Dechert Advises AM-Pharma Shareholders on Pfizer Transaction

A cross-border team from global specialist law firm Dechert LLP advised the shareholders of AM-Pharma B.V. on its recent deal with Pfizer Inc., which has acquired a minority equity interest in the Dutch biopharmaceutical company and secured an exclusive option to acquire the remaining equity in the company. The option becomes exercisable upon completion of a Phase II trial of recAP in the treatment of Acute Kidney Injury (AKI) related to sepsis. There are no drugs currently approved for this condition and the only treatment option is dialysis and supportive care. Results from the current Phase II trial for recAP are expected in the second half of 2016. Under the terms of the agreement, Pfizer has made an upfront payment of $87.5 million for the minority equity interest and exclusive option, with additional potential payments of up to $512.5 million upon option exercise and potential launch of any product that may result from this agreement.

Dechert’s team on the matter included Jonathan Schur, Graham Defries, Kristopher Brown, Joshua Milgrim and Sarah Gelb.