Baker McKenzie advised Mithra Pharmaceuticals SA on its license and supply agreement with Mayne Pharma Group Limited for an exclusive license to commercialize Estelle® in the U.S. Estelle® is Mithra’s novel combined oral contraceptive product candidate. Mithra is a Belgium-based company, specialized in women’s health, and listed on Euronext Brussels. Mayne Pharma is specialty pharmaceutical company listed on the Australian Securities Exchange.
Under the terms of the agreement, Mithra will receive payments and milestone fees in equity and cash for an amount of around USD 295 million. As part of the consideration, Mithra will be issued 9.6% of Mayne Pharma’s shares, with 4.95% received upon closing and the balance received upon FDA approval for Estelle® in the U.S.
Baker McKenzie advised Mithra on several aspects of the deal, with Brussels partner Roel Meers leading the global team comprising partner Richard Lustig in Australia, and Oren Livne and Creighton Macy in the U.S., among others.
Commenting on the matter, partner Roel Meers said, "the agreement is the largest that Mithra entered into since its inception. It is an honor for us to assist the Mithra team on this landmark transaction in its 20th anniversary year."
Earlier this year, Baker McKenzie bolstered its health care and life sciences industry group with the hire of Randall Sunberg, Denis Segota, Oren Livne and Andrew Haupt, expanding the firm’s capabilities for this type of complex multinational collaboration and licensing transaction.