VC-backed Okapi acquired by US biopharma Aratana

The offer made by Aratana comprises a €10.3m cash payment, an €11m promissory note maturing in December 2014 and a further €12m in cash or common stock, to be paid within 90 days.

The deal was sourced via Thuja partner Harrold van Barlingen's existing relationship with Aratana's CEO. The acquisition took around nine months to materialise.

Kansas-based Aratana listed on the Nasdaq in June last year, pricing its stock at $6 per share and raising a total of $39.67m. Shares jumped to almost $30 apiece in October last year when the firm announced its acquisition of Vet Therapeutics, a San Diego-based biologics company.

Following the announcement of the acquisition of Okapi, Aratana's market cap sits at around $468m.

Previous investment
In November 2008, Okapi received €8.5m in funding from a large syndicate of investors comprising Thuja Capital, PMV, Spinventure (the €1m seed capital fund of University of Liège), Neon Private Equity, KBC Private Equity, Agri Investment Fund, Fortis Bank and KU Leuven, according to unquote" data.

Dutch investor Thuja, which backed the company via its Thuja Capital Healthcare Fund I vehicle, and the Agri Investment Fund led the round.

Company
Founded in 2007 and headquartered in Leuven, Okapi develops antiviral drugs for pets, including treatments for feline herpes, feline immunodeficiency virus and oncology treatments for cats and dogs.

People
Erwin Blomsma is a co-founder and the CEO of Okapi. Following the takeover, he will become vice president at Aratana as well as general manager of Okapi. Steven St Peter is the president and CEO of Aratana.

Advisers
Vendor (Thuja) - Eubelius (Legal); Deloitte (Tax).

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