Latham & Watkins and Proskauer Rose act on $7.2bn pharma deal
Two US firms take lead roles on Celgene's $7.2bn acquisition of drug maker and developer Receptos
July 15, 2015 at 07:00 AM
2 minute read
Latham & Watkins and Proskauer Rose are leading on pharmaceuticals company Celgene Corporation's $7.2bn (£4.6bn) acquisition of drug maker Receptos.
Proskauer is acting for Celgene on the deal, while Receptos is being advised by Latham & Watkins.
The Proskauer team acting for Celgene is being led by New York corporate partner Robert Cantone. He is being assisted by New York M&A partner Daniel Ganitsky and Boston M&A partner Ori Solomon.
New York partner Daryn Grossman is advising on intellectual property, tax partner Andrea Rattner is advising on employee benefits, partner Colin Kass is assisting with antitrust matters and partner Ron Franklin is advising on finance issues.
Latham's team on the deal is being led by Orange County-based corporate partners Charles Ruck and Scott Shean.
They are being assisted by New York corporate partner Wesley Holmes, employee benefits partner Jim Barall, tax partner Samuel Weiner and antitrust partners Michael Egge and Amanda Reeves.
Latham has acted on several big deals in pharmaceuticals sector recently. In November 2014 it advised Botox-maker Allergan when it was acquired by Actavis in a $66bn (£42bn) cash and share deal.
The firm's team on that deal was led by corporate partners Cary Hyden, Paul Tosetti and Michael Treska.
In June this year Latham also advised Allergan on its $2.1bn (£1.3bn) acquisition of Kythera Biopharmaceuticals. Silicon Valley life sciences co-chairs Mark Roeder and Alan Mendelson led the deal alongside corporate partner Josh Dubofsky.
Receptos has become an acquisition target because it is currently developing a new drug called ozanimod which it is hoped will have applications for treating ulcerative colitis and relapsing MS. The drug is currently in phase three trials and is expected to generate annual sales of $4-6bn (£2.6-3.8bn) a year.
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