Holland & Knight Advises Sunovion in $430 Million Biopharmaceutical Deal
MIAMI – September 18, 2012 - Holland & Knight represented Sunovion Pharmaceuticals Inc. (formerly Sepracor) in its $430 million acquisition of Elevation Pharmaceuticals, Inc., a privately held biopharmaceutical company that specializes in aerosol therapies for patients with respiratory diseases. The deal was finalized on September 4th.
The acquisition includes Elevation's EP-101 product, an inhaler solution that is in Phase 2b clinical trials for patients with chronic obstructive pulmonary disease (COPD). According to the terms of the agreement, Sunovion will make an upfront payment of $100 million and an additional $330 million in milestone payments related to research, commercial, and development advances.
Sunovion is a leading pharmaceutical company dedicated to discovering, developing and commercializing therapeutic products that advance the science of medicine in the central nervous system (CNS) and respiratory disease areas. Their portfolio of pharmaceutical products includes LATUDA®, LUNESTA®, XOPENEX®, XOPENEX HFA®, BROVANA®, OMNARIS®, ZETONNA®, and ALVESCO®. Sunovion is an indirect, wholly-owned subsidiary of Dainippon Sumitomo Pharma Co., Ltd., and is headquartered in Marlborough, Mass.
Holland & Knight corporate partners Rod Bell and Danielle Price led the firm's representation of Sunovion. Both attorneys are headquartered in the firm's Miami office.