The Life Sciences team guided Apnimed, Inc. on the sale of its 50% ownership stake in Shionogi-Apnimed Sleep Science, LLC (SASS) to its joint venture partner, Shionogi & Co., Ltd. Under the terms of the agreement, Apnimed will receive a $100 million upfront cash payment, a $50 million cash payment upon the earlier achievement of a development or regulatory milestone related to SASS-002 (sulthiame), and tiered royalties on certain of SASS’s products.
Apnimed is a privately held, late-stage clinical pharmaceutical company dedicated to the discovery, development, and commercialization of novel oral therapies that address the neurobiology of sleep-related breathing diseases. The company believes that the introduction of simple, once-nightly oral medications has the potential to expand diagnosis and broaden the reach of treatment for individuals with obstructive sleep apnea (OSA). Apnimed also believes that OSA would benefit from multiple drugs with differing mechanisms to more fully address the heterogeneity of the disease’s pathophysiology. The company envisions a new era in which novel oral therapies simplify intervention, expand access to diagnosis and treatment, and help more individuals achieve the oxygen levels and restorative sleep needed to thrive.
The Goodwin team was led by Tim Atkins, Kahn Wiedis, Chris Zhong, Ryan Fisher and Dan Karelitz.
For more information on the deal, please read the press release.