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Novel Alliance to Promote Biotech Strategic Partnerships with Israeli Companies

October 07, 2002

Burrill & Company joins forces with PricewaterhouseCoopers Life Sciences Transaction Support to facilitate partnering transactions

San Francisco, CA and Tel-Aviv, Israel - October 07, 2002

Burrill & Company, the premier life sciences merchant bank based in San Francisco, and Life Sciences Transaction Support of the PricewaterhouseCoopers group (PwC/LTS) in Tel-Aviv, the top biotech corporate finance team in Israel, have signed an alliance agreement that will uniquely accelerate global partnering with biotech companies based in Israel. The breadth and depth of two leading life science organizations are being effectively combined to deliver strong globalized partnering activities, with excellent local support relationships. The resulting blend of capabilities is unprecedented in the industry.

PwC / LTS professionals have the contacts in Israel with the most promising Biotech companies, who are developing leading technologies and innovations in the sector. Burrill & Company has the capability to promote the companies worldwide and the contact globally to find the right strategic partners. By joining together, the two forces will enable the Israeli companies to conclude significant strategic agreements worldwide.

"Israeli biotech has much to offer to the rest of the world and many of our companies have both products and technologies that are ripe for external synergistic partnerships with companies in the US, Europe, and Far East," explained Avner Lushi, CEO of PwC/LTS. "One of the difficulties of the Israeli biotech industry is that the sector excels in innovative products and discoveries, yet its success also requires forming the right collaborative relationships for the development and marketing of these technologies worldwide. Burrill & Company, with its strong international relationships and unusually deep understanding of the science and its partnering potential afforded the perfect kind of collaboration," he continued. "Quite simply, Burrill & Company has an extensive knowledge of the products, technologies and transaction types that are being sought by the life sciences industry. Through our new alliance, we are in a position to showcase what Israel has to offer. Burrill & Company's new involvement in the Israeli market is an important step forward for our growing industry, and we are proud to be the one chosen as their partners for such a move."

"We are very excited about the collaboration with PwC/LTS," said G. Steven Burrill, CEO of Burrill & Company. "As part of our due diligence before signing this alliance, scientific and commercial teams from both companies have done an initial review of 120 of the top life sciences operations in Israel and come up with an interesting list of companies that have highly partnerable products and technologies. We're confident that our matchmaking skills will accelerate value creation of both sides to the transaction," he noted. "More importantly, our streamlined approach will speed the development and ultimate commercialization of products and technologies that will benefit mankind."

Richard Haiduck, the Director who is spearheading the Burrill & Company team's part of the joint effort, observed, "Accelerating dealmaking is what we do in our partnering business. The PwC/LTS alliance is an innovative structure that will meet the strategic objectives of both parties in transactions of appropriately selected opportunities."

Indeed, while the rich scientific traditions of Israel have formed an excellent basis for an innovative biotech industry, appropriate collaborative transactions may often be required to meet additional development, commercialization and financial needs. Explained Claudio Yarza, Partner in charge of PricewaterhouseCoopers Israel Life Sciences Practice, "The biotech industry in Israel has reached a point in its maturity where it is essential to conduct business on a more global basis. We have about 200 biotech operations in Israel right now and growth for the majority of these companies will mean partnering. We believe our alliance with Burrill & Company will put the Israeli industry on an accelerated track."

The average strategic alliance today takes an average of 17 months to complete and only one in ten partnering offerings are concluded each year. Burrill & Company, through its combination of personal relationships, dealmaking acumen, scientific competence, and broad distribution of partnering opportunities, has transacted more than $1 billion in life sciences deals to date.

"We know that good deals only get done through relationships of trust," noted Haiduck. "Deals are done between people who know and like and trust each other. However, the premise of our industry's partnering approach must be constantly challenged with innovation in the process of dealmaking. Like our earlier success with BioStreet's DealXchange, we believe that the alliance with PwC/LTS is going to be good for all life sciences dealmakers."

About PwC/LTS
PwC/LTS, the life sciences corporate finance arm of Kesselman & Kesselman PricewaterhouseCoopers Israel, is the leading life sciences corporate finance group in Israel. Using a unique merger of scientific, financial, legal and tax expertise, LTS's superior transaction support services include screening, upgrading and evaluating life sciences projects, and planning and executing efficient deals of fund raising and partnering. LTS has a comprehensive knowledge and understanding of the emerging Israeli life sciences market, and it uses unmatched interdisciplinary methodology and professional approach set by the high standards of PricewaterhouseCoopers.

About Burrill & Company
Burrill & Company is a life sciences merchant bank, focused exclusively on companies involved in biotechnology, pharmaceuticals, diagnostics, human healthcare and related medical technologies, agricultural technologies, nutraceuticals, and biomaterials/bioprocesses.

Venture Capital
The Burrill family of venture capital funds, with over $350 million under management, includes the Burrill Biotechnology Capital Fund, the Burrill Diagnostics Fund, the Burrill Agbio Capital Fund and its successor-the Burrill Agbio Capital Fund II, the Burrill Nutraceuticals Capital Fund, the Burrill Biomaterials/Bioprocess Capital Fund and the Burrill Life Science Capital Fund, currently under development.

Strategic Partnering
Burrill & Company assists life science companies to identify, negotiate and close strategic partnerships providing access to resources, technologies or collaborations essential for executing their business plans. We have completed more than 20 strategic partnerships with a value in excess of $1 billion.

Burrill & Company works with major life science companies to spin-out internal assets and capitalize on their value, ranging from the outright sale of products or businesses to creation of new companies to exploit these assets. We also use our extensive network to help companies identify, assess and capture ("spin-in") products and companies strategic to building their businesses.

Burrill & Company's BioStreet™ is an internet-based life sciences transaction service which enhances dealmaking capabilities by offering a broad range of services designed to streamline and facilitate deals. BioStreet combines the efficient distribution power of the worldwide web with the scientific skills and strategic relationships necessary for concluding successful transactions.

For more information, please visit Burrill & Company's website at

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