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Deals of the day: Warburg Pincus buys PayScale

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
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April 25, 2014, 3:38 PM ET
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Venture Capital Deals

Juno Therapeutics, a Seattle-based developer of immunotherapies for cancer, has closed its Series A round with $176 million in capital commitments ($145m of which was previously disclosed). Backers include ARCH Venture Partners, Alaska Permanent Fund, Bezos Expeditions and Venrock. Juno’s strategic partners are The Fred Hutchinson Cancer Research Center, Memorial Sloan-Kettering Cancer Center and the Seattle Children’s Research Institute. www.junotherapeutics.com

Wish, a San Francisco mobile social commerce platform, has raised $19 million in new VC funding. GGV Capital and Formation8 co-led the round, and were joined by seed backers like Yahoo co-founder Jerry Yang. www.wish.com

Isarna Therapeutics GmbH
, a German developer of TGF-β therapeutics, has raised €5.5 million in new VC funding from return backers AT NewTec, Global Asset Funds and MIG Fonds. www.isarna-therapeutics.com

Virtuix
, a Houston, Texas-based maker of a treadmill for use in virtual reality apps, has raised $3 million in VC funding from such backers as Maveron, Scout Ventures, Scentan Ventures, Partech Ventures, StartCaps Ventures and Mark Cuban. www.virtuix.com

GroundMetrics Inc.
, a San Diego-based provider of electromagnetic survey solutions for the oil and gas industry, has raised $2.73 million in Series B funding from Cowboy Technology Angels.www.groundmetrics.com

Crate Data, a Germany-based open source data store for developers, has raised $1.5 million in VC funding from Sunstone Capital and DFJ Esprit. www.crate.io

Private Equity Deals

Consonance Capital Partners has sponsored a recapitalization of Enclara Health LLC, a West Deptford, N.J.-based hospice-focused pharmacy services provider. No financial terms were disclosed.www.enclarahealth.com

General Atlantic
 is in talks to purchase a minority stake in Laboratorios Sanfer SA, a Mexican maker of antibiotics and blood pressure medications that is expected to go public within the next couple of years, according to Bloomberg. It would be General Atlantic’s first Mexican investment.www.sanfer.com.mx

Golden Gate Capital
 and GTCR are the only remaining bidders for Phillips-Medisize Corp., a Hudson, Wis.-based healthcare contract manufacturer being sold by Kohlberg & Co. for upwards of $800 million, according to the WSJ. www.phillipsmedisize.com

Landmark Aviation, a Houston, Texas-based provider of fueling and ground support services to the general and commercial aviation markets, has agreed to buy Ross Aviation, a Denver-based network of fixed based operations, from Centre Partners. No financial terms were disclosed. Landmark Aviation is a portfolio company of The Carlyle Group. www.landmarkaviation.com

MSD Capital, the family office of Michael Dell, is in talks to sell corporate gardening companyValleyCrest to rival Brickman, according to the FT. The deal could be valued at around $1 billion. KKR last year purchased Brickman for $1.6 billion. www.valleycrest.com

Warburg Pincus has agreed to invest up to $100 million for a majority stake in PayScale Inc., a Seattle–based cloud provider of employee compensation data. PayScale previously raised around $33 million in VC funding from SAP Ventures, Burke Dale Victor, Fluke Venture Partners, Madrona Venture Group and Trinity Ventures. A source familiar with the situation says that Warburg Pincus bought out all of the VCs as part of the deal. www.payscale.com

IPOs

Ariosa Diagnostics Inc., a San Jose, Calif.-based provider of genetic testing, has set its IPO terms to 3.5 million shares being offered at between $16 and $18 per share. It would have an initial market cap of approximately $293 million, were it to price in the middle of its range. The company plans to trade on the Nasdaq under ticker symbol AROS, with J.P. Morgan and Citigroup serving as lead underwriters. Ariosa reports a $2.4 million net loss on around $53 million in revenue for 2013. It raised over $50 million in VC funding from such firms as Venrock (39.1% pre-IPO stake), Domain Associates (24%), Meritech Capital Partners (9.4%) and Fidelity (6.5%). www.ariosadx.com

Kinaxis, a Canadian provider of on-demand supply chain management software, is planning an IPO that could raise more than C$100 million, according to the WSJ. Shareholders include Bridgescale Partners, GE Equity, HarbourVest Partners, Intel Capital and TechnoCap. www.kinaxis.com

Lombard Medical, a British maker of endovascular stent-grafts for repairing aortic aneurysms, raised $55 million in its IPO. The company priced 5 million shares at $11 per share (same as its revised range), for an initial market cap of approximately $178 million. It will trade on the Nasdaq under ticker symbol EVAR, while Jefferies and Barclays served as lead underwriters. The company’s shares currently trade on London’s AIM under ticker LMT, but the AIM listing will now cease. Shareholders include Invesco Asset Management (39% pre-IPO stake), Abingworth (17.8%), Fidelity Investment International (9.5%) and LSP Life Sciences (5.7%). www.lombardmedical.com

Quotient Ltd.
, a UK-based provider of transfusion diagnostics solutions, raised $40 million in its IPO. The company priced 5 million shares at $8 per share, which came with attached warrants to purchase 4 million shares at $8.80 per share. It originally planned to offer 5 million shares (sans warrants) at between $14 and $16 each. The company will trade on the Nasdaq under ticker symbol QTNT, while UBS, Baird and Cowen & Co. served as lead underwriters. Quotient reports a $4.5 million net loss on around $14 million in 2013 revenue. Galen Partners held a 51.3% pre-IPO stake. www.quotientbd.com

Radius Health Inc., a Cambridge, Mass.-based developer of drug therapies for osteoporosis and women’s health, has set its IPO terms to 5 million shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $389 million, were it to price in the middle of its range. The company plans to trade on the Nasdaq under ticker symbol RDUS, with Jefferies and Cowan & Co. serving as lead underwriters. Radius Health has raised over $200 million in VC funding from MPM Capital (28% pre-IPO stake), The Wellcome Trust (7.9%), HealthCare Ventures (6.3%), BB Biotech Ventures (6.6%), Saints Capital (5.2!), Nordic Bioscience (12.7%) and Brookside Capital Partners (5.9%). www.radiuspharm.com

Skylark
, a Japanese operator of family restaurants that is controlled by Bain Capital, has filed papers to list on the Tokyo Stock Exchange. A local press report suggests that the company is planning for a market cap of around ¥300 billion (US$2.9 billion). www.skylark.co.jp

M&A

Hearst Health Network, a recently-formed unit of Hearst Corp., has acquired CareInSync, a Santa Clara, Calif.-based provider of software for improving communication between healthcare providers. No financial terms were disclosed. CareInSync had raised VC funding from Hearst, Band of Angels, HealthTech Capital and Samsung Venture Investment Corp.  www.careinsync.com

Platinum Equity has hired UBS to find a buyer for Neovia Logistics LLC, an Irving, Texas-based provider of third-party logistics services, according to Reuters. The deal could be worth more than $1 billion. Platinum acquired a 65% stake in Neovia two years ago from Caterpillar Inc. (NYSE: CAT), which retained the other 35% position. www.neovialogistics.com

Prestige Brands Holdings has agreed to acquire Insight Pharmaceuticals, a Trevose, Penn.-based maker of OTC non-prescription medications and personal care products, from Swander Pace Capitaland Ontario Teachers’ Pension Plan for $750 million. www.insightpharma.com

Automattic, maker of WordPress, has acquired Scroll Kit, a New York-based developer of a platform that lets users develop websites without writing code. No financial terms were disclosed. Automattic currently is in the midst of a new fundraising round that could print in between $100 million and $150 million, and previously raised more than $150 million from such firms as Tiger Global, True Ventures, Iconiq Capital, Polaris Partners and Radar Partners. www.scrollkit.com 

Cove Financial Group Inc., an Irvine, Calif.-based provider of a mortgage alternative program to credit-distressed households, has secured a $250 million financing commitment from an unidentified “multi-billion dollar, New York-based real estate investment firm.” Cove Financial also secured $1.5 million in new convertible notes from Jacobs Asset Management, which previously invested $9.5 million. www.covefinancial.com

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