Modifi gets creative on the rocky road to a multibillion-dollar buyout
Description
Modifi Biosciences Inc. was recently acquired by Merck & Co. Inc. for $30 million up front. Modifi shareholders could receive milestones of up to $1.3 billion. It all happened in the dizzyingly short span of a little more than two years. Modifi’s founder, Ranjit Bindra, and a small group of advisers brought the company through preclinical work on DNA repair for treating glioblastoma and then twice faced running out of money and shutting down the company. Confounding the typical wisdom, Bindra and co-founder Kevin Rakin ended up putting the Merck deal together all by themselves. “People would actually ask, ‘Who is your banker that did the M&A deal?’ I said, ‘You're looking at them. It's me and Kevin Rakin.’ I learned a lot.” Bindra talks more about Modifi in the newest episode of the BioWorld Insider podcast.
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