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, and John Haggerty of Goodwin’s M&A/Corporate Governance Practice. The deal team also included partners Janet Andolina (Tax) and Scott Webster (Benefits), counsel Lindsey Wanner (Intellectual Property) and Todd Hahn (Antitrust).