Megan R. Baca

AI and Digital Health Transactions

• Regularly represents clients on novel digital health and AI collaborations pioneering innovative technology, including Gilead, Merck, AbbVie, Johnson & Johnson, Sanofi, Revolutions Medicines, Genesis Molecular AI, TRex Bio, Foundation Medicine, Prellis Biologics, and others.
• Represented Sanofi in negotiating a $1+ billion strategic collaboration with BioMap under which the parties would leverage BioMap’s AI engine and Sanofi’s deep biologics development experience to create advanced AI models and protein large language models for Sanofi to use to advance its novel biologic drug discovery and development pipeline.
• Represented Revolution Medicines in a multi-year research collaboration with Iambic Therapeutics to discover and develop novel small molecule therapeutic candidates for RAS-addicted oncology targets.
• Represented Profluent, a Berkeley-based AI protein design company, on first-in-kind, open-source-inspired license of OpenCRISPR-1 granting free access to its new customizable gene editor protein sequences designed with AI to individuals, academic laboratories, drug development companies, and others to use the technology enabling precision editing of the human genome for ethical research and commercial use.
• Represented Genesis Molecular AI, a Stanford University spin-out company with a focus on artificial intelligence, in multiple transactions focusing on using Genesis’s AI-driven drug discovery platform to identify new drug candidates that target and treat severe diseases, including:
  • a multi-target collaboration with Genentech, a member of the Roche Group; and
  • a five-target collaboration with Eli Lilly and Company, with payments to Genesis up to $670 million.
• Represented Recursion Pharmaceuticals in its collaboration with Enamine, a Kyiv, Ukraine based provider of novel molecules, to generate enriched screening libraries by utilizing Recursion's machine learning-enabled platform for predicting protein-ligand interactions, MatchMaker, to Enamine's library of approximately 36 billion compounds.ix
• Represented Numerion Labs, an artificial intelligence-based drug discovery company in a strategic five-target research collaboration with Sanofi, with potential payments totaling $1.2 billion.
• Represented a leading global biopharmaceutical company in its research and collaboration agreement with an AI-driven biotechnology company for use of its proprietary AI-enhanced property prediction platform for the design and testing of peptides, compounds, and other molecules to discover and research beta-catenin compounds for the treatment of oncological and other diseases.
• Represented a leading global biopharmaceutical company in its collaboration agreement with a generative AI drug discovery company to design and optimize novel small molecule candidates against two undisclosed targets.
• Represented a leading global biopharmaceutical company in strategic collaborations with several biotechnology companies aimed at leveraging AI- and computation-driven platforms to identify novel small-molecule, oncology, and protein therapeutics.
• Represented Ginkgo Bioworks, which is building the leading platform for cell programming and biosecurity, in a five-year strategic cloud and AI partnership with Google Cloud, intended to enable Ginkgo to develop and deploy AI tools for biology and biosecurity.
• Represented Asimov, a company combining synthetic biology with computer-aided design to advance therapeutic applications, in various license agreements and IP advice.
• Represents PathAI, a leading provider of AI-powered technology tools and services for pathology, on its intellectual property and data strategy in connection with various strategic partnerships.
• Represents Iterative Health, a growing leader and pioneer in computational gastroenterology, on strategic partnerships, including with clinical trial sponsors and research institutions, for use of its artificial intelligence precision medicine platform that leverages advanced machine learning and computer vision to interpret endoscopic images and other data.
• Represented SonderMind, a provider of online video and in-person therapy solutions for mental and behavioral health, in its acquisition of Total Brain, a developer of neurotechnology and sleep treatment devices.
• Represented Calm.com, a software company offering meditation and sleep solutions in its subscription-based app, in a strategic partnership agreement with a pharmacy, care, and benefits solution provider.
• Represented Pfizer in connection with a research and development agreement with publicly listed Australian company, ResApp Health, relating to ResApp’s mobile app to diagnose and manage cases of COVID-19 and other respiratory illnesses by analyzing the sound of a user’s cough. Subsequently represented Pfizer in its $74 million acquisition of ResApp.
• Represented Sixth Street, a leading global investment firm, in connection with its Series C equity investment in ConcertAI, LLC, a provider of software-as-a-service and data solutions for clinical research, leveraging real-world evidence, artificial intelligence technology, and scientific expertise to accelerate insights and outcomes for patients.
• Represented a leading global biopharmaceutical company in its over $600 million collaboration with a machine learning and synthetic biology company developing therapies for patients using an artificial intelligence and machine learning-guided antibody discovery platform.

Life Sciences Collaborations, Licensing, Spin-offs, and Platform Transactions

• Regularly represents Gilead Sciences, Eli Lilly, AbbVie, Johnson & Johnson, Pfizer, Amgen, and Vir Bio in connection with numerous strategic collaboration agreements with biotechnology companies.
• Represented Eli Lilly in its:
  • acquisition of Scorpion Therapeutics and its oral therapy, STX-478, which is being tested in clinical trials for breast cancer and other advanced solid tumors for up to $2.5 billion.
  • strategic collaboration with MeiraGTx, with potential payments exceeding $475 million, to develop and commercialize genetic medicines for eye diseases. Reported clinical data from 11 children under age four, each born legally blind due to AIPL1 mutations, showed vision restoration along with meaningful developmental and quality-of-life improvements.
• Represented a leading global biopharmaceutical company in a multi-target option and collaboration agreement with potential payments over $2 billion with Nurix Therapeutics to discover targeted protein degradation drugs for the treatment of cancer using Nurix’s proprietary platform involving E3 ligases that induce degradation of drug targets. The licensee has the option to exclusively license drug candidates from each target program, with Nurix retaining the option for a profit share and a co-promotion arrangement in the United States.
• Represented a leading global biopharmaceutical company in a $2 billion license and collaboration agreement with a Danish biotechnology company for access to proprietary antibody conjugation technology platforms to develop antibody-drug conjugates (ADCs).
• Represented a leading global biopharmaceutical company in a strategic partnership for up to $1.7 billion with Denmark-based pharmaceutical company to advance development and commercialization of programs to treat patients with multiple chronic inflammatory diseases including atopic dermatitis, asthma and chronic obstructive pulmonary disease (COPD), among others.
• Represented a leading global biopharmaceutical company in a $1.25 billion license and collaboration agreement with a Korean biotechnology company for access to proprietary antibody conjugation technology platforms to develop antibody-drug conjugates (ADCs) directed against up to five targets.
• Represented Vir Biotechnology in its:
  • global collaboration with Astellas Pharma to develop and commercialize VIR-5500, an investigational dual-masked T-cell engager for advanced prostate cancer, with upfront and near-term payments of $335 million, a U.S. profit share, and potential milestones and royalties totaling up to $1.7 billion; and
  • in an exclusive worldwide license agreement with Sanofi for three clinical stage masked T-cell engagers (TCEs) and exclusive use of the protease-cleavable masking platform for oncology and infectious diseases.
• Represented Roivant Sciences on the foundational license for a TL1A directed antibody from Pfizer to Telavant, a Roivant company focused on the treatment of inflammatory bowel disease, including ulcerative colitis and Crohn’s disease. Roche subsequently purchased Telavant for $7.1 billion upfront plus contingent consideration.
• Represented a leading global biopharmaceutical company in its cross-border license and collaboration agreement with a Chinese biotechnology company for in vivo lentiviral products.
• Represented Bain Capital in the creation with Pfizer Inc. of Cerevel Therapeutics, LLC, a new biopharmaceutical company focused on developing drug candidates to treat disorders of the central nervous system. Pfizer exclusively licensed to Cerevel a portfolio of precommercial neuroscience assets, including three clinical stage compounds and several preclinical compounds designed to target a broad range of CNS disorders including Parkinson’s, Alzheimer’s, epilepsy, and schizophrenia.
• Represented a leading global pharmaceutical company in an exclusive worldwide license and collaboration agreement with potential payments over $750 million with a biotechnology company to develop and commercialize antiviral conjugates (AVCs) for the prevention and treatment of seasonal and pandemic influenza, with the licensor retaining the option for a co-detail arrangement in the United States.
• Represented a leading global biopharmaceutical company in a $530 million license and collaboration agreement with a clinical-stage biotechnology company focused on the development of T-cell receptor-engineered therapies. Under the agreement, the parties will collaborate to identify antigens recognized by T cells in patients with Crohn’s disease.
• Represented a leading global biopharmaceutical company in its over $400 million option, license and collaboration agreement with a public biopharmaceutical company focused on discovering, researching and developing biopharmaceutical products, including with respect to treatment of indications related to herpes viruses, HBV and HDV.
• Represented a leading global pharmaceutical company in an exclusive worldwide license and collaboration agreement, with potential payments over $400 million, with a biotechnology company to develop and commercialize the licensor’s leading gene therapy product candidates, together with additional pipeline candidates, for the treatment of inherited retinal diseases.
• Represented a leading global pharmaceutical company in a $350 million regulatory collaboration and clinical trial supply agreement with another leading global pharmaceutical company and an American biotechnology company to expand the treatment options for patients with previously untreated chronic lymphocytic leukemia.
• Represented a leading global pharmaceutical company in an over $300 million collaboration and option-to-license agreement with a private pharmaceutical company to develop a next generation glaucoma treatment.
• Represented a leading global pharmaceutical company in an exclusive worldwide license and collaboration agreement, with potential payments over $300 million, with a biopharmaceutical company to use the licensor’s proprietary protein engineering platform to develop a preclinical bispecific antibody product.
• Represented a leading global pharmaceutical company in a $300 million research collaboration with a clinical-stage oncology company to apply a proprietary targeted drug-delivery platform to an oncology asset.
• Represented UK-based Apollo Therapeutics Group Limited in a worldwide, exclusive license agreement with biotech Avalo Therapeutics, Inc. to in-license a Phase 2 monoclonal antibody, anti-IL-18 (AVTX-007), bolstering Apollo’s three core areas of focus – immunology, cell signaling, and cell stress responses and metabolism.
• Represented a leading global pharmaceutical company in the amendment of its agreement with the global biologics R&D arm of another leading global pharmaceutical company regarding an antibody selective in development as a potential disease-modifying treatment for Alzheimer's disease.
• Represented a leading global pharmaceutical company in a collaboration and license agreement with an immunotherapy-focused biotechnology company to advance a first-in-class myeloid engager therapeutic platform for autoimmune diseases.
• Represented a leading global pharmaceutical company in a split territory co‑development and license agreement with a major European pharmaceutical company to research, develop, and commercialize novel dopamine receptor modulators for the potential treatment of neuropsychiatric diseases.
• Represented a leading global pharmaceutical company in a collaboration and license agreement with a Belgium research university to develop potential treatments for respiratory syncytial virus (RSV) infection.

Life Sciences Mergers & Acquisitions

• Represented Gilead Sciences in its definitive agreement to acquire Arcellx, a biotechnology company focused on delivering a new class of innovative immunotherapies.
• Represented Eli Lilly and Company in its $1.2 billion acquisition of Ventyx Biosciences, a California-based clinical-stage biopharmaceutical company, focused on developing innovative oral therapies for patients with inflammatory-mediated diseases.
• Represented a leading global biopharmaceutical company in its $1 billion acquisition of a privately held biotechnology company focused on bispecific antibodies for immune-mediated diseases.
• Represented a leading global biopharmaceutical company in its $840 million acquisition of a precision oncology biotech focused on targeted protein degraders to strengthen the acquirer’s early oncology pipeline through addition of a first-in-class small-molecule program targeting acute leukemia and related cancers.
• Represented a leading global biopharmaceutical company in its acquisition of a biotechnology company focused on the development of technology designed to boost the safety and efficacy of antibody-drug conjugates for cancer treatment.
• Represented Applied Therapeutics in its sale to Cycle Group Holdings Limited, featuring a tender offer and a multi-milestone contingent value right (CVR) structure tied to FDA approvals and global net sales.

Royalty and other Monetization and Financing Transactions

• Represented the Canada Pension Plan Investment Board in various royalty investment transactions, including:
  • the acquisition of a portion of LifeArc’s royalty interests on worldwide sales of Keytruda® (pembrolizumab) for approximately $1.3 billion.
  • the acquisition of Bristol Myers Squibb royalties on four commercialized diabetes-related products.
  • the acquisition of tiered royalty interests on tafamidis, a pharmaceutical agent sold under the brand names Vyndaqel and Vyndamax, from Tafamidis Holdings, LLC, a Blackstone Life Sciences portfolio company, for up to $221 million in up-front proceeds and performance-based milestones.
• Represented a leading global pharmaceutical company in a $210 million strategic development financing deal with a transatlantic bioscience investment firm to support select studies of an oncology asset in non-small cell lung cancer, and pursuant to which a portfolio clinical development company and the sponsor entered into a clinical collaboration agreement establishing a joint steering committee to oversee development.
• Represented Sixth Street (TSSP) in investment of up to $175 million in non-dilutive clinical trial financing in Phase 3 clinical trial by Clovis Oncology. In exchange, Sixth Street would receive quarterly downstream payments on percentages of direct sales of the drug Rubraca, royalty payments from out-licenses outside the U.S., if any, and other amounts received by Clovis for any other commercialized agreements for Rubraca.
• Represented The Lundquist Institute in the sale of its right to receive a contingent payment earn-out under a sale agreement pursuant to which The Lundquist Institute previously sold its investment in a biotech company.
• Represented LA BioMed and the University of California Los Angeles (UCLA) on the sale of their royalty rights to Kybella, the first and only FDA-approved injectable drug to treat submental fullness or “double chin.” The drug was originally developed by LA BioMed and UCLA researchers.

Technology M&A

• Advised TPG in connection with:
  • its agreement to acquire from AT&T the remaining 70% stake in DIRECTV, a provider of satellite television network and digital television entertainment services.
  • DIRECTV’s acquisition of EchoStar's video distribution business DISH, including DISH TV and Sling TV, through a debt exchange transaction, valued at approximately $9.75 billion.
  • a unique simultaneous carve-out acquisition of AT&T’s television business, including DirecTV and AT&T TV, and purchase of a 30% stake in the newly carved-out business for $1.8 billion.
  • its acquisition of Wind River Systems, Inc., a world leader in embedded software for intelligent connected systems, by Aptiv PLC for $3.5 billion.
  • its acquisition of McAfee, a global computer security software company, from Intel.
  • McAfee’s $4 billion sale and separation of its enterprise business to Symphony Technology Group.
  • McAfee’s $14 billion sale to an investor group comprised of Advent International, Permira Advisers, Crosspoint Capital, Canada Pension Plan Investment Board, GIC, and ADIA.
  • its investment in Musixmatch, a leading global music data platform based in Italy. Musixmatch features the world’s largest lyrics metadata collection, which it provides to digital service providers including Amazon Music, Apple Music, Google, Instagram, Spotify, and Tidal.
• Represented HP Inc. in its $425 million multi-jurisdiction carve-out acquisition of HyperX, the gaming peripheral and accessory division of Kingston Technology Company. In addition to purchasing the U.S. assets of HyperX business, HP Inc. completed associated acquisitions in other jurisdictions including Taiwan, the United Kingdom, Ireland, and the People’s Republic of China.
• Represented Entertainment Partners, a global leader in entertainment production payroll, finance and management solutions, in a definitive agreement to acquire CASHét Entertainment, LLC, a leading provider of digital payment solutions for the entertainment industry.
• Represented GI Partners and its portfolio company Sectigo, a global leader in digital certificates and automated certificate lifecycle management, in Sectigo’s purchase of Entrust's public certificate business.
• Represented Qorvo in its acquisition of NextInput, a leading developer of MEMs-based force-sensing solutions for consumer, wearable, industrial and medical applications.
• Represented Advent International Corporation, a leading global private equity firm, in its acquisition of Forescout Technologies, Inc., a leading cybersecurity firm specializing in device visibility and controls, for approximately $1.9 billion.
• Represented EQT Private Capital Asia on its:
  • acquisition of PropertyGuru Group Limited for $1.1 billion.
  • acquisition of WSO2.
• Advised Bain Capital on key transactional risks relating to the sale by Toshiba Corp. of its semiconductor business, valued at approximately $18 billion, to a group led by Bain Capital.
• Represented Genstar Capital in the merger of PlayMetrics, a leading provider of operations management software for youth sports organizations, and Stack Sports, a global technology leader for the sports industry.
• Represented Planview, a leading platform for Strategic Portfolio Management (SPM) and Digital Product Development (DPD), in its completed acquisition of Sciforma, a provider of Project Portfolio Management (PPM) and Product Development solutions.
• Represented Silver Lake and its portfolio company LightBox in the add-on acquisition of Revere CRE, a developer of a networking and deal execution platform designed for capital markets professionals.
• Represented THL Partners in its majority investment in AMI, a provider of silicon-level software required to power and boot, manage, orchestrate, and secure modern computing environments.
• Represented a leading global technology company in its $116 million acquisition of key AI capabilities from an AI startup, including more than 300 patents and patent applications
• Represented TSG Consumer Partners, a leading consumer-focused private equity firm, in its strategic growth minority investment in Pura Vida Miami, a premium all-day café and lifestyle brand focused on health and wellness.

Technology Licensing

• Represents world-leading technology companies on critical technology transactions, licensing, and IP strategy matters, including Bose, Oculus, Twitter, Honeywell, Rovi, and Roku.
• Represented the Decentralized Code Network (or “Deconet”) in drafting and advising on a smart contract software license that can be recorded and transferred on a blockchain. This transaction was highly commended in the Financial Times Innovative Lawyer awards.
• Represented Home Depot in connection with a tokenization agreement with Fiserv, a global fintech and payments company.
• Represented Fidelity in connection with the business combination of securities brokerage firm Luminex Trading & Analytics and eBX, a provider of an electronic alternative trading system for broker-dealers.
• Represented TravelCenters of America, the largest publicly traded operator and franchisor of full-service travel centers in the United States, in a collaboration agreement with Nikola Corporation, an energy storage company, on the installation of hydrogen fueling stations for heavy-duty trucks.
• Represented Qorvo, a leading semiconductor company, and Qorvo Biotechnologies, its affiliate developing a point-of-care (POC) diagnostic test platform, on its development and supply agreement with Zomedica Pharmaceuticals Corp., a veterinary diagnostic and pharmaceutical company, to collaborate on the development of veterinary diagnostic assays with the goal of delivering reference-lab performance at the point of care.