A team of Goodwin attorneys recently represented Teva Pharmaceutical Industries in its sale of four targeted oncology development programs to Ignyta, a precision oncology biotechnology company. According to the agreement, Teva received 1.5 million shares of Ignyta common stock in exchange for the assets. In addition, Teva has entered into stock purchase agreements whereby the company will purchase an additional 1.5 million shares of Ignyta stock at a price of $10.00 per share. The offering, which also included stock purchases by select healthcare investors, is valued at approximately $41.6 million. Upon completion of the transactions, Teva will hold 12% of Ignyta’s common stock.
Teva Pharmaceutical Industries Ltd., headquartered in Israel and traded on the NYSE and TASE under ticker “TEVA,” is a global pharmaceutical company that delivers patient-centric healthcare solutions to millions of patients every day. Teva is the world’s largest generic medicines producer with its portfolio of more than 1,000 molecules used to produce a wide range of generic products in nearly every therapeutic area. In specialty medicines, Teva is the leader in innovative treatments for disorders of the central nervous system, including pain, and has a strong portfolio of respiratory products. The company integrates its generics and specialty capabilities in its global research and development division to create new ways of addressing unmet patient needs by combining drug development capabilities with devices, services and technologies. Teva had net revenues of $20.3 billion in 2014.
The Goodwin Procter team advising Teva was led by Kingsley Taft, Andrew Goodman and Robert Crawford (corporate), and included Jocelyn Arel (securities) with assistance from Jason Breen, Meredith Blount and Aaron Klein (corporate), Emily Beman (IP), Kristin Davenport (FDA) and Dan Karelitz (Tax).
To learn more about the transaction, please read the companies’ joint press release.