DLA Piper represented Immunomedics, Inc., in the sale of tiered, sales-based royalty rights on global net sales of sacituzumab govitecan (IMMU-132) to Royalty Pharma for US$175 million. Royalty Pharma has also purchased US$75 million in common stock of Immunomedics, at US$17.15 per share.
The US$250 million funding provides Immunomedics the resources to support the company's next phase of growth as it focuses on developing IMMU-132, an antibody-drug conjugate that has received Breakthrough Therapy Designation from the FDA for the treatment of patients with metastatic triple-negative breast cancer who have failed at least two prior therapies for metastatic disease.
New Jersey-based Immunomedics is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other serious diseases.
The DLA Piper team representing Immunomedics was led by partners Andrew Gilbert, Scott Cowan (both Short Hills) and Lauren Murdza (Philadelphia).
DLA Piper's global life sciences lawyers work across practice areas and offices to support biotechnology and medical device clients at every stage of growth, from startups to fast-growing and mid-market businesses to mature global enterprises. According to Mergermarket's league tables for legal advisors, DLA Piper again earned the No. 1 ranking globally in 2017 for overall deal volume.