10 05 2016

AbbVie acquires Stemcentrx for $5.8 billion

Covington & Burling, Baker & McKenzie, Cooley LLP, Sullivan and Cromwell and Goodwin Procter have advised on the deal


Global pharmaceutical company AbbVie announced today that it will acquire oncology specialist Stemcentrx and its lead late-stage asset rovalpituzumab tesirine (Rova-T) for $5.8 billion in cash and stock. Stemcentrx investors are also eligible to receive up to $4 billion in cash for additional, success-based milestone payments for the achievement of certain regulatory and clinical developments. Rova-T is a novel biomarker-specific therapy currently in registrational trials for small cell lung cancer. Registrational trials for third-line small cell lung cancer are expected to complete enrollment by the end of 2016. In addition, Stemcentrx has four novel compounds in clinical trials across several solid tumor indications including triple-negative breast cancer, ovarian cancer and non-small cell lung cancer. AbbVie is a global, research-based biopharmaceutical company formed in 2013 following separation from Abbott Laboratories. The company’s clinical oncology pipeline is comprised of more than a dozen assets, with 5 programs in late-stage development, spanning nearly 200 clinical trials across more than 19 types of tumors. Morgan Stanley acted as financial advisor to Stemcentrx Covington & Burling LLP has advised AbbVie with a team including John Hurvitz (Picture), Andrew Ment, Scott Smith, Jacquelyn Arcati, Norman Greenbeg and Kyle Rabe. Baker & McKenzie LLP also advised AbbVie on tax matters. Cooley LLP represented Stemcentrix with a team including Mark Weeks and Barbara Kosacz o Sullivan and Cromwell LLP represented Stemcentrix with a team including Matthew G. Hurd and Krishna Veeraraghavan. Goodwin Procter has advised Morgan Stanley, acting as financial adviser with a team including Stuart Cable, James Matarese, Kingsley Taft, Joseph Siegelbaum, Andrew Goodman and Blake Liggio.   Involved fees earner: Mark Weeks - Cooley LLP; Barbara Kosacz - Cooley LLP; Matthew Hurd - Sullivan & Cromwell; Krishna Veeraraghavan - Sullivan & Cromwell; Stuart Cable - Goodwin Procter; James Matarese - Goodwin Procter; Kingsley Taft - Goodwin Procter; Joseph Siegelbaum - Goodwin Procter; Andrew Goodman - Goodwin Procter; John Hurvitz - Covington & Burling; Andrew Ment - Covington & Burling; Scott Smith - Covington & Burling; Jacquelyn Arcati - Covington & Burling; Norman Greenberg - Covington & Burling; Kyle Rabe - Covington & Burling; Blake Liggio - Goodwin Procter;

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