Cadence, VCs Relieve J&J's Pain, Map Out A Clever Exit In The Process
• By Paul Bonanos
When J&J offered to sell its Ionsys pain-relief patch at a fire-sale price last year, Cadence Pharmaceuticals' management team saw a diamond in the rough. But the specialty pharma didn't have the cash or the focus to take on a new project. Enter Frazier Healthcare Ventures, which organized an investor syndicate that teamed with Cadence management on a deal with enough moving parts to make Rube Goldberg proud. The arrangement birthed Incline Therapeutics Inc., an independent, privately held start-up backed by $43.5 million in venture money.
When Johnson & Johnson
offered to sell its Ionsys pain-relief patch at a fire-sale
price last year, Cadence Pharmaceuticals Inc.'s management team saw a diamond in the
rough. [See Deal] But the specialty pharma didn't have the cash
or the focus to take on a new project, even if getting it back on
the market only required a quick fix.
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