Covington Advises AstraZeneca/ MedImmune on Acquisition of Spirogen and
Investment in and Collaboration with ADC Therapeutics
LONDON, Oct. 18, 2013
LONDON, Oct. 18, 2013 /PRNewswire/ -- AstraZeneca announced that MedImmune,
its global biologics research and development arm, has acquired Spirogen, a
privately-held biotech company focused on antibody-drug conjugate technology
for use in oncology. Covington & Burling advised AstraZeneca on the
transaction working alongside AstraZeneca's in-house legal team.
MedImmune has also entered into a collaboration agreement with ADC
Therapeutics to jointly develop two of ADC Therapeutics' antibody-drug
conjugate programmes in preclinical development. In addition, MedImmune will
make an equity investment in ADC Therapeutics, which has an existing licensing
agreement with Spirogen.
MedImmune will acquire 100 per cent of Spirogen's shares for an initial
consideration of $200 million and deferred consideration of up to $240 million
based on reaching predetermined development milestones.
The Covington team was led by partner Paul Claydon and included partners James
Halstead (M&A), Lucinda Osborne (licensing and collaboration) and Gregor
Frizzell (investment in ADC Therapeutics), as well as of counsel Morag Peberdy
Covington & Burling LLP, an international law firm, provides corporate,
litigation, and regulatory expertise to enable clients to achieve their
goals. Founded in 1919, the firm has more than 800 lawyers and offices in
Beijing, Brussels, London, New York, San Diego, San Francisco, Seoul,
Shanghai, Silicon Valley, and Washington, DC.
Contact: Rebecca Carr, 202-662-5110, firstname.lastname@example.org
SOURCE Covington & Burling LLP
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