The Life Sciences team advised Cadent Therapeutics on its definitive agreement with Novartis, under which Novartis will acquire all of the outstanding capital stock of Cadent Therapeutics. Upon the closing of the agreement, Cadent will receive a $210 million upfront payment and will be eligible for up to $560 million in milestone payments, for a total potential consideration of $770 million.
Cadent is a privately held clinical stage biopharmaceutical company focused on the development of therapies for the treatment of cognitive, mood, and movement disorders.
The acquisition will give Novartis full rights to Cadent’s neuroscience portfolio, including its NMDAr program, which consists of two clinical programs: CAD-9303, a NMDAr positive allosteric modulator, and MIJ-821, a NMDAr negative allosteric modulator, which was licensed to Novartis in 2015. Additionally, Novartis will gain full rights to CAD-1883, a clinical stage SK channel positive allosteric modulator in development for movement disorders.
The Goodwin team was led by Jacqueline Mercier, Mayan Katz and Kingsley Taft, and included Dan Hughes, Ally Gao, Erini Svokos, Dan Karelitz, Matt Dunay, Elizabeth Mulkey, Sarah Bock, James Devendorf, Brad Smith, Christie Bitter, Paul Jin and Richard Matheny.
For more details, read the press release and articles in Endpoints, FierceBiotech, and Bloomberg.