Cassel Salpeter Facilitates Sale of Intergalactic Therapeutics Assets to Aldevron for Over 250% Premium Above Stalking Horse Bid in Chapter 11 Bankruptcy
MIAMI – April 23, 2024 – Cassel Salpeter & Co. (“Cassel Salpeter”), an independent investment banking firm that provides advisory services to middle market and emerging growth companies in the United States and worldwide, today announced that it has successfully facilitated the sale of substantially all of the assets of Intergalactic Therapeutics Inc. (“Intergalactic”), a developer of non-viral gene therapies initially targeting ophthalmic diseases, to Aldevron LLC (“Aldevron”), a subsidiary of Danaher Corp. (NYSE: DHR).
Headquartered in Boston, Intergalactic was focused on overcoming limitations of gene transfer by combining synthetic biology and precision engineering. Their technology platform enables the broad application of non-viral gene therapies by developing tunable, persistent and safe non-viral DNA in vivo and was on track to submit IND-enabling studies for its lead program in 2024.
Based in Fargo, N.D., Aldevron is a developer of biological products, which include plasmid DNA, nucleic acids, proteins, antibodies and other related products which are used extensively in gene therapy and gene editing. These products enable companies to manufacture novel treatments for a wide range of indications, including cancer, infectious diseases and rare diseases.
“We were very pleased to maximize the value of the assets for the estate, holding an auction with over 50 bids,” said Cassel Salpeter Managing Director Philip Cassel. “The collective team effort and attention to detail allowed us to achieve this positive result.”
The Cassel Salpeter team was led by Managing Directors Philip Cassel, Ira Leiderman and Chairman James Cassel, with the assistance of Associate Tahz Rashid.
“CS was great to work with on this engagement,” said Intergalactic President Charles Allen. “The team worked under aggressive timelines to run a thorough process with extensive outreach to prospective bidders. I am thrilled with the outcome providing a greater return to the estate.”
John Madden, a principal of Emerald Capital Advisors, served as independent director for the debtor.
Harold B. Murphy, Andrew G. Lizotte and Leah A. O’Farrell of Murphy & King PC, served as counsel for the debtor.
George W. Shuster Jr. and Benjamin W. Loveland of Wilmer Cutler Pickering Hale and Dorr LLP, served as counsel for the buyer.
About Cassel Salpeter & Co.:
Cassel Salpeter & Co. LLC is an independent investment banking firm that provides advice to middle market and emerging growth companies in the United States and worldwide. Together, the firm’s professionals have more than 100 years of experience providing private and public companies with a broad spectrum of investment banking and financial advisory services, including: mergers and acquisitions; equity and debt capital raises; fairness and solvency opinions; valuations; and restructurings, such as 363 sales and plans of reorganization. Cofounded by James Cassel and Scott Salpeter, the firm provides objective, unbiased, results-focused services that clients need to achieve their goals. Personally involved at every stage of all engagements, the firm’s senior partners have forged relationships and completed hundreds of transactions and assignments nationwide. The firm’s headquarters are in Miami. Member FINRA and SIPC. More information is available at www.CasselSalpeter.com
