Based: $SHPGY - Dublin; $RNVO - Manchester, UK
Termination date: March 2011
Length: 3.8 years
Deal: $825 million ($50 million equity)
Program: Juvista for scarring, ex-EU region
What went wrong: Everything. The pivotal trial for Juvista failed its primary as well as secondary endpoints in February, and the writing on the wall was clear for everyone to see. Renovo had already undergone a painful restructuring after a prospective buyout deal fell through. After its stock plunged 75% after the trial failure, there was little left to be done but start winding down operations.
The remaining staff was let go and only one trial was left to play out as investors held out hope that Adaprev could reduce scarring after a tendon injury. Last November that trial failed to produce the kind of efficacy data needed to go on, and one last light was kept on as all remaining assets were put up for auction.