Baker McKenzie is advising global pharmaceutical company Lundbeck on its acquisition of San Diego-based biopharmaceutical company Abide Therapeutics, Inc. for USD 250 million upfront payment with additional development and sales milestones payments up to USD 150 million.
The acquisition provides Lundbeck, which has focus on brain disease treatments, with a world-class discovery platform concentrated on harnessing the therapeutic potential of one of the largest and most diverse enzyme classes. Abide’s lead product, ABX 1431, is in clinical development for treating patients with Tourette Syndrome.
The Baker McKenzie transactions team includes Randall Sunberg, Denis Segota, Oren Livne, Andrew Haupt and Jason Kramer.
Credit Suisse and BofA Merrill Lynch acted as financial advisors and Goodwin Procter LLP served as legal counsel to Abide. The transaction is expected to close during the second quarter of 2019.
Baker McKenzie's Healthcare and Life Sciences group includes more than 500 lawyers worldwide who advise many of the world's largest pharmaceutical, biotech, medical device and healthcare services companies on a range of issues including transactional matters, patents and brands, global transfer pricing and tax planning strategies, product liability, competition and trade, commercial agreements, data privacy, employment issues and market entry. For the past five years, Baker McKenzie has ranked No. 1 for healthcare M&A by volume, completing more cross-border deals than any other law firm in the world, and is ranked by Chambers in the top 10 law firms in the world in life sciences.As the world's largest M&A practice, Baker McKenzie's 2,500 lawyers execute more cross-border transactions than any other law firm in industries including healthcare, retail, industrials, insurance, food and beverage and technology. The Firm assists clients through all stages of a transaction, from preparing the business for sale or performing due diligence, to negotiating the purchase agreement, coordinating the closing across multiple jurisdictions, and integrating the operations of the resulting business.