Sidley is advising Arvelle Therapeutics, a Swiss-based biopharmaceutical company focused on bringing innovative treatments to patients suffering from central nervous system disorders, on its sale to Angelini Pharma for a total cash consideration of up to US$960 million. Angelini Pharma entered into a sale and purchase agreement with Arvelle Therapeutics’ shareholders on January 4, 2021. Completion of the transaction is subject to customary closing conditions. Subject to completion, and following regulatory approval, Angelini will pay an aggregate consideration of US$610 million in cash. Subsequently, and subject to cenobamate achieving certain revenue targets, a further US$350 million will be paid.
Cenobamate, a drug for the treatment of drug-resistant focal-onset seizures in adults, was designated a Promising Innovative Medicine by the UK’s Medicines and Healthcare products Regulatory Agency. Following Angelini Pharma’s acquisition of Arvelle Therapeutics, Angelini Pharma will have the exclusive license to commercialize cenobamate in the European Union and other countries in the European Economic Area (Switzerland and the United Kingdom). Angelini plans to launch cenobamate after receiving approval from the European Medicines Agency (EMA), which is expected in 2021.
The Sidley team is led by partners Frank Rahmani (M&A , Palo Alto and San Francisco), Wim De Vlieger (M&A, London), and senior associate Ed Perry (M&A, London), and includes Till Lefranc (Private Equity, London), Tom Thesing (M&A, London), Josh DuClos (Private Equity, Century City), Matthew E. Johnson (Employee Benefits and Executive Compensation, Chicago), Jason Menzies (Tax, London), Patrick Harrison (Antitrust and Competition, London), Maurits Lugard (Food, Drug and Medical Device Regulatory, Brussels), Pamela Martinson (Global Finance, Palo Alto), James Mendenhall (Global Arbitration, Trade and Advocacy, Washington, D.C.), Sven De Knop (Global Arbitration, Trade and Advocacy), Rosanna Connolly (Antitrust and Competition, London), Helen Middleton (Food, Drug and Medical Device Regulatory, London), Francesca Blythe (Privacy and Cybersecurity, London), Peter McCorkell (Labor, Employment and Immigration, London), Josefine Sommer (Food, Drug and Medical Device Regulatory, Brussels), Daire Carr (Private Equity, London), Alessandra Moroni (Global Arbitration, Trade and Advocacy, Brussels), Philipp Nuernberger (Private Equity, London), Zoe Woodhouse (Private Equity, London), Chris Morgan (Labor, Employment and Immigration, London), Laurence Wilcock (Tax, London), Chris Dorman (Tax, London), Amanda McFarlane (Global Finance, Century City), and trainee solicitors Zahira Butt (Private Equity, London) and Sean Sawyer (M&A, London).
Additional details may be found in the press release.