FINANCINGS, NEGOTIATIONS, STRUCTURINGS AND M&A
The Principal founded Canada’s first technology-specific investment banking team in 1992 concentrating in the life-sciences, communications technology and advanced manufacturing processes following a 30 year career as a senior executive in the industry that included being a Governor of the Toronto Stock Exchange.
The investment bank team conducted the first external equity financing for Com Dev International, Canada’s leading space-science, engineering, communications and remote-sensing company, and the largest financing undertaken by the advanced-manufacturing company, Linamar Corporation, as well as participating in founding, and completing the initial financing for, Drug Royalty Corporation, the world’s first company to invest in the life-sciences through the royalty stream. It also created YM BioSciences, the company organized as one of Canada’s first receptor companies designed to translate basic research from academic institutes into products of medical and commercial value.
YM was the first biotechnology company in North America to list on the London Stock Exchange (Aim) with its IPO in 2002 – one of only six biotechnology companies in the world to IPO in that year and the first company with joint ventures with Cuba to list in the United States (American Stock Exchange – 2004). In total YM raised ~US$235 million in the US, C$36 million in Europe and C$17 million in Canada through private placements, its IPO, PIPES, follow-on financings (see below) and a “controlled equity”/”at-the-market” offering in the US though which YM became the first Canadian life-sciences company to utilize such a mechanism. In addition David Allan negotiated and concluded three acquisitions – $17 million for the 2005 acquisition of Delex Therapeutics in Canada, $32 million for Eximias in the US and $12 million for the 2009 acquisition of Cytopia in Australia. YM BioSciences was itself acquired by Gilead Sciences in 2013 for US$510 million. The principals of the investment banking firm Bloom Burton featured centrally in many of the public financings concluded by YM, were invaluable in the M&A projects and provided the definitive fairness opinion to the YM Board on the Gilead acquisition.
In June 2011 David Allan was appointed as executive chairman of TSX-V-listed Stem Cell Therapeutics Corp.(STC) in order to rebuild and re-establish it as a viable company following the clinical failure of its lead product. He established a board of exceptional recognition, secured the necessary financing for continuing operations, in-licensed a novel stem cell therapeutic from UHN/Mars Innovation/Dr. Aaron Schimmer in 2012, and acquired Trillium Therapeutics in February 2013 for $1.2 million in cash and $1.65 million in STC shares. STC’s name was changed to Trillium Therapeutics, listed on NASDAQ and the Toronto Stock Exchange, and was acquired by Pfizer in August 2021 for $2.26 billion.
1995 – PP - $2,500,000 – Yorkton Securities – led by Saskatchewan Opp. Fund
1997 – PP - $14,575,000 – Griffiths McBurney
2000 – PP - $17,550,000 – Clubb BioCapital -
2002 – IPO - $15,000,000 – Canaccord Capital Europe
2003 – PIPE - $19,067,000 (USD) – SCO Financial
2004 – PIPE - $20,000,000 (USD) – Dundee Securities
2006 – FO - $40,000,000 (USD) – SG Cowen
2010 – FO - $14,500,000 (USD) – Roth Capital
2010 – CEO* ~$15,000,000 (USD) – Cantor Fitzgerald
2010 – PP - $3,175,000 – Direct Placement by YM
2010 – FO - $46,000,000 (USD) – Roth Capital
2012 – FO - $80,500,000 (USD) – Bank of America/Merrill Lynch
*Controlled Equity Offering