San Diego – June 1, 2017 – Cooley advised Horizon Pharma on its agreement to sell a European subsidiary that owns the marketing rights to two commercial products in Europe, the Middle East and Africa to Chiesi Farmaceutici for an upfront payment of $70 million and potential for future milestone payments.
The commercial products are PROCYSBI (cysteamine bitartrate) delayed-release capsules and QUINSAIR (levofloxacin inhalation solution).
“Following the Raptor acquisition at the end of last year, we completed an evaluation of the commercial infrastructure required to provide PROCYSBI and QUINSAIR in Europe, the Middle East and Africa, and determined that these medicines would be best supported by a company with a larger geographic footprint,” said Timothy P Walbert, chairman, president and chief executive officer of Horizon Pharma, in a news release.
Horizon, headquartered in Dublin, Ireland, is a specialty biopharmaceutical company focused on improving patients' lives by identifying, developing, acquiring and commercializing differentiated products that address unmet medical needs. The company markets a portfolio of products in arthritis, inflammation and orphan diseases.
Cooley helped take Horizon public in 2011 and has represented Horizon on nine publicly announced acquisitions and numerous credit, debt and equity financings, including its largest acquisition to date – the acquisition of Hyperion Therapeutics for $1.1 billion. In 2016, Cooley advised the company on its $800 million acquisition of Raptor Pharmaceutical. Cooley also advised on the company’s acquisition of River Vision for $145+ million in May.
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