Ropes & Gray represented Bain Capital in a risk-sharing arrangement with NovaQuest Capital Management for $125 million in a non-dilutive financing transaction to help fund the Phase 3 clinical trial for Cerevel Therapeutics’ drug tavapadon in patients with early and late stage Parkinson’s disease. The transaction was announced on April 13.
Under the terms of the transaction, Bain Capital and NovaQuest are each expected to pay up to $62.5 million, for a total of up to $125 million, in four installments over the next years. In exchange, NovaQuest and Bain Capital will receive payments based on an approval milestone, sales milestones, and royalty payments, the total of which will not exceed 4.25x the full amount paid to Cerevel.
The Ropes & Gray team was led by life sciences transactions partner Abigail Gregor and included life sciences transactions partner Michael Beauvais, IP transactions partner Melissa Rones (all of Boston), business restructuring partner James Wilton, tax partners Pam Glazier and David Saltzman (all of Boston), and life sciences regulatory & compliance partner Albert Cacozza (Washington, D.C.).
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