Ropes & Gray represented Verastem Oncology in a definitive agreement to sell global commercial and development rights for its FDA-approved oral cancer therapy COPIKTRA to Secura Bio. The transaction was announced on August 10.
Under the terms of the agreement, Verastem will receive an up-front payment of $70 million upon the closing of the transaction and is eligible to receive up to a total deal value of $311 million if certain regulatory and sales milestones are successfully met by Secura Bio and COPIKTRA’s other worldwide partners. Secura Bio will receive an exclusive worldwide license for the research, development, commercialization and manufacture of COPIKTRA in all oncology indications.
The Ropes & Gray team was led by capital markets partner Marko Zatylny and associates Stephanie Lapidus (both of Boston) and Asiya Ubaid (New York) and included tax partner David Saltzman (Boston), life sciences regulatory & compliance partner Albert Cacozza (Washington, D.C.), employment & benefits partner Megan Bisk (Boston) and litigation & enforcement partner Jonathan Klarfeld (Washington, D.C.).
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