Baker McKenzie has advised argenx SE (Euronext & NASDAQ: ARGX) on its strategic collaboration and exclusive license agreement with Zai Lab Limited (NASDAQ: ZLAB; HKEX: 9688) for the development and commercialization of efgartigimod in Greater China, including mainland China, Hong Kong, Taiwan and Macau.
Under the terms of the agreement, Zai Lab obtains the exclusive right to develop and commercialize efgartigimod in Greater China. argenx will receive USD 75 million in upfront Zai Lab equity and USD 100 million in near-term milestone and other payments. argenx is also eligible to receive tiered royalties (based on annual net sales of efgartigimod in Greater China.
Through this collaboration, argenx will be able to provide access to efgartigimod in Greater China and accelerate the number of autoimmune indications in clinical development.
argenx is a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases and cancer. Zai Lab is an innovative commercial-stage biopharmaceutical company focused on bringing transformative medicines for cancer and infectious and autoimmune diseases to patients in China and around the world.
Baker McKenzie, which acted as lead counsel on the transaction, fielded a cross-office, cross-practice team led by Partners Koen Vanhaerents (Corporate Finance, Belgium); and Oren Livne (Life Sciences and Corporate & Securities, New York). They were supported by a team comprised of Partners Thomas Rice (Corporate & Securities, New York); Clement Ngai (IP, Shanghai); Roel Meers (Corporate Finance, Brussels); Luc Meeus (Tax, Brussels); Dorothea Koo (Corporate Finance, Hong Kong) and Tracy Wut (M&A, Hong Kong); and associate Dr. iur. Julia Schieber (Life Sciences and IP, Zurich).
Commenting on the deal, Koen said, "This collaboration marks an important milestone in our client's journey in making innovative immunology therapies for autoimmune diseases more readily available. We are very pleased to have been able to bring our strong life sciences transaction experience in Greater China, and corporate financing advisory capabilities to the table and bring this strategic deal to fruition for our client. We look forward to continuing to support our client as they continue with their global ambition to provide top-quality medicines across the world and improve the lives of people suffering from severe autoimmune diseases and cancer."