San Diego – April 12, 2017 – Cooley advised Sucampo Pharmaceuticals on its acquisition of rare disease biotech firm Vtesse for $200 million in cash and stock in upfront payments and contingent payments based on net sales of the acquired product. The purchase provides Sucampo access to VTS-270, a product candidate undergoing study for the treatment of Niemann-Pick Disease Type C1 (NPC).
“We welcome the employees of Vtesse to our team and look forward to accelerating the global development of VTS-270 in the hopes of bringing this novel treatment to patients afflicted by Niemann-Pick Disease Type C1 in the US and around the globe,” said Sucampo chairman and CEO Peter Greenleaf in a company-issued press release.
Vtesse and Sucampo intend to establish a foundation to support research related to NPC. Subject to finalizing the terms of the foundation, Vtesse’s equity holders have set aside a portion of the transaction proceeds to contribute to the foundation. Sucampo intends to match the Vtesse shareholder contribution from its corporate funds.
Sucampo, which trades on The NASDAQ Global Market as “SCMP,” is focused on the development and commercialization of medicines that meet major unmet medical needs of patients worldwide. In 2015, Cooley advised Sucampo on its acquisition of R-Tech Ueno.
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