Covington, Fenwick on $3B Japanese Pharma Deal
Japan's second-largest drugmaker, Astellas, is buying San Francisco-based Audentes for about $3 billion in cash.
December 04, 2019 at 01:41 PM
2 minute read
Gene therapy, (Photo: Shutterstock.com)
Covington & Burling and Fenwick & West have landed the lead roles on a $3 billion Japanese pharmaceutical deal.
Japan's second-largest drugmaker, Astellas Pharma Inc., has agreed to acquire San Francisco-based drugmaker Audentes Therapeutics Inc. for about $3 billion in cash. The transaction is expected to be completed in the first quarter of 2020, subject to regulatory approval, including U.S. antitrust clearance.
"By joining together with Audentes' talented team, we are establishing a leading position in the field of gene therapy with the goal of addressing the unmet needs of patients living with serious, rare diseases," said Astellas president and chief executive officer Kenji Yasukawa in a statement.
Covington partners Catherine Dargan in Washington, D.C., and Denny Kwon in San Francisco are advising regular client Astellas.
Fenwick partners David Michaels in Silicon Valley and Effie Toshav and Amanda Rose in Seattle are representing Audentes, also a regular client of the firm.
The deal follows the $62 billion acquisition of Irish drugmaker Shire Plc. by Takeda Pharmaceutical Co. Ltd., Japan's largest drugmaker, which was completed in January. The deal was the largest deal announced in 2018 and the biggest Japanese outbound deal ever.
Related stories:
Global Firms Play Big Role as Japan's Takeda Wins Battle for Shire in $62 Billion Deal
Japan M&A Activity Ramps Up, Prompting Movement for M&A Lawyers
Amid Deal Slowdown, Herbert Smith Freehills in Top Five APAC M&A Rankings So Far in 2019
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