DLA Piper advises Iovance Biotherapeutics, Inc. in its acquisition of Proleukin®
DLA Piper advised biotechnology company Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) in its definitive agreement with Clinigen Limited to acquire Proleukin® (aldesleukin), an interleukin-2 (IL-2) product used to promote T-cell activity following TIL infusion, for approximately US$200 million upon closing, US$50 million milestone payment and additional deferred consideration payments.
Iovance is a late-stage biotechnology company developing novel T cell-based cancer immunotherapies (tumor infiltrating lymphocyte, TIL, and peripheral-blood lymphocyte, PBL). As a result of the transaction, Iovance anticipates lower cost of goods and clinical trial expenses for Proleukin® used with TIL therapies. The transaction will also allow Iovance to secure the IL-2 supply chain and logistics surrounding TIL therapy administration, among other operational and business benefits. The transaction is expected to close in the first quarter of 2023 subject to HSR approval and customary closing conditions.
“Congratulations to the Iovance team on this deal and expanding their portfolio of T cell-based cancer immunotherapies,” said Emilio Ragosa, a partner in DLA Piper’s Corporate practice and managing partner for the firm’s New Jersey offices, who led the cross-border team that advised Iovance. “It was a pleasure working together and combining our deep industry knowledge and extensive experience in M&A to get this deal done. We look forward to continue supporting Iovance’s growth and expansion.”
In addition to Ragosa (Short Hills), the US team included partners Christopher Mikson and Chris Halliday (both in (Philadelphia) and Stephan Harris (Boston); of counsel Arthur Cohn (Philadelphia); and associates Darren Kerstein and Logan Weaver (both in Seattle). The UK team included partners Andrew Phillips (Manchester) and Ben Brown (London); senior associates Sam Jones (Manchester) and Elizabeth Emerson (London); and legal director Helen Hall (Manchester). The EU team included Life Sciences Sector global co-chair Marco de Morpurgo and attorney Nicola Landolfi (both in Rome).
The team also advised on the US$100 million non-binding line of credit terms from Quogue Capital to fund the acquisition of Proleukin®.
With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 13 consecutive years, according to Mergermarket.
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.