| | | | | | | Presented By Fidelity | | | | Pro Rata | | By Dan Primack ·Oct 05, 2020 | | 🎧 Axios Re:Cap on Friday discussed what President Trump's COVID-19 diagnosis means for the White House, the campaign, the markets, and public health policy. Listen via Apple, Spotify, or Axios. 🖥️ You're invited to an Axios virtual event tomorrow at 12:30pm ET on how businesses build capacity for organizational change. Guests are MassMutual CEO Roger Crandall, Clorox chief customer officer Troy Datcher, and Doctor on Demand CEO Hill Ferguson. Register here. | | | | | | Top of the Morning |  | | | Illustration: Eniola Odetunde/Axios | | | | Private equity's top trade group is favoring Republicans in next month's federal elections, but is contributing fewer overall dollars than in past cycles. By the numbers: The American Investment Council PAC has donated over $243,000 to House and Senate candidates and committees since the 2018 elections, of which around 65% has gone to Republicans, according to an Axios analysis of Federal Election Commission records. - AIC PAC donated over $405,000 in the 2018 cycle (67% to Republicans) and over $324,000 in the 2016 cycle (58% to Republicans), per OpenSecrets.
- It has never contributed to presidential candidates of either party, as a matter of policy.
- A source familiar with the group's donations says that the lower total this cycle reflects fundraising difficulties caused by the pandemic.
Inside the numbers: AIC is betting on status quo when it comes to congressional control. - Eight of the nine Senate candidates it supports are Republicans, including Majority Leader Mitch McConnell and threatened incumbents like Susan Collins and Thom Tillis. AIC also donated $30,000 to the National Republican Senatorial Committee, via donations in 2019 and 2020.
- 22 of the 38 House candidates it supports are Democrats, including Majority Leader Steny Hoyer.
- AIC has not yet filed its full September report, which is expected show additional donations.
What they're saying: An AIC spokesperson tells Axios: "The AIC PAC contributes to elected officials from both sides of the aisle who support legislation and policies that will encourage more private investment across the country." - The spokesperson declined to detail those legislative and policy objectives.
- AIC's website, however, reflects key priorities as maintaining preferential tax treatment for carried interest and capital gains, maintaining interest deductibility, and CFIUS reforms.
The bottom line: Most private equity contributions to politicians are done on an individual basis, such as Blackstone Group CEO Steve Schwarzman donating over $28 million to President Trump and other GOP causes, but AIC PAC contributions reflect the overall industry's political goals. |     | | | | | | The BFD |  | | | Illustration: Sarah Grillo/Axios | | | | Bristol Myers Squibb (NYSE: BMY) agreed to buy MyoKardia (Nasdaq: MYOK), a South San Francisco-based cardiovascular drug developer, for $13.1 billion in cash. - Why it's the BFD: This illustrates the diversification downside of last year's $74 billion tie-up with Celgene, which made Bristol Myers heavily reliant on cancer therapies.
- Pricing: The deal values MyoKardia at $225 per share, representing a 61.2% premium to Friday's closing price.
- The bottom line: "Bristol Myers gains mavacamten, an experimental heart disease therapy with blockbuster potential. The drug is being tested for treating obstructive hypertrophic cardiomyopathy, a disease where a heart muscle thickens and obstructs blood flow. It affects up to 200,000 people across the U.S. and Europe." — Reuters
| | | | | | | | Venture Capital Deals | | • Cooler Screens, a Chicago-based startup that replaces glass doors in store aisle coolers with interactive digital displays, raised $80 million in Series C funding from Verizon Ventures, M12, Great Point Ventures, and SVB. http://axios.link/n6J6 🚑 Your.MD, a London-based maker of the Healthily self-care app, raised $30 million in Series A funding from Reckitt Benckiser. http://axios.link/Yr78 • CoreView, an Italy-based Microsoft 365 management platform, raised $10 million led by Insight Partners. www.coreview.com • Engrain, a Denver-based provider of property mapping tech and data visualization software, raised $3.7 million led by RET Ventures. http://axios.link/LYkj • Scener, a Seattle-based co-watching platform for film creators, raised $2.1 million in seed funding. SeaChange led, and was joined by Glaser Investments and Jason Calacanis' Launch. http://axios.link/7z0B | | | | | | | | A message from Fidelity | | Thematic investing can help you customize your portfolio | | |  | | | | Fidelity's thematic funds cover a range of strategies: - Disruption
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Explore the opportunities offered by thematic investing to help enhance your portfolio. Investing involves risk, including risk of loss.
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Read additional important information. | | | | | | Private Equity Deals | | • Bain Capital is in exclusive talks to buy British life insurer LV for more than £500 million, per the FT. http://axios.link/RZQT • CC Capital and Motive Partners agreed to buy Wilshire Associates, a Santa Monica, Calif.-based investment tech and advisory firm. http://axios.link/YVxl • LionRock Capital of Hong Kong is in exclusive talks to buy British shoe retailer Clarks, beating out rival bidder Sycamore Partners, per Reuters. A deal could be valued at upwards of £150 million. http://axios.link/Ft1h • Quorum Software, a Houston-based portfolio company of Thoma Bravo, acquired Landdox, a Dallas-based provider of land management software. www.quorumsoftware.com • TA Associates invested in Priority Software, an Israeli EPR software provider whose existing backers include Fortissimo Capital. www.priority-software.com 🚑 Triton has reached out to China's Creat Group Corp. about buying part of its 90% stake in listed German blood plasma company Biotest, per Bloomberg. http://axios.link/AZR3 🚑 VSS Capital Partners invested in Podiatry Growth Partners, a St. Louis-based operator of a national network of regionally branded podiatric clinics. www.podiatry-partners.com | | | | | | | | Public Offerings | | 🚑 Abcam (AIM: ABC), a U.K.-based provider of biological reagents, filed for a $100 million float on the Nasdaq. http://axios.link/SNwU • Aspire Real Estate Investors, a multifamily REIT focused on opportunity zones, filed for a $100 million IPO. It's controlled by Avanath Capital and MacFarlane Partners. http://axios.link/wCK5 🚑 Biodesix, a Boulder, Colo.-based developer of lung disease diagnostics, filed for a $75 million IPO. The pre-revenue plans to list on the Nasdaq (BDSX) with Morgan Stanley and William Blair as lead underwriters, and raised VC funding from firms like Accelerate Diagnostics, Crabtree Ventures, Stericycle, SVB Leerink, and Westfield Capital Management. It also secured a $3.1 million PPP loan. http://axios.link/M2Wr • DraftKings (Nasdaq: DKNG) filed for a secondary public offering whereby it would sell 16 million shares and insiders (including VC backers like Accomplice and Revolution) would sell 16 million shares. At today's opening share price, the total offering could fetch nearly $2 billion. http://axios.link/fno0 🚑 Foghorn Therapeutics, a Cambridge, Mass.-based startup focused on the body's chromatin regulatory system, filed for a $100 million IPO. It plans to list on the Nasdaq (FHTX) with Goldman Sachs as lead underwriter, and recently signed a strategic partnership with Merck that could be valued at up to $425 million. Backers include Flagship Pioneering (44.4% pre-IPO stake) and Seth Klarman's family foundation (7.6%). http://axios.link/uIIN 🚑 Sotera Health, a Broadview Heights, Ohio-based medical sterilization company backed by GTCR and Warburg Pincus, hired JPMorgan to lead an IPO that could value it at more than $5 billion, per Reuters. http://axios.link/Tz1b | | | | | | | | SPAC Stuff | | 🚑 Danimer Scientific, a Bainbridge, Ga.-based bioplastics company backed by VC firms like Advantage Capital, agreed to go public via a reverse merger with Live Oak Acquisition Corp (NYSE: LOAK), a SPAC formed by merchant bank Live Oak. The deal values Danimer at around $890 million. http://axios.link/tZoi • Global Knowledge Training and Skillsoft, both education tech companies, are in talks to merge and simultaneously go public via a reverse merger with Churchill Capital Corp. II, a SPAC led by Michael Klein, per Bloomberg. GKT is a Cary, N.C.-based ed tech company backed by Rhone Capital, while Ireland-based Skillsoft was backed by Charterhouse Capital Partners before its June bankruptcy filing. http://axios.link/p7DK ⛽ Romeo Systems, a Vernon, Calif.-based developer of lithium-ion battery modules and packs for commercial electric vehicles, agreed to go public via a reverse merger with RMG Acquisition Corp. (NYSE: RMG), a SPAC led by former Carlyle Group energy investor Robert Mancini. The company would have an initial equity value of $1.33 billion. www.romeopower.com • Acies Acquisition, a live entertainment-focused SPAC led by former Morgan Stanley bankers Daniel Fetters and Edward King, filed for a $300 million IPO. http://axios.link/RmtR • Atlas Crest Investment Corp, a SPAC formed by Moelis & Co., filed for a $500 million IPO. http://axios.link/OgKe 🚑 BCLS Acquisition, a health care-focused SPAC formed by Bain Capital Life Sciences, filed for a $125 million IPO. http://axios.link/IEG2 • Cerberus Telecom Acquisition, a SPAC formed by Cerberus Capital Management, filed for a $400 million IPO. Cerberus first filed for a SPAC in early 2018, but pulled it later that year. http://axios.link/Ruqf • DPCM Capital, a SPAC led by former Uber chief business officer Emil Michael, filed for a $250 million IPO. http://axios.link/lEUP • Lefteris Acquisition, a fintech-focused SPAC led by Mark Casady (co-founder of Vestigo Ventures) and Karl Roessner (ex-CEO of E*Trade), filed for a $225 million IPO. http://axios.link/zawu • Tastemaker Acquisition, a restaurant and hospitality-focused SPAC formed by David Pace (ex-CEO of Jamba and current chair of Red Robin) and Andrew Pfozheimer (co-founder of Barcelona and Bartaco), filed for a $200 million IPO. http://axios.link/P2Ze | | | | | | | | Liquidity Events | | 🚑 Blue Wolf Capital Partners sold PSG, a Plano, Texas-based 340B drug pricing management company, to Omnicell (Nasdaq: OMCL) for $225 million. www.psgconsults.com • MBK Partners is restarting its sale process for Chinese freight forwarder Apex Logistics International, which could fetch more than $1 billion, per Bloomberg. http://axios.link/VeDM • NEC (Tokyo: 6701) agreed to buy Swiss banking software firm Avaloq Group from Warburg Pincus for around $2.2 billion. http://axios.link/85t4 • XPO Logistics (NYSE: XPO) is restarting the sale process for its European supply chain unit, which could fetch between $4 billion and $4.5 billion, per Bloomberg. http://axios.link/QSWU | | | | | | | | More M&A | | • Crowdcube and Seedrs, two British equity crowdfunding platforms, agreed to merge. http://axios.link/mEs7 🐄 Fonterra, a New Zealand dairy giant, agreed to sell its China farms for NZ$555 million, via one sale to China Youran Dairy Group and another to Beijing Sanyuan VC. http://axios.link/XDij • Kissner, a Canadian salt producer owned by Stone Canyon Industries, is in advanced talks to buy Morton Salt from German minerals company K+S (DE: SDFG) for around $3.2 billion. http://axios.link/PvE1 • Nexi (Milan: NEXII), an Italian payments company, agreed to merge with state-backed rival SIA. The combined company will have around €1.8 billion in annual revenue. http://axios.link/ynzU ⛽ TC Energy (TSX: TRP) agreed to buy the 76% stake it doesn't already own in natural gas pipelines operator TC PipeLines (NYSE: TCP) at an enterprise value of around $1.48 billion. http://axios.link/wNMd • Tesla (Nasdaq: TSLA) agreed to buy German battery assembly maker ATW Automation, per Reuters. http://axios.link/84b9 ⛽ Weir Group (LSE: WEIR) agreed to sell its oil and gas equipment business to Caterpillar (NYSE: CAT) for $405 million in cash. http://axios.link/kj79 | | | | | | | | Fundraising | | • SAIF Partners of Hong Kong is raising up to $400 million for its seventh India-focused VC fund, per an SEC filing. www.saifpartners.com | | | | | | | | It's Personnel | | • Sue Siegel, former CEO of GE Ventures, was named chair of The Engine, a hard tech-focused VC firm that spun out of MIT. She succeeds former MIT treasurer Israel Ruiz (who is launching a startup). www.engine.xyz | | | | | | | | Final Numbers | | | | | | | | | | A message from Fidelity | | A new way to invest in the future of technology | | |  | | | | The Fidelity Disruptive Technology Fund invests in companies using new technology to deliver cloud computing, harness big data, and transform consumer experiences via digital platforms. Learn more about Fidelity's disruption funds. Investing involves risk, including risk of loss.
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