St Louis Bioscience Startup Acquired at $100 Million Valuation
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Confluence Life Sciences, the first company incubated at BioGenerator's co-working lab at Cortex, has been acquired by Aclaris Therapeutics.
The acquisition marks one of the most significant startup exits by a St. Louis bioscience company. What’s more, the new owner will retain 40 local scientists, and plans to create more jobs and build out a new state-of-the-art lab in St. Louis in 2018.
The financial terms of the deal provide for the St. Louis company to receive $20 million upfront, split equally as cash and stock and subject to customary adjustments.
The company’s shareholders are also eligible to receive up to $80 million in contingent payments upon the achievement of certain development, regulatory, and commercial milestones, as well as potential royalty payments on drug sales.
Investing in Startups to Re-invest in St Louis
BioGenerator, worked with the lead founder to form the company, build out labs, purchase instrumentation, develop a business plan, and raise capital to support the company’s research.
As a result of the acquisition, BioGenerator will see a return based on its $1.4 million investment in the bioscience startup, which will be reinvested into new St Louis companies and used to improve the STL innovation ecosystem.