Pfizer Buys Minority Interest in AM-Pharma, Secures Option to Acquire Company
Ropes & Gray advised Pfizer Inc. in its minority equity interest in Dutch biopharmaceutical company AM-Pharma B.V. and an exclusive option to acquire the remaining equity in the company. The option becomes exercisable based on completion of a Phase II trial – expected in the second half of 2016 – of recombinant human alkaline phosphatase (recAP) in the treatment of acute kidney injury (AKI) related to sepsis. Pfizer paid $87.5 million for the minority equity interest and exclusive option, with additional potential payments of up to $512.5 million upon option exercise and potential launch of any product that may result from the agreement. Other terms of the transaction, announced May 11, were not disclosed.
The Ropes & Gray team was led by mergers & acquisitions partner Christopher Comeau (Boston) and included life sciences partner Albert Cacozza (Washington, D.C.); intellectual property transactions partner Mark Bellomy (Boston); tax partner David Saltzman (Boston); securities & public companies associate Sarah Davis (Boston); and corporate associate Christopher Liedl (Boston).