News and Publications

Ford government’s appointment of Heather Zordel as OSC chair prompts resignations

Thu, 14 Jul 2022 17:47:00 GMT

Ford government’s appointment of Heather Zordel as OSC chair prompts resignations

Heather Zordel’s appointment as the chair of the board of the Ontario Securities Commission has prompted resignations. 'I have chosen to dedicate my time and attention to my work at the commission in the spirit of public service, a concept which I firmly believe in,' Zordel said.

READ FULL ARTICLE HERE

ICM Asset Management announces new partnership with one of Canada's largest pensions

Thu, 19 Dec 2019 19:31:55 GMT

ICM Asset Management is pleased to announce that it has entered into a partnership with one of Canada’s largest and most diversified institutional investment and pension fund managers to deliver Kampus Santa Rosa Industrial located in Guadalajara, Mexico - READ MORE

Save the Date! OSC Dialogue is November 21, 2019

Wed, 21 Aug 2019 17:22:09 GMT

Save the date for this annual OSC event that brings together hundreds of market participants on issues and trends facing the capital markets.

November 21, 2019 at Metro Toronto Convention Centre, South Building, 222 Bremner Boulevard, Toronto, ON M5V 3L9

Deal Announcement from Crosbie

Tue, 14 May 2013 23:38:18 GMT

Crosbie and Ivey School of Business – Preparing to Monetize Your Legacy

Mon, 6 May 2013 19:28:43 GMT

View original article here.

Crosbie and Ivey School of Business – Preparing to Monetize Your Legacy

The Richard Ivey School of Business collaborated with Crosbie to create a small gathering of leading business owners and CEOs at the IVEY CROSBIE ROUNDTABLE. The purpose was part of Crosbie’s goal to provide peer-to-peer education. Owners gain valuable insights from other business owners about how to prepare to sell a business - so when it comes time to monetize the legacy, owners are able to do so smoothly. It is critically important that owners know how to get the best result – both in maximizing value but also with cultural fit.

The Ivey Crosbie Roundtable, held at The National Club in April 2013, featured six accomplished entrepreneurs and business leaders who have successfully bridged the gap between Bay Street and Main Street, and who shared their experiences and perspectives in an intimate and interactive setting.

Warren Buffett’s Berkshire Hathaway Inc. is an active buyer of Canadian companies. Gene Toombs, Chairman Emeritus of MiTek Industries, Inc., a subsidiary of Berkshire, along with Thomas Manenti, Chairman and CEO of MiTek Industries, Inc., discussed the "scorecard” used by Berkshire Hathaway when buying businesses. Integrity was the top quality, followed closely by good communications and knowing how to sell a business professionally. The MiTek team also covered on cross-border acquisitions and included Ed Giacomelli, Managing Director of Crosbie, who has direct involvement in two of MiTek’s Canadian initiatives.

John Hutton, formerly an owner of McNally Construction Inc., David Walderman, former owner and CEO of family business Belmont Meat Products Limited, John O’Connell, Chairman and CEO of Davis Rea, and Colin Walker, Managing Director of Crosbie shared insights into how to build your business and develop a highly compelling value proposition. They provided useful insights and ideas on the value drivers of a business and how to take steps to get to the next level.
David Simpson, The Richard Ivey School of Business, Business Families Centre, facilitated the conversations.

The survey of the CEOs and Owners attending the event reported that 100% rated the event as highly educational and 98% would like to be invited back to the next Ivey Crosbie Roundtable.

For more information visit www.crosbieco.com and www.mitek.ca

Precipe Capital Expands Portfolio of Services with addition of John Hughes

Thu, 7 Mar 2013 14:00:00 GMT

Source: www.precipicecapital.com

PRECIPICE CAPITAL EXPANDS PORTFOLIO OF SERVICES

WITH ADDITION OF JOHN HUGHES

Halifax, NS – March 7, 2013: Precipice Capital has bolstered their presence within the Atlantic Canada offshore industry with the addition of John Hughes, who has joined the firm as Managing Director, Marine & Shipping Services.

"John is one of the most highly respected individuals in the Atlantic Canadian marine and shipping sectors,” says Chris Dobbin, President of Precipice Capital. "John and I have worked closely over the past few years and it made a lot of sense to bring his depth of knowledge and hands-on expertise on board with the Precipice Capital team.”

Hughes’ and Dobbin’s most recent collaboration of their unique skill sets played an integral role in Secunda Holdings LP’s successful acquisition of 10 charter fleet vessels from subsidiaries of McDermott International, Inc., a move that changed the landscape of Atlantic Canada’s offshore industry. The success of the Secunda transaction created more opportunities for Precipice to work with companies that cross over into both the marine and energy sectors, both of which directly impact the Atlantic Offshore industry.

"My relationship with Precipice Capital goes back over four years, where we had great success partnering my industry knowledge with their in-depth financial expertise,” says Hughes, who most recently was President of Secunda Canada. "This is a fantastic opportunity to continue that unique relationship. Together, we will be able to offer exemplary support to businesses looking to transition or grow in a sector that has a very positive future in Atlantic Canada.”

Dobbin’s firm has enjoyed strong growth over the past few years since its establishment in 2010. Most recently, Precipice Capital hired Phil Bassil as Managing Director, Power & Utilities.

"Our goal has always been to differentiate ourselves in the marketplace by adding significant operational and industry expertise to compliment the advisory services we provide, living up to our brand as Atlantic Canada’s independent corporate finance advisor,” says Dobbin. "We are committed to providing our clients with exceptional counsel, and in order to do that we need top talent. I’m confident we have that with the Precipice Capital team.”

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For more Information:

Chris Dobbin, President
Precipice Capital Corporation Inc.
902. 401.9480
cdobbin@precipicecapital.com
www.precipicecapital.com

Ed Giacomelli, Crosbie & Company discusses the potential pitfalls of exiting a family business

Wed, 27 Feb 2013 19:48:56 GMT

Running a family business has some definite advantages, yet it poses unique challenges when creating an exit strategy. Please check this PROFIT BusinessCast where Ed Giacomelli, managing director at specialty investment banking firm, Crosbie & Company, explores these obstacles—including financial, leadership, social and emotional—and how best to avoid them.

Don’t Let Family Ties Bind Your Exit Strategy

IIROC announces update to Restricted Dealer Member Proposal

Thu, 7 Feb 2013 21:07:19 GMT

Decision made following extensive consultations

IIROC announces update to Restricted Dealer Member Proposal

Source: www.iiroc.ca

IIROC Press Release

February 7, 2013 (Toronto, Ont.) – The Investment Industry Regulatory Organization of Canada (IIROC) today published an update notice regarding the Restricted Dealer Member concept proposal it issued for comment in July 2012.

IIROC initially developed the concept proposal in response to policy concerns relating to the scope of activities being undertaken by certain exempt market dealers (EMDs). The proposal was issued to solicit feedback regarding the possibility of transitioning firms carrying out brokerage activities through an EMD registration to an investment dealer registration, and subject to IIROC supervision.

The IIROC notice explains the reasons underlying its decision not to proceed with the proposal at this time based on feedback it solicited. In reaching our conclusion, IIROC carefully considered the views expressed in the many comment letters received from various industry and investor stakeholders in Canada and the U.S., as well feedback from additional consultations conducted by IIROC.

The Canadian Securities Administrators (CSA) today also issued a Staff Notice confirming its view that IIROC should oversee firms that conduct brokerage activities (See CSA Staff Notice 31-333 Follow-up to Broker-Dealer Registration in the Exempt Market Dealer Category). It indicated its intention to publish for comment in 2013 proposed rule amendments to NI 31 – 103 Registration Requirements, Exemptions and Ongoing Registrant Obligations to prohibit EMDs from conducting brokerage activities.

***

For further information, please contact:

Lucy Becker
Vice President, Public Affairs
416-943-5870
lbecker@iiroc.ca

Charlene Fong
Public Affairs Specialist
416-943-5846
cfong@iiroc.ca

BofA Merrill Lynch and Bloom Burton & Co. serve as financial advisors

Fri, 14 Dec 2012 18:49:45 GMT

GILEAD SCIENCES TO ACQUIRE YM BIOSCIENCES

- Adds Selective JAK Inhibitor to Growing Oncology and Inflammation Pipeline -

Foster City, California and Mississauga, Ontario, December 12, 2012 -- Gilead Sciences, Inc. (Nasdaq: GILD) and YM BioSciences Inc. (NYSE MKT: YMI, TSX: YM) announced today that the companies have signed a definitive agreement under which Gilead will acquire YM for U.S.$2.95 per share in cash. The transaction has received the unanimous approval of YM’s Board of Directors, and values YM at approximately U.S.$510 million, with YM reporting C$125.5 million in cash and cash equivalents as of September 30, 2012. Gilead plans to fund the acquisition with cash on hand. The transaction is expected to close in the first quarter of 2013.

YM’s lead drug candidate, CYT387, is an orally-administered, once-daily, selective inhibitor of the Janus kinase (JAK) family, specifically JAK1 and JAK2. The JAK enzymes have been implicated in a number of disorders including myeloproliferative diseases, inflammatory disorders and certain cancers. YM has reported positive results from a Phase 1/2 clinical trial of CYT387 in 166 patients with myelofibrosis, a life-threatening myeloproliferative disease. Pending completion of the acquisition, Gilead intends to initiate a pivotal Phase 3 clinical trial of CYT387 in myelofibrosis in the second half of 2013.

"This acquisition represents an opportunity to add a complementary clinical program in the area of hematologic cancers to our growing oncology portfolio,” said Norbert W. Bischofberger, PhD, Gilead’s Executive Vice President, Research and Development and Chief Scientific Officer. "Based on promising Phase 2 data, we believe CYT387 could provide important clinical benefit for patients with myelofibrosis, including potential improvements with regard to anemia and decreased dependence on blood transfusions. We look forward to advancing CYT387 into a Phase 3 study as quickly as possible and to exploring its potential in other myeloproliferative diseases with significant unmet medical need.”

Myelofibrosis is a progressive, chronic bone marrow disorder in which the marrow is replaced by fibrous scar tissue, making it difficult for the bone marrow to sufficiently produce blood cells, leading to anemia (low red blood cell count) and thrombocytopenia (low blood platelet count), severe constitutional symptoms and spleen enlargement. JAK inhibitors modulate cytokine-stimulated intracellular signalling and decrease the circulating levels of proinflammatory cytokines associated with the pathogenesis of myelofibrosis.

"This agreement represents a positive outcome both for myelofibrosis patients and for our shareholders. Gilead has the research and development capabilities and the resources needed to more fully realize the potential of CYT387 as a therapeutic advance for myelofibrosis patients and potentially for other indications,” said Dr. Nick Glover, President and CEO of YM.

"Since our acquisition of CYT387 nearly three years ago, YM has made great progress in advancing CYT387 through the clinical, regulatory, manufacturing and business development processes. While Gilead's acquisition will end a long, varied and interesting journey for YM, we are pleased to have this transaction crystallize the present value of this important therapeutic candidate,” said Mr. David Allan, Chairman of YM.

In recent years, Gilead has sought to expand its R&D expertise in the area of oncology through the appointment of leading cancer researchers and clinicians, the establishment of external scientific partnerships and through strategic acquisitions. Gilead’s lead compound in oncology, idelalisib (formerly referred to as GS-1101), is an investigational, first-in-class specific inhibitor of the phosphoinositide-3 kinase (PI3K) delta isoform. Five Phase 3 studies of idelalisib in chronic lymphocytic leukemia (CLL) and indolent non-Hodgkin’s lymphoma (iNHL) are progressing.

Gilead is also conducting Phase 2 clinical trials of simtuzumab (formerly referred to as GS-6624), an investigational monoclonal antibody (mAb) candidate targeting the human lysyl oxidase-like 2 (LOXL2) protein, in myelofibrosis, colorectal cancer, pancreatic cancer and certain fibrotic diseases.

CYT387, idelalisib and simtuzumab are investigational products and their safety and efficacy have not yet been established.

Terms of the Transaction

Under the terms of the agreement, upon closing of the proposed transaction, shareholders of YM will receive U.S.$2.95 per common share in cash, and holders of warrants and stock options will receive a cash payment equal to the difference between U.S.$2.95 and the exercise price of such warrant or stock option. The proposed transaction will be completed through a plan of arrangement under the provisions of the Companies Act (Nova Scotia).

The transaction will require the approval of YM shareholders at a special meeting of YM shareholders, to be held as soon as reasonably practicable and in any event on or before February 11, 2013. In addition to YM’s shareholder approval, closing of the transaction is subject to the satisfaction of certain other customary conditions, including court approval of the transaction, and applicable government and regulatory approvals, including expiration or termination of the waiting period under the United States Hart Scott Rodino Antitrust Improvements Act, and the review period under the Competition Act (Canada). The approval of Gilead shareholders is not required in connection with the proposed transaction.

The arrangement agreement contains customary non-solicitation provisions, but permits YM, in certain circumstances, to terminate the arrangement and accept an unsolicited superior proposal, subject to fulfilling certain conditions.

BofA Merrill Lynch and Bloom Burton & Co. serve as financial advisors, and Gowling Lafleur Henderson LLP, Heenan Blaikie LLP and Dorsey & Whitney LLP serve as legal advisors to YM in connection with the transaction. Gilead is advised by Wilson Sonsini Goodrich & Rosati, Professional Corporation and Blake Cassels and Graydon LLP.

About YM

YM BioSciences Inc. is a drug development company primarily focused on advancing CYT387, an orally administered inhibitor of both the JAK1 and JAK2 kinases, which have been implicated in a number of hematological and immune cell disorders including myeloproliferative neoplasms and inflammatory diseases as well as certain cancers. Positive interim results have been reported from a Phase 1/2 trial of CYT387 in 166 patients with myelofibrosis. In addition, YM has several preclinical programs underway with candidates from its library of novel compounds identified through internal research conducted at YM BioSciences Australia.

About Gilead Sciences

Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes innovative therapeutics in areas of unmet medical need. The company’s mission is to advance the care of patients suffering from life-threatening diseases worldwide. Headquartered in Foster City, California, Gilead has operations in North America, Europe and Asia Pacific.

- more -

YM Forward-Looking Statement

This press release may contain forward-looking statements, which reflect YM’s current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, shareholder approval of the proposed Arrangement; YM’s ability to obtain court, regulatory, and other approvals in connection with the proposed Arrangement; uncertainties as to the timing of the Arrangement; the satisfaction of the conditions precedent to the completion of the Arrangement, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Arrangement; changing market conditions; the successful and timely completion of clinical studies; the establishment of corporate alliances; the impact of competitive products and pricing; new product development; uncertainties related to the regulatory approval process or the ability to obtain drug product in sufficient quantity or at standards acceptable to health regulatory authorities to complete clinical trials or to meet commercial demand; and other risks detailed from time to time in YM’s ongoing quarterly and annual reporting. Except as required by applicable securities laws, YM undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Gilead Forward-Looking Statement

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectation of the companies' and members of their senior management team. Forward-looking statements include, without limitation, the ability of Gilead to advance YM's product pipeline, including CYT387, the possibility that Gilead will be unable to initiate a Phase 3 trial of CYT387 in myelofibrosis as currently anticipated; the possibility of unfavorable results of clinical trials of CYT387, idelalisib and simtuzumab; the expected timing of the completion of the transaction; and the ability to complete the transaction considering the various closing conditions, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include: the effects of the transaction on relationships with employees, customers, other business partners or governmental entities; other business effects, including the effects of industry, economic or political conditions outside of the companies' control; actual or contingent liabilities; and other risks and uncertainties detailed from time to time in Gilead’s Report on Form 10-Q and for the quarter ended September 30, 2012. All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation to update any such forward-looking statements.

Additional Information and Where to Find It

Further information regarding the transaction will be contained in an information circular that YM will prepare and mail to its shareholders in connection with the YM shareholders’ meeting, with closing expected to occur in the first quarter of 2013. YM shareholders are urged to read the information circular once it becomes available, as it will contain important information concerning the proposed transaction. YM shareholders may obtain a copy of the arrangement agreement, information circular, and other meeting materials when they become available at www.sec.gov and www.sedar.com.

This press release is for informational purposes only. It does not constitute an offer to purchase shares of YM or a solicitation or recommendation statement under the rules and regulations of the United States Securities and Exchange Commission or other applicable laws.

# # #

For more information on Gilead Sciences, please visit the company’s website at www.gilead.com,
follow Gilead on Twitter (@GileadSciences) or call Gilead Public Affairs at 1-800-GILEAD-5
or 1-650-574-3000.

For more information on YM BioSciences, please visit the company’s website at www.ymbiosciences.com or contact James Smith, VP Corporate Affairs at 905.361.9518 or jsmith@ymbiosciences.com

Bassil Joins Precipe Capital

Wed, 5 Dec 2012 21:53:01 GMT

BASSIL JOINS PRECIPICE CAPITAL

Halifax, NS – December 5, 2012: Precipice Capital has added more depth to its roster with the addition of Philip Bassil who will be joining the firm as Managing Director, Power & Utilities.

"I was fortunate enough to have had the experience of collaborating with Phil on a previous project which gave me a first-hand look at his dedication to his clients and his craft,” said Chris Dobbin, President of Precipice Capital. "His skill set is well-suited for our firm as we continue to build Atlantic Canada’s leading independent bank and corporate finance firm.”

Precipice, a Halifax based corporate finance advisory firm, has quickly gained traction in the marketplace since being established by Dobbin at the beginning of 2010. In addition to mergers and acquisitions, the boutique finance firm also provides financing and debt restructuring, business sales, recapitalizations and private equity sponsored transactions among other services.

Bassil had previously worked with BSM Global Partners Inc. as a Managing Director, with Beacon Securities as a Utilities and Special Situations Equity Analyst and with Scotia Capital in Toronto.

"Phil is tapped into the energy industry, which will support our quest to focus more of our efforts in that field and broaden our service offerings,” said Dobbin. "We’re seeing continued demand for specialized services in the electric and pipeline utilities, energy services and alternative energy sectors.”

Bassil joins Dobbin, Jillian Murray and Melanie Smith to round out the Precipice Capital team.

"I’ve long respected Chris’ integrity, persistence and strong focus on delivering high-quality results for his clients; principles I always operate from,” said Bassil. "I’m pleased to be joining such a high-caliber team and to have the opportunity to leverage my experience on Bay Street, and in the power and utilities arena, through the national reach of Precipice’s corporate finance and investment banking platform.”

For more Information:
Chris Dobbin, President
Precipice Capital Corporation Inc.
902. 401.9480
cdobbin@precipicecapital.com
www.precipicecapital.com

Crosbie M&A Report - Q3 2012

Tue, 27 Nov 2012 21:45:08 GMT

Crosbie M&A Report - Q3 2012

The Canadian M&A market posted a decline in total announced transaction this quarter compared to Q2, however the aggregate value of transactions were higher with the majority of the increase being driven by mega-deals (deals valued over one billion). There were a total of 195 deals announced this quarter, representing a 15% decline in activity compared to the 229 announcements in Q2. The aggregate value of transactions increased 18% in Q3 to $40.5B from $34.3B last quarter.

A few notable items in Q3 included:

Cross-border activity was at the forefront of the Canadian M&A market, accounting for 54% of total announced transactions, the highest level since Q1 2004.
Capital groups were active this quarter announcing a total of 13 transactions over $100M, with capital groups on the buy-side in 7 of those transactions.
Despite a decline in overall M&A activity, the number of mega-deals were inline with recent quarters, with 8 announcements which accounted for 67% of the total value of transactions announced this quarter.
Real Estate and Oil and Gas were tied for the most active sector this quarter with 39 transactions announced each; compared to the 58 and 44 transactions respectively announced in Q2 in these two sectors.

Notwithstanding the decline in activity, there was a strong mix of interest from both strategic and financial buyers. In addition, bank and debt financing continue to be available and as a result the conditions for completing M&A transactions remain favourable.

For further details, please see the press release and M&A report:

Crosbie Q3 2012 Press Release

Crosbie Q3 2012 M&A Report

To view a BNN interview with Crosbie Partner Ed Giacomelli, please click on the following link: Watch BNN Interview