Ropes & Gray represented Paratek Pharmaceuticals in an agreement to be acquired by healthcare fund Gurnet Point Capital and Novo Holdings, an investment company managing the assets of the Novo Nordisk Foundation. The transaction announced on June 6 is valued at a total consideration of approximately $462 million, including the assumption of debt and assuming full payment of Contingent Value Right. Debt financing of $175 million for the transaction will be provided by funds managed by Oaktree Capital Management.
Under the merger agreement, Gurnet Point Capital and Novo Holdings will pay $2.15 per Paratek share, or about $123 million upfront, and assume all of Paratek’s debt. Paratek shareholders could also get another $0.85 for each share they own if net U.S. sales of the company’s antibiotic, NUZYRA, exceeds $320 million by the end of 2026.
The need for medicines to combat antibiotic resistance has grown recently, as drug-resistant infections have emerged as a top public health threat.
The Ropes & Gray team was led by mergers & acquisitions partner Chris Comeau, mergers & acquisitions partner Tara Fisher and employment, executive compensation & benefits partner Jennifer Rikoski and included tax partner Scott Pinarchick, leveraged finance partner Andrea Hwang, litigation & enforcement partners Ama Adams and Martin Crisp, capital markets partner Tom Danielski, litigation & enforcement counsel Emerson Siegle, and employment, executive compensation & benefits principal Bruce Gaffney and Christine Joyce.
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