Wragge Lawrence Graham & Co and McDermott line up on $1.3bn AstraZeneca deal
Collaboration agreement will see drugmakers work together on development of new cancer drug
May 11, 2015 at 08:46 AM
2 minute read
Wragge Lawrence Graham & Co and McDermott Will & Emery have won instructions on a $1.3bn (£820m) collaboration deal between AstraZeneca and fellow biopharmaceutical company Innate Pharma.
The agreement will see AstraZeneca and MedImmune, its global biologics research and development arm, work with Innate to accelerate the development of a prospective cancer treatment, IPH2201, which is currently being made by Innate.
AstraZeneca has turned to Wragges life sciences partner Patrick Duxbury to lead the deal, who is being assisted by fellow life sciences partner Luke Kempton.
The Wragges team is working closely with AstraZeneca's in-house legal team, which is being led by senior counsel Martin Sundblad.
A McDermott team spread across the firm's Paris, London and Boston offices is advising Innate on the transaction.
Deal activity in the pharmaceutical sector this year has continued at a strong pace.
According to Reuters data, last week's $8.4bn (£5.5bn) purchase of Synageva by fellow US pharmaceutical company Alexion pushed deal-making in the pharmaand biotechnology sectors to $179.4bn (£116bn) for the year to date, a 93% increase on the same period last year. 2015 has seen the fastest pace of merger activity in the sector on record.
On that deal Alexion has turned to Wachtell Lipton Rosen & Katz, which is fielding a team led by corporate partners Daniel Neff and Mark Gordon.
Sullivan & Cromwell and Ropes & Gray are acting for Synageva on the deal.
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