Exit watch, week of June 28, 2010

Incline Therapeutics raises $43M, signs acquisition option

Redwood City, Calif.-based Incline Therapeutics Inc. last week announced it raised $43 million in Series A funding and signed an agreement with Cadence Pharmaceuticals Inc. (Nasdaq: CADX), which signed an option to acquire Incline for up to $285 million. Incline, which operates as a hospital-focused specialty pharmaceutical startup, raised the funding from Frazier Healthcare Ventures, 5AM Ventures, Technology Partners, Adams Street Partners, Saints Capital Partners and Emergent Medical Partners. Separately, Incline Therapeutics announced that it has entered into an agreement to acquire the rights to IONSYS from ALZA Corp.

In connection with the financing, James Topper, general partner of Frazier Healthcare Ventures, James Young, venture partner of 5AM Ventures, Jim Glasheen, general partner of Technology Partners, and Terry Gould, partner and head of direct investments of Adams Street Partners, have joined the Incline board of directors.

Trustwave buys Breach Security

Trustwave Corp., an Annapolis, Md.–based provider of on-demand data security and payment card industry compliance management solutions, has acquired Breach Security, a Carlsbad, Calif.-based provider of provider of Web application firewall technology. No financial terms were disclosed. Breach Security raised more than $48 million from Evergreen Venture Partners, Enterprise Partners Venture Capital and Sid R. Bass Associates. (VentureWire reported last week that Sid R. Bass Associates was the only remaining VC shareholder in Breach Security, having bought out both Evergreen and EPVC.) Trustwave is also venture-backed, having raised $10 million from FTV Capital in 2004.

National Semi scoops up GTronix

National Semiconductor Corp.

(NYSE:NSM) has acquired the technology assets of GTronix, a Fremont, Calif.-based fabless IC maker focused on programmable and adaptive analog sensory processing technology. No financial terms were disclosed. GTronix had raised more than $31 million from Menlo Ventures and Jafco Ventures.

Consona buys Compiere

Consona Corp.

, Indianapolis-based provider of enterprise customer management and process solutions, has acquired Compiere Inc., a provider of cloud-based, open-source ERP and CRM software. No pricing terms of the all-stock deal were disclosed. Consona is owned by Battery Ventures and Thoma Bravo, while Compiere had raised venture capital from New Enterprise Associates.

M/C Venture Partners completes Fusepoint sale

M/C Venture Partners has completed its sale of Fusepoint Inc., a provider of managed IT and co-location services to enterprises in Canada, to Savvis Inc. (Nasdaq: SVVS). The deal was valued at $124.5 million in cash, or 10.4x annualized Q1 2010 EBITDA. M/C Venture Partners was the sole institutional investor and controlling shareholder in Fusepoint. Managing General Partner David Croll said it was “a very successful investment for M/C Venture Partners.”