Cooley is advising Eiger BioPharmaceuticals on its agreement to merge with publically-traded Celladon. Under the terms of the agreement, Eiger stockholders will become the majority owners of Celladon; the combined company will be called Eiger BioPharmaceuticals. The proposed merger is expected to close in the first half of 2016, subject to the approval of the stockholders of each company as well as regulatory approval and other customary conditions.
An investor syndicate has also committed to invest $39.5 million in the combined company upon closing of the merger. Cooley advised HBM Healthcare Investments, one of the investment firms joining existing longtime Eiger stockholders in the financing. The total cash balance of the combined company (upon its closing) and the financing is estimated at more than $60 million.
The merger will create a clinical-stage biopharma company with a diversified development portfolio of product candidates addressing novel targets for four orphan diseases: Hepatitis Delta Virus, bariatric surgery-induced hyperinsulinemic hypoglycemia, pulmonary arterial hypertension and lymphedema.
The Cooley team advising Eiger includes Glen Sato, Michael Tenta, Mark Windfeld-Hansen, Tali Sealman, Eric Batill, Peter Mandel, Laura Mouritsen, Bin Wang and Kristy Brady.
Carlton Fleming advised HBM.