Exclusive financial advisor to LI-COR Biosciences

KPMG Corporate Finance LLC acted as exclusive financial advisor to LI-COR Biosciences with respect to the sale of phthalocyanine dyes, including IRDye® 700DX, to Rakuten Medical, Inc.

KPMG Corporate Finance LLC (KPMG CF) acted as exclusive financial advisor to LI‑COR Biosciences (LI‑COR) with respect to the sale of phthalocyanine dyes, including IRDye® 700DX, to Rakuten Medical, Inc. (Rakuten Medical).

LI-COR offers research solutions for therapeutics development and robust western blotting. LI‑COR is an industry leader in imaging systems, analysis software, and IRDye Infrared Dye and other reagents for clinical research, optical image‑guided surgery research, quantitative protein analysis, and small animal imaging. LI‑COR is also a leading innovator in systems for measuring global climate change, plant research, and gas analysis. For nearly 50 years, LI-COR has worked to improve the human condition through the design and development of innovative research tools that help scientists solve the challenges that face humanity.

Rakuten Medical is a global biotechnology company developing precision, cell‑targeting investigational therapies on its Illuminox™ platform, which, in preclinical studies, have shown to lead to rapid and selective cell killing and tumor necrosis. Outside of Japan, Illuminox therapies have not yet been approved as safe or effective by any regulatory authority. Rakuten Medical is committed to its mission to conquer cancer and aims to realize a society where cancer patients can lead fulfilling lives.

IRDye 700DX is a key component of the mechanism of action for products being developed by Rakuten Medical and is currently being studied in ASP‑1929 clinical trials across multiple oncology indications. The strategic acquisition ensures a consistent and flexible supply chain to further advance development and commercialization of therapies on Rakuten Medical’s Illuminox platform, such as ASP‑1929 and other photoimmunotherapy products.

“This important business transaction reaffirms our commitment at Rakuten Medical to advance our core, Illuminox, platform for treatment of cancer and will ensure the consistent reliable supply of IRDye 700DX,” said Hiroshi Mikitani, chairman and CEO of Rakuten Medical.

Greg Biggs, CEO of LI‑COR, commented, “This agreement with Rakuten Medical supports our current long-standing supply agreement and is a forward-looking strategic and operational win for both companies. We are pleased that the innovative technology we developed will potentially produce meaningful benefit to the medical community, patients, and families battling cancer.”

Bill Biggs, founder and chairman of LI-COR, further added, “I want to express my hardy thank you to the entire team at KPMG CF that helped bring about a great deal with Rakuten Medical. We could not be happier.”

Financial details of this transaction are confidential.

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Jason Moran

Jason Moran

Managing Director, KPMG Corporate Finance LLC

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