(Apex, NC) — Intarcia Therapeutics, Inc. has announced the acquisition of Phoundry Pharmaceuticals, Inc., a privately held biotechnology company based in Research Triangle Park, North Carolina. Phoundry Pharmaceuticals has created a portfolio of optimized peptides in various therapeutic categories, most notably diabetes and obesity. Phoundry was founded in 2015 by six scientists who have industry-leading peptide expertise coupled with a significant amount of data, equipment, reagents, and consumables assigned by GlaxoSmithKline to serve as the basis for the company.
Said Ray Petrino of Hemera Financial Solutions, “It’s been a whirlwind few months. Phoundry moved into space at The Hamner [Institutes for Health Sciences] in June. Then they were acquired in September. In just 4 months, we got the deal we wanted. It’s an amazing accomplishment. But anything is possible when you combine hard-working, seasoned professionals with great ideas.”
Hemera Financial Solutions was hired by Phoundry to run their entire accounting and finance operations. The decision was based on Hemera’s extensive experience serving other leading health and life science businesses. Another Hemera client, Parion Sciences, recently received an $80 million upfront payment as part of an agreement to collaborate with Vertex Pharmaceuticals. Hemera had also worked with Pappas Ventures on two separate occasions. Pappas was prominently involved in Phoundry’s acquisition.
Added Ray, “In my line of business, we frequently talk about the concept of the ‘perfect prospect.’ This opportunity certainly falls into that category. We accomplished our long-term objective within 1 year. That’s simply incredible. I’m happy for everyone involved in the deal.”
Intarcia agreed to fund the acquisition via a combination of cash and stock. Intarcia will retain all Phoundry employees as well as presence in Research Triangle Park, NC, and expects to double head count within 12-18 months.
About Hemera Financial Solutions:
Hemera Financial Solutions delivers top notch accounting and finance services with a focus on outsourced CFOs and Controllers serving in part-time, interim and contract roles. Hemera has experience growing startup entities, closing multimillion dollar venture capital deals, and spearheading the completion of annual audits. The professionals at Hemera also take pride in giving back to the community. Through their flagship event, Bowl Away CF, Hemera has helped to raise over $130,000 for the research and treatment of cystic fibrosis.