Mitsubishi Tanabe Pharma Corp. Buys Stake in Medicago in Transaction Valued at $357M
Ropes & Gray is providing U.S. legal counsel to Mitsubishi Tanabe Pharma Corporation
(MTPC) in its definitive arrangement agreement to acquire of all of the issued and outstanding common shares of Medicago Inc., other than the shares currently held by Philip Morris Investments B.V. an affiliate of Philip Morris International Inc. and MTPC, in a transaction valued at approximately $357 million. The transaction was announced on July 12, 2013; and upon its completion, Medicago will be jointly owned by MTPC (60%) and PMI (40%).
MTPC is a research-driven pharmaceutical company based in Japan and the acquisition of Medicago, a Canadian-based clinical-stage biopharmaceutical company with special strengths in research and development for new vaccines and therapeutic proteins, is expected to further MTPC’s efforts to advance their vaccine development in the global market.