The Life Sciences team advised Ipsen (Euronext: IPN; ADR: IPSEY) on its acquisition of Clementia Pharmaceuticals (NASDAQ: CMTA), including its key late-stage clinical asset palovarotene, an investigational retinoic acid receptor gamma selective agonist, for the treatment of fibrodysplasia ossificans progressiva, multiple osteochondromas and other diseases. The acquisition will proceed by way of a court-approved plan of arrangement pursuant to the Canada Business Corporations Act.
Under the terms of the agreement, Ipsen will pay US$25.00 per share in cash upfront on completion of the transaction, for an initial aggregate consideration of US$1.04 billion, plus deferred payments on the achievement of a future regulatory milestone in the form of a contingent value right of US$6.00 per share upon FDA acceptance of the NDA filing for palovarotene for the treatment of MO, representing an additional potential payment of US$263 million.
Ipsen is a global specialty-driven biopharmaceutical group focused on innovation and specialty care. The group develops and commercializes innovative medicines in three key therapeutic areas - Oncology, Neuroscience and Rare Diseases. With total sales over €2.2 billion in 2018, Ipsen sells more than 20 drugs in over 115 countries, with a direct commercial presence in more than 30 countries. Ipsen's R&D is focused on its innovative and differentiated technological platforms located in the heart of the leading biotechnological and life sciences hubs (Paris-Saclay, France; Oxford, UK; Cambridge, US).
The Goodwin team was led by partners Kingsley Taft, Andrew Goodman and Lisa Haddad and included partners Bradford Smith, Sarah Bock, Robert Crawford, Jessica Rothstein, Julie Tibbets, Roger Cohen, Daniel Karelitz, counsels Kirby Lewis and Jacob Osborn and associates Morgan Frisoli, Nancy Urizar, Patricia Mann, Alexander Varond, Elizabeth Mulkey and Todd Pollock.
For additional details on the acquisition, please read the press release.