Baker McKenzie acts for client Merck & Co., Inc. (known as MSD outside the United States and Canada), one of the largest pharmaceutical companies in the world, on its entry into a definitive agreement under which it is proposed that MSD (through a subsidiary) will acquire Viralytics Limited (Viralytics) by way of a scheme of arrangement for AUD 1.75 per share (representing a total value of approximately AUD 502 million).
Viralytics is an Australian publicly traded company focused on oncolytic immunotherapy treatments for a range of cancers. Its lead product, CAVATAK® (CVA21), is a proprietary formulation of an oncolytic virus that has been shown to preferentially infect and kill cancer cells.
Baker McKenzie lead partner on the transaction David Holland stated: "We were delighted to act for our client, MSD, on its entry into this agreement. We look forward to working with MSD and Viralytics towards completion of the transaction, which will give MSD full rights to CAVATAK, allowing MSD to build on the years of significant work of the Viralytics team and realise the potential of CAVATAK for the benefit of patients globally."
Completion of the transaction is targeted for June 2018. David was assisted by Baker McKenzie senior associate Gabriella Plummer and a due diligence team across most practice groups of the firm.