A team of Goodwin Procter attorneys recently represented Teva Pharmaceutical Industries in its announced purchase of Labrys Biologics, a privately held development-stage biotechnology company focused on a novel treatment (LBR-101) for migraine pain, bolstering Teva’s growing pain care franchise.
Teva will acquire Labrys for $200 million in cash upfront at closing as well as up to $625 million in contingent payments upon achievement of certain pre-launch milestones. Potential peak sales for LBR-101 are estimated to reach $2 billion to $3 billion.
Teva is the world’s largest generic drug manufacturer and a longtime client of the firm.
The Goodwin deal team was led by Kingsley Taft, co-chair of the firm’s Life Sciences Practice, John Haggerty of Goodwin’s M&A/Corporate Governance Practice, and Marta Gross of the firm’s Intellectual Property Practice. The deal team also included partners Janet Andolina (Tax) and Scott Webster (Benefits), counsel Lindsey Wanner (Intellectual Property) and Todd Hahn (Antitrust).