Prexton Therapeutics Acquired by Lundbeck for up to EUR €905 Million
March 16, 2018
Dechert LLP advised biopharmaceutical company Prexton Therapeutics B.V. (Prexton) and its selling shareholders, including M Ventures, in its sale to global pharmaceutical company H. Lundbeck A/S (Lundbeck) for up to EUR €905 million (US $1.1 billion).
Lundbeck will pay €100 million upfront to the current investors in Prexton and up to a further €805 million in development, regulatory and sales milestones, depending on the successful outcome of certain milestones. By acquiring Prexton, Lundbeck will obtain the global rights to foliglurax, currently in Phase II clinical development for the symptomatic treatment of OFF-time reduction in Parkinson’s disease.
The Dechert team was led by corporate partner Graham Defries and included corporate partner Andrew Harrow, counsel Jonathan Schur and associates Kenny MacLeod, Nathan Smith and Rose Limaye.
“As chairman of Prexton, I was delighted to work with the Dechert team who are incredibly responsive and have deep expertise in the biotech sector,” stated Prexton’s Chairman Peter Høngaard Andersen about this representation. “Thank you to Graham Defries and Andrew Harrow for such a good experience on this complex transaction.”
Mr. Defries added, “We were fortunate to work with such an innovative client as Prexton and its shareholders in its sale to Lundbeck in this cross-border transaction. Prexton has developed a potentially breakthrough therapy for the treatment of Parkinson’s disease. This transaction underlines Dechert’s expertise in the European biotech sector and is an example of how a strong sector focus can bring benefits to our clients.”
Prexton was founded in 2012. Major investors include M-Ventures, Forbion, Seroba Life Sciences, Sunstone Capital and Ysios Capital.
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