DLA Piper represents Intercept Pharmaceuticals, Inc. in US$450 million deal to sell Ocaliva to Advanz Pharma outside the US
DLA Piper is representing Intercept Pharmaceuticals, Inc. (Nasdaq: ICPT) – a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases – in its deal to sublicense to Advanz Pharma the rights to commercialize Ocaliva® (obeticholic acid) outside of the US, and sell certain foreign subsidiaries and rights regarding Intercept’s international operations.
The transaction with Advanz – a pharmaceutical company with a strategic focus on specialty and hospital pharmaceuticals in Europe – is valued at up to US$450 million, including US$405 million upfront and an additional US$45 million in contingent payments. The deal will provide Intercept with strategic optionality during this transformation market environment and allow the biopharma company to focus on its core focus areas in the US.
“We’re immensely proud of this pivotal deal. We enjoyed working with the DLA Piper team, bringing together our knowledge and experience as we navigated the international legal and business landscape,” said Jared Freedberg, general counsel at Intercept Pharmaceuticals.
“We’re honored to be a part of this strategic, international deal and to have the opportunity to apply our deep capabilities and extensive experience in cross-border corporate transactions in the life sciences sector,” said Andrew Gilbert, vice-chair of DLA Piper’s US corporate practice who led the team that advised Intercept.
In addition to Gilbert (Short Hills), the DLA Piper team advising Intercept Pharma includes partners Charles Cook (London), Lauren Murdza (Philadelphia), Andrew Davies (London), Christopher Mikson (Philadelphia), Gareth Stokes (London) and Ryan Harrison (London); and associates James McGraw (Philadelphia), Victoria Steele (London), Clodagh Lodge (London), Paul Nolle (Short Hills), Patrick Toolan (Short Hills), Jasmine Sandhu (Philadelphia) and Kurt Davies (London).
DLA Piper advises on all aspects of the life sciences sector, combining subject matter experience with considerable knowledge of the scientific, medical, regulatory, commercial and enforcement environments facing biopharmaceutical, medical device, research and diagnostics clients. Recognizing that clients’ needs vary, the firm rapidly organizes and customizes client service teams, whether for a large pharmaceutical company, a mid-sized medical device client or a development-stage biotech company.