Leading global law firm Baker McKenzie, has advised on the sale of the entire share capital of Sanifit Therapeutics, S.A. to Vifor Pharma Participations AG in what has become the largest exit of a biotech company in Spain.
Under the terms of the acquisition agreement, Vifor Pharma will acquire 100% of the outstanding shares in Sanifit Therapeutics, receiving full global rights for SNF472, further enhancing the company’s portfolio of innovative assets. Shareholders of Sanifit will receive an upfront payment of EUR 205 million, clinical, regulatory and market access milestones for up to EUR 170 million and tiered sales-based milestones that could reach mid to high triple digit EUR millions at peak sales.
The Madrid based Baker McKenzie team was led by Enrique Carretero (Partner), Carlos Martín (Team Leader), Roberto Concha (Counsel), Modesto Puerta (Associate), Jaime de Pablos (Associate) and Manuel Alonso (Partner - tax), with the support of U.S. based partners Alan Zoccolillo, Randall Sunberg and Teisha C Johnson.
Closing of the transaction is contingent on customary closing conditions, including the FDI procedure in Spain and merger filings in certain countries, and is expected to take place in Q1 2022.
This is the latest example of Baker McKenzie's work in advising on high profile and complex transactions, and confirms Baker McKenzie's position as a transactional powerhouse.