Lilly to Acquire Ajax Therapeutics for up to $2.3 Billion

Ropes & Gray advised Lilly on a definitive agreement to acquire Ajax Therapeutics, a biotechnology company focused on advancing outcomes for patients with rare types of blood cancer.

Under the terms of the agreement, Lilly will acquire Ajax Therapeutics and Ajax shareholders could receive up to $2.3 billion in cash, inclusive of an upfront payment and subsequent payments upon the achievement of certain clinical and regulatory milestones.

Ajax Therapeutics develops novel next generation therapies focused on myeloproliferative neoplasms (MPNs), including myelofibrosis. Myeloproliferative neoplasms (MPNs) are a group of rare, chronic blood cancers where bone marrow stem cells mutate and overproduce excessive blood cells or platelets. 

The transaction was announced in an April 27 press release.

Headquartered in Indianapolis, Indiana, Lilly is a medicine company pioneering life-changing discoveries for nearly 150 years. Today Lilly’s medicines help tens of millions of people across the globe.

The team was led by mergers & acquisitions partner Emily Oldshue, and included IP transactions partner Megan Baca, antitrust partners Mike McFalls and Ruchit Patel, executive compensation & employee benefits partner Renata Ferrari, tax partner Pam Glazier, health care partner David Peloquin, FDA partner Greg Levine, real estate partner David Kaye, and anti-bribery and anti-corruption partner Brendan Hanifin.