Case Studies

Medicago Inc.

From IPO to a $357 million sale

Medicago was a clinical-stage biotechnology company focused on developing highly effective and competitive vaccines based on proprietary manufacturing technologies and Virus-Like Particles (VLPs).

Medicago was acquired by Mitsibushi Tanabe Pharma in July 2013 for approximately CAD $357,000,000.

Entry: $10MM

Exit: $357MM



  • September: Identified as a potential investment and due diligence initiated
  • 2008

  • February: Negotiated a $2MM financing at a $5MM valuation
  • March: Lead a $2.6 million 'save the company' financing
  • April: Core Capital (formerly Hamza Thindal Capital Corp.) commences capital markets advisory
  • October: Philip Morris Inc. (PMI) invests $16 million and licenses technology
  • 2009

  • September: Medicago enters Phase I Clinical Trial
  • 2010

  • March: US Department of Defence (DOD) grants Medicago $21 million to build a vaccine manufacturing facility in North Carolina
  • 2011

  • October: PMI invests an additional $22.5 million
  • 2012

  • March: Mitsibushi Tanabe Pharma Corp. and Medicago form a strategic alliance
  • 2013

  • July: Mitsibushi Tanabe Pharma Corp. acquires Medicago for $357 million

Back to the main Case Studies page, or press the Back button on your browser.