Cadwalader Advises Elan Corporation in Billion Dollar Royalty Deal
NEW YORK, May 13, 2013
NEW YORK, May 13, 2013 /PRNewswire/ --Cadwalader, Wickersham & Taft LLP, a
leading counselor to global financial institutions and corporations, announced
today that client Elan Corporation, plc, a biotechnology company headquartered
in Ireland, will purchase from Theravance, Inc. a 21% participation interest
in potential future royalty payments related to four respiratory programs
partnered with GlaxoSmithKline plc: RELVAR™ ELLIPTA™/BREO™ ELLIPTA™, AORO™
ELLIPTA™, MABA (Bifunctional Muscarinic Antagonist-Beta2 Agonist) monotherapy
(GSK961081) and vilanterol (VI) monotherapy. In exchange for the
participation interest, Elan will make a one-time cash payment to Theravance
of $1.0 billion.
The Cadwalader team is led by Christopher Cox (Corporate), Ira Schacter
(Corporate) and special counsel Aly El Hamamsy (Corporate) in New York; and
Angus Duncan (Capital Markets) and Adam Blakemore (Tax) in London.
In April, Cadwalader also advised Elan in the restructuring of its Tysabri®
collaboration with Biogen Idec. On closing of the transaction, Elan received
a cash payment of $3.25 billion, together with a double-digit, tiered royalty
right on future worldwide net sales of Tysabri®.
About Cadwalader, Wickersham & Taft LLP
Cadwalader, Wickersham & Taft LLP, established in 1792, serves a diverse
client base, including many of the world's leading financial institutions and
corporations in more than 50 countries. With offices in New York, London,
Charlotte, Washington, Houston, Beijing, Hong Kong and Brussels, Cadwalader
offers legal expertise in antitrust, banking, business fraud, corporate
finance, corporate governance, energy, environmental, financial restructuring,
health care, intellectual property, litigation, mergers and acquisitions,
private equity, private wealth, real estate, regulation, securitization,
structured finance and tax. For more information, visit www.cadwalader.com.
Adam Segall +1 212 504 6492
Robert Robertson +1 212 504 6897
SOURCE Cadwalader, Wickersham & Taft LLP
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