow Mgmt Team MayGSK discovery services deal JulyNew Mgmt Team Members: – Ian Howes as CFO – Anil Goyal as VP of BD Initiated Internal Drug Discovery Effort: – Developed strategy – Designed & assembled a focused custom compd library – Screened compound library with Proteome Mining Technology (“Chemoproteomics” screen) NovRoche discovery services deal Nov Internal screening resulted in >9 target programs © 2010 by A.Goyal All rights reserved. 10

11 2004: Progress on all fronts…but Signed Several Discovery Services deals – Lilly, Novartis, Aventis, BMS.... (generated minuscule $s) Internal Discovery Effort – Generates hits for >6 target programs Raised $8 million in Series B extension (August) – Intersouth Partners – Takeda Research Investment (TRI) & – Western Technology + other Series B funders Market Forces: – VCs funding only clinical stage companies (or NRDOs..”No Research Development Only” company) – Pharma/Biotech not doing platform deals that give significant upfront $s © 2010 by A.Goyal All rights reserved. 11

12 2005: Major Shift in Business Plan Focused internal effort on one target Heat Shock Protein 90 (Hsp90) Inhibitor Small downsizing In-Licensed Clinical Stage Compound: OC-1012 for Oral mucositis (chemotherapy side effect) treatment – Outcome of extensive search (initiated back in mid-2004) for a Phase 1/2 oncology &/or inflammation drug Raised $30 million in Series C – Richie Capital (a Hedge Fund) + all Series B funders Business Development: Initiated marketing for Hsp90 program © 2010 by A.Goyal All rights reserved. 12

13 2006: Execute the Plan & Partnering Decision Making Management Team Expanded – Sol Lucas, VP clinical development (ex-GSK), – Lex Smith, VP technical development (Fulcrum, ex-GSK) SNX-1012: Initiated Phase 2 Clinical Trial SNX-2112/5422 (Hsp90 Program): – Continued Aggressive Business Development Effort – Biogen Idec acquires Conforma (May 2006) $150M upfront + $100M Milestone – Infinity & MedImmune alliance (Aug 2006) $70M upfront + $430M Milestones + Royalties – Deals benchmark value of Hsp90 area – Received two term sheets to partner the program Raising Series D funding…. © 2010 by A.Goyal All rights reserved. 13

14 CONFIDENTIAL 14 Nov/Dec 2006 Issue

15 April 2007: SNX-5422 IND Filing with FDA July 2007: Start First Clinical Trial © 2010 by A.Goyal All rights reserved. 15

16 2007: Grow Hsp90 Program, Partnering & Series D Industrial Espionage Case. Filed Law Suit against Yunsheng Huang (ex-contract chemist) who stole and funneled IP to a Chinese company Raised $31M ($26M Series D & $5M debt facility) + Cornell Capital Partners, Pearl Street Ventures + MC Life Science Ventures, Pac-Link Bio Venture Capital, + All previous investors Phase 2 trial of SNX-1012 Moving but Slowly Management Team Addition – Judy Bryson, VP clinical development (ex-GSK) Hsp90 Program: Data beyond oncology, in inflammation and CNS diseases builds “Product Pipeline in a Program” BizDev: Negotiating >5 strategic alliance term sheets & an acquisition offer © 2010 by A.Goyal All rights reserved. 16

17 2008: Close an M&A Deal Due Diligences Visits: Intensive preparation and filling of the “e-Room” with all corporate/financial documents Dual Track Negotiations – Strategic Partnership for oncology with several large pharmas – Acquisition offer(s) (with spin-off of SNX-1012) Mar:Acquisition deal by Pfizer signed $Multi-hundred Million cash deal (Upfront $ & milestones) Apr:Spun-off SNX-1012 into Coserics, LLC Sept:Programs transitioned to Pfizer sites All employees moved on with severance package + stock sale © 2010 by A.Goyal All rights reserved. 17 Deal of Year Award GROWTH Company Of YEAR Award

18 Business Model Evolution Management Team Evolution © 2010 by A.Goyal All rights reserved. 18 Tools/ Technology Platform Discovery Services Internal Drug Discovery In-Licensed Clinical Product Product Pipeline (2 Products in Clinic)

19 Essential Ps © 2010 by A.Goyal All rights reserved. 19

20 Q UESTIONS ? © 2010 by A.Goyal All rights reserved.20


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