Carmot Therapeutics Enters Definitive Merger Agreement With Roche

San Francisco – December 3, 2023 – Cooley advised Carmot Therapeutics, a clinical-stage biotechnology company dedicated to developing life-changing therapeutics for people living with metabolic diseases including obesity and diabetes, on its definitive merger agreement pursuant to which Roche will acquire Carmot. Partners Jamie Leigh, Ben Beerle and Charity Williams led the Cooley team advising Carmot.

Under the terms of the agreement, Roche will pay Carmot’s equity holders $2.7 billion in cash at the closing of the transaction and additional payments of up to $400 million upon the achievement of certain milestones. Carmot and its employees will join the Roche Group as part of Roche’s pharmaceuticals division, and the transaction is expected to close in the first quarter of 2024.

Cooley also had been advising Carmot on a potential initial public offering, led by a capital markets team including partners Dave Peinsipp, Kristin VanderPas and Lauren Creel, as the company explored a dual-track process before agreeing to be acquired by Roche.

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