Press Release October 27, 2020

Jazz Pharmaceuticals Acquires Springworks Therapeutics’ FAAH Inhibitor Program For Up To $410 Million

The Life Sciences team advised SpringWorks Therapeutics, Inc. (Nasdaq: SWTX) on its asset purchase and exclusive license agreement under which Jazz Pharmaceuticals plc (Nasdaq: JAZZ) Jazz has acquired SpringWorks’ fatty acid amide hydrolase inhibitor program including PF-04457845, which represents an innovative approach to treating PTSD.

SpringWorks is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing and commercializing life-changing medicines for underserved patient populations suffering from devastating rare diseases and cancer. Jazz Pharmaceuticals is a global biopharmaceutical company dedicated to developing and commercializing life-changing medicines that transform the lives of patients with serious diseases — often with limited or no options.

In addition to assuming all milestone and royalty obligations owed by SpringWorks to Pfizer, Jazz will also make an upfront payment of $35 million to SpringWorks, with potential milestone payments to SpringWorks of up to $375 million upon the achievement of certain clinical, regulatory and commercial milestones. In addition, SpringWorks will receive incremental tiered royalties on future net sales of PF-04457845 in the mid- to high-single digit percentages.

The Goodwin team was led by Chris Denn and included Kingsley Taft.

For more details, read the press release and articles in Business Insider, The Deal, and Philadelphia Business Journal.