Ropes & Gray Represents CANbridge Pharmaceuticals in Termination of its License Agreement with Puma Biotechnology and Related Transactions
Ropes & Gray advised CANbridge Pharmaceuticals, Inc., a biopharmaceutical company focused on developing and commercializing drug candidates in China and North Asia, in a transaction terminating a 2018 license agreement directed towards the development and commercialization of breast cancer therapy NERLYNX in Greater China and settlement of a related arbitration with Puma Biotechnology, Inc. The deal was announced on February 25.
As part of the transaction, Puma transferred exclusive development and commercialization rights in Greater China to Pierre Fabre, a global pharmaceutical and health care company with a pre-existing agreement with Puma, and CANbridge entered into an agreement with Pierre Fabre to support the transition and distribute the product in Taiwan, Hong Kong, and Macau.
Under the terms of the agreements, CANbridge will receive a one-time $20 million termination fee from Puma, and both parties agreed to dismiss the arbitration demand and counterclaims against each other.
The Ropes & Gray team included IP transactions partner David McIntosh, litigation & enforcement partner Richard Batchelder, litigation & enforcement counsel Greg Demers and life sciences licensing counsel Matt Byron (all of Boston).