Key Takeaways
- • Nominal, an Austin, Texas-based manufacturing software developer, raised a $240M Series C at a $3B valuation, led by Lightspeed Venture Partners and Insight Partners.
- • Windward Bio Group, a Swiss antibody developer, set IPO terms at 10.3M shares priced at $16-18 per share, implying a roughly $1B fully-diluted value at the midpoint, with a planned Nasdaq listing under the ticker WWB.
- • Morgan Stanley agreed to acquire Vinyl Equity, a Winnetka, Ill.-based transfer agent that had raised around $31M from Jump Capital, Index Ventures, and MUFG Innovation Partners.
- • NRG Energy agreed to sell six natural gas-fired power plants to LS Power for $4B in cash, while PSP Investments agreed to acquire a 50% interest in Enercare for C$1.6B.
- • Charles River Labs is backing a $616M take-private buyout of Frontage, a Hong Kong-listed pharmaceutical testing company.
Summary
The week's venture activity also included Laza Medical, a Campbell, Calif.-based AI cardiac imaging platform, which raised $160M in Series B funding led by GE HealthCare Technologies. Mavria, a Houston-based modular data center developer, raised $130M across pre-seed and seed rounds led by Paradigm. Delix Therapeutics, a Bedford, Mass.-based psychedelic pharma company, raised $100M in Series C funding led by Johnson & Johnson, having previously announced $85M of the round.
In private equity, NRG Energy (NYSE: NRG) agreed to sell six natural gas-fired power plants to LS Power for $4B in cash. PSP Investments agreed to acquire a 50% interest in Enercare, a Canadian HVAC services company backed by Brookfield, for C$1.6B. Gladstone acquired a majority stake in McFarlane Toys, with Todd McFarlane and Stephen Tetrault retaining minority stakes.
On the liquidity side, Charles River Labs (NYSE: CRL) is backing a $616M take-private buyout of Frontage, a Hong Kong-listed pharmaceutical testing company. Morgan Stanley agreed to acquire Vinyl Equity, a Winnetka, Ill.-based transfer agent that had raised around $31M from Jump Capital, Index Ventures, and MUFG Innovation Partners.
In public listings, Windward Bio Group, a Swiss developer of antibodies for respiratory and dermatologic diseases, set IPO terms at 10.3M shares for $16-18 per share. The offering implies a $1B fully-diluted value at the midpoint, and the company plans to list on the Nasdaq as WWB. The Phase 2/3 biotech has raised $365M from investors including OrbiMed, Novo Holdings, Blue Owl, and Sanofi Ventures.
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