BOSTON, April 12, 2010 – Goodwin Procter advised Serenity Pharmaceuticals, LLC, a Milford, PA-based developer of patented pharmaceuticals, on a significant transaction with Allergan, Inc. (NYSE: AGN), a leading pharmaceuticals company. The firms entered into a global agreement for the development and commercialization of Ser-120, a Phase III investigational drug currently in clinical development for the treatment of nocturia, a common yet often under-diagnosed disorder in adults characterized by frequent nighttime urination.
Under the terms of the agreement, Allergan receives exclusive worldwide rights to develop, manufacture and commercialize Ser-120. The agreement encompasses all potential indications except primary nocturnal enuresis (pediatric bedwetting), which will be retained by Serenity. Allergan will make an upfront payment to Serenity of $43 million, potential development and regulatory milestone payments of up to $122 million, future potential sales milestones and royalty payments on worldwide sales.
The Goodwin Procter deal team was led on the transactional side by Kingsley L. Taft, and on the patent side by Edward R. Pitcher and Brian A. Fairchild, with support from Joseph R. Siegelbaum, Stuart L. Rosenthal, Andrew J. Weidhaas, William J. Weiss, and Kelsey E. Lemaster.
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