HONG KONG, Mar. 21, 2016 /PRNewswire/ -- Ally Bridge Group ("ABG"), a global healthcare-focused investment group, announced that it has completed an equity investment in TESARO, Inc. (NASDAQ: TSRO), an oncology-focused, commercial-stage biopharmaceutical company headquartered in Waltham, Massachusetts, USA. This investment was made as part of a private placement of 4.4 million shares of TSRO common stock that closed on March 17, 2016, resulting in gross proceeds of $155 million.
TESARO represents a compelling addition to ABG's existing portfolio of more than a dozen oncology companies based in the United States, Europe and China. This investment represents an important partnership between ABG, as a leading global healthcare investor with its roots and strong capabilities in China, and TESARO, a leading oncology-focused biopharmaceutical company in the United States.
"After successfully completing the landmark USD3.3 billion take-private of Wuxi Pharmatech in December 2015, ABG is very pleased to be a shareholder in TESARO, which is led by a best-in-class board of directors and an experienced management team with a proven track record in drug development, and has a balanced portfolio of an excellent commercial-stage product and exciting clinical-stage pipeline assets in oncology," said Frank Yu, Founder and CEO of ABG. "ABG sees its portfolio companies as partners, and works shoulder-to-shoulder with them in the key areas of global expansion, strategic partnerships and financing."
About Ally Bridge Group
Ally Bridge Group ("ABG") is a global healthcare-focused investment group, founded and led by Mr. Frank Yu (formerly a Managing Director of Goldman Sachs and Och-Ziff Capital) with a global healthcare investment portfolio in China, the United States, and Europe and more than USD1 billion in assets under management. In 2015, ABG initiated, led and completed the US$3.3bn take-private of WuXi PharmaTech, a leading global life science service provider.
TESARO is an oncology-focused biopharmaceutical company devoted to providing transformative therapies to people bravely facing cancer. For more information, visit www.tesarobio.com.
Ally Bridge Group
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SOURCE Ally Bridge Group