Dechert leads on $190m rights sale of experimental pain drug
Dechert's London office has won a role advising new client PanGenetics on its $190m (£114m) sale of global rights for an experimental drug to US pharmaceutical company Abbott Laboratories. The US firm has been drafted in to advise antibody engineering company PanGenetics on the sale of a drug used for chronic pain called PG110. The sale will see Abbott acquire the rights to the drug for an upfront payment of $170m (£102m), with additional milestone payments taking the figure to $190m (£114m). The deal equates to selling off part of the company that will house the drug for Abbott.
November 26, 2009 at 06:42 AM
1 minute read
Dechert's London office has won a role advising new client PanGenetics on its $190m (£114m) sale of global rights for an experimental drug to US pharmaceutical company Abbott Laboratories.
The US firm has been drafted in to advise antibody engineering company PanGenetics on the sale of a drug used for chronic pain called PG110. The sale will see Abbott acquire the rights to the drug for an upfront payment of $170m (£102m), with additional milestone payments taking the figure to $190m (£114m). The deal equates to selling off part of the company that will house the drug for Abbott.
London corporate partner Graham Defries took the lead role for Dechert, working alongside Paris corporate partner Emmanuelle Trombe and Philadelphia competition partner Stephen Stack.
Wragge & Co provided intellectual property advice to PanGenetics on the deal, with Birmingham-based life sciences chief Patrick Duxbury taking the lead role for the national firm.
Abbott turned to longstanding legal adviser Baker & McKenzie for help on the transaction, with Chicago M&A partner Olivia Tyrell leading a team of partners working across the firm.
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