Data source: Current Agreements
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Top partnering deals of 2012 valued at over US$500m.
| Partners | Date | Value, US$m | Subject | Termsheet |
|---|---|---|---|---|
| Department of Veterans Affairs, McKesson | Apr 2012 | 31600.0 | Supply agreement for pharmaceuticals | 11 April 2012 McKesson has been selected by the Department of Veterans Affairs (VA), which runs the nation's largest integrated healthcare system, to continue as the VA's prime pharmaceutical supplier. The two-year agreement calls for McKesson to supply all of the VA's medical centers and outpatient clinics, as well as the VA's Consolidated Mail Outpatient Pharmacies (CMOPs). |
| Nestle, Pfizer, Pfizer Nutrition | Apr 2012 | 11850 | Asset purchase agreement for nutrition business | Nestlé has prevailed in the steeplechase for Pfizer's ($PFE) nutrition unit. The price was $11.85 billion, rather than the $10 billion estimated by analysts. All the more cash for Pfizer to share with investors and invest in its core pharma business. The nutrition-unit sale comes as Pfizer is readying a spinoff of its animal health business. The drugmaker announced its plans to shed both units last summer as part of a restructuring designed to streamline the company and focus attention on its branded-drug nucleus. |
| Abbott Laboratories, US Government | May 2012 | 1600 | Settlement agreement for Depakote | Abbott has reached a settlement with U.S. federal and 49 state authorities, plus the District of Columbia, to resolve all outstanding issues regarding a previously disclosed investigation of past sales and marketing practices relating to its neurologic medication Depakote. The settlement results from a four-year-old investigation into past sales activities that began in 1998 involving this product. Abbott cooperated fully with the government during its investigation. Abbott will pay $800 million to resolve civil allegations split among federal and state governments, $700 million for a criminal penalty, and $100 million to states to resolve consumer protection matters. These amounts were previously reserved in anticipation of today's agreement. As part of the resolution, Abbott has agreed to plead guilty to one misdemeanor violation of the Food, Drug and Cosmetic Act for misbranding. The company also agreed to certain other conditions of settlement, including the maintenance of specified compliance measures and annual certification regarding its state of compliance by its CEO and Board of Directors during a five-year probationary period. Abbott will also enter into a Corporate Integrity Agreement (CIA) with the Office of Inspector General of the U.S. Department of Health and Human Services. The CIA will govern Abbott's compliance program for a period of five years and builds upon the company's existing comprehensive compliance program. The CIA will also transfer to AbbVie upon separation. The settlement is subject to approval by the Federal Court in the Western District of Virginia. Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs approximately 91,000 people and markets its products in more than 130 countries. |
| Abbott Laboratories, Galapagos | Feb 2012 | 1350 | Collaborative R&D and licensing agreement for GLPG0634 | Abbott and Galapagos have entered into a global collaboration to develop and commercialize an oral, next-generation JAK1 inhibitor in Phase II development with the potential to treat multiple autoimmune diseases. GLPG0634 is a highly selective JAK1 inhibitor that Galapagos is developing for the treatment of rheumatoid arthritis (RA) and other autoimmune diseases. The Janus kinases (JAK) are a family of enzymes that play a key role in the signaling mechanism used by a number of cytokines that are involved in autoimmune diseases. Abbott will make an initial upfront payment of $150 million for rights related to the global collaboration. Upon successful completion of the RA Phase II studies, Abbott will license the program for a one-time fee of $200 million if the studies meet certain pre-agreed criteria. Abbott will assume sole responsibility for Phase III clinical development and global manufacturing. Pending achievement of certain developmental, regulatory, commercial and sales-based milestones, Galapagos would be eligible to receive additional milestone payments from Abbott, potentially amounting to $1.0 billion, in addition to tiered double-digit royalties on net sales upon commercialization. Galapagos retains co-promotion rights in Belgium, the Netherlands and Luxembourg. |
| Endocyte, Merck & Co | Apr 2012 | 1000 | Development and marketing agreement for Vintafolide | Merck have entered into an agreement to develop and commercialize Endocyte's novel investigational therapeutic candidate vintafolide (EC145). Vintafolide is currently being evaluated in a Phase III clinical trial for platinum-resistant ovarian cancer, (PROCEED trial) and a Phase II trial for non-small cell lung cancer (NSCLC); both studies are also using Endocyte's investigational companion diagnostic agent, etarfolatide (EC20). Under the agreement, Merck, through a subsidiary, will gain worldwide rights to develop and commercialize vintafolide. Endocyte will receive a $120 million upfront payment and is eligible for milestone payments of up to $880 million based on the successful achievement of development, regulatory and commercialization goals for vintafolide for a total of six cancer indications. In addition, if vintafolide receives regulatory approval, Endocyte will receive an equal share of the profit in the United States (U.S.) as well as a double digit percentage royalty on sales of the product in the rest of the world. Endocyte has retained the right to co-promote vintafolide with Merck in the U.S. and Merck has the exclusive right to promote vintafolide in the rest of world. Endocyte will be responsible for the majority of funding and completion of the PROCEED trial. Merck will be responsible for all other development activities and costs and have all decision rights for vintafolide. Endocyte remains responsible for the development, manufacture and commercialization worldwide of etarfolatide, a non-invasive companion diagnostic imaging agent that is used to identify folate receptor positive tumor cells. |
| Boehringer Ingelheim, FORMA Therapeutics | Jan 2012 | 815.0 | Collaborative R&D agreement for small molecule drugs against oncology-relevant protein-protein interactions | FORMA Therapeutics has entered into a research and development collaboration with Boehringer Ingelheim to discover and develop novel drug candidates for the treatment of cancer. The agreement will focus on discovering small molecule drugs against oncology-relevant protein-protein interactions. FORMA will receive a total of $65 million in up-front payments and research funding to screen for and optimize compounds against multiple oncology targets over the next four years. FORMA could be eligible for up to $750 million in pre-commercial milestones for programs resulting from the collaboration. Further financial details were not disclosed. |
| Abbott Laboratories, AstraZeneca, Bayer, Bill and Melinda Gates Foundation, Bristol-Myers Squibb, Eisai, Gilead Sciences, GlaxoSmithKline, Johnson & Johnson, MSD Biologics, Merck KGaA, Novartis, Pfizer, Sanofi | Jan 2012 | 785 | Collaboration agreement to fight neglected diseases | 13 pharmaceutical companies, the U.S., U.K. and U.A.E governments, the Bill & Melinda Gates Foundation, the World Bank and other global health organisations announced a new, coordinated push to accelerate progress toward eliminating or controlling 10 neglected tropical diseases (NTDs) by the end of the decade. Uniting efforts with NTD-endemic countries, partners pledged to bring a unique focus to defeating these diseases and to work together to improve the lives of the 1.4 billion people worldwide affected by NTDs, most of whom are among the world's poorest. In the largest coordinated effort to date to combat NTDs, the group announced at an event at the Royal College of Physicians that they would: sustain or expand existing drug donation programs to meet demand through 2020; share expertise and compounds to accelerate research and development of new drugs; and provide more than US$785 million to support R&D efforts and strengthen drug distribution and implementation programmes. To guide the effort against NTDs, the World Health Organisation (WHO) this week unveiled a new strategy, Accelerating work to overcome the global impact of neglected tropical diseases-A roadmap for implementation, that sets targets for what can be achieved by the end of the decade. New commitments from partners will close the funding gap to eradicate Guinea worm disease and expedite progress toward the 2020 goals of elimination for lymphatic filariasis, blinding trachoma, sleeping sickness and leprosy, and control of soil-transmitted helminthes, schistosomiasis, river blindness, Chagas disease and visceral leishmaniasis. With new and existing pledges totaled, companies will donate an average of 1.4 billion treatments each year to those in need, according to the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA). In addition, new research and development collaborative efforts and access agreements with 11 companies and the R&D organisation Drugs for Neglected Diseases initiative (DNDi) are providing unprecedented access to compound libraries that could lead to new treatments. These commitments will work in parallel with other efforts to speed the development of critical NTD treatments, including WIPO Re:Search, a database of research compounds, knowledge and expertise. The U.S. Agency for International Development (USAID) also announced an $89 million appropriation by the U.S. Congress to strengthen drug delivery and distribution programmes, building on its US$212 million investment since 2006. In addition, the World Bank will extend its financing and technical support to help African countries build stronger community health systems that will integrate NTD elimination and control, as well as work with other partners to expand a trust fund to combat river blindness to other preventable NTDs in Africa. The governments of Bangladesh, Brazil, Mozambique and Tanzania, where NTDs are endemic, announced that they would implement integrated plans to defeat NTDs and devote political and financial resources to combat these diseases. All partners pledged accountability by exploring mechanisms to regularly track progress toward the 2020 goals. SPECIFIC PARTNER COMMITMENTS ANNOUNCED TODAY INCLUDE: Sustaining, Expanding and Extending Drug Supply: All companies with NTD drug donation programs pledged to sustain or extend their programs to the end of the decade, and some pledged to increase their commitments. |
| Fumapharm, Royalty Pharma | May 2012 | 761 | Royalty financing agreement for Fumaderm assets | Royalty Pharma acquired an interest in the earn-out payable to the former shareholders of Fumapharm AG for $761 million in cash. The Fumapharm earn-out primarily represents an indirect interest in Biogen Idec's BG-12 (dimethyl fumarate), an oral therapeutic candidate for the treatment of relapsing-remitting multiple sclerosis (RRMS). The earn-out also includes an interest in Fumaderm, a therapeutic approved in Germany for the treatment of moderate to severe plaque psoriasis. |
| Domain Associates, Rusnano | Mar 2012 | 760 | Collaboration agreement for life sciences investment | RUSNANO and Domain Associates announced a partnership that will spur modernization of the Russian healthcare market by bringing next-generation pharmaceuticals, medical devices and diagnostics to Russia. RUSNANO and Domain have signed an investment agreement under which they will jointly invest in emerging life sciences technology companies, foster transfer of technology into Russia, and establish manufacturing facilities in Russia for production of advanced therapeutic products for the treatment of medical conditions including viral infections, cardiovascular diseases, cancer, and others. RUSNANO and Domain's venture capital funds will co-invest in approximately 20 US-based healthcare technology companies. Target companies will include groups developing innovative products in the fields of pharmaceuticals, biotechnology, medical devices and other areas of life sciences, that have significant applications for patient populations in Russia, and that complement RUSNANO's focus on nanotechnology-based innovation. RUSNANO and Domain will jointly establish a pharmaceutical and medical device manufacturing facility in Russia that meets GMP standards. The joint venture will leverage the innovations created by Domain and RUSNANO's investment portfolio companies, and will obtain exclusive rights to manufacture and market products based on these innovations in Russia and the CIS. RUSNANO and Domain's venture capital funds, together with other co-investors, are expected to invest approximately $760 million into portfolio companies and the manufacturing facility in Russia. The joint venture will manage advanced-stage clinical trials in Russia of new pharmaceuticals and other products that will support regulatory approval of these products in Russia, the United States and other markets. |
| BD Biosciences, Becton Dickinson, Corning | Apr 2012 | 730.0 | Asset purchase agreement for Discovery Labware unit | BD (Becton, Dickinson and Company) has signed a definitive agreement to sell its BD Biosciences - Discovery Labware unit, excluding its Advanced Bioprocessing platform, to Corning. The transaction will be a cash sale for approximately $730 million, subject to post-closing adjustment for inventory balances. |
| FORMA Therapeutics, Janssen Biotech | Jan 2012 | 700.0 | Collaborative R&D agreement for small molecule drug candidates that target tumor metabolism mechanisms | FORMA Therapeutics announced an exclusive alliance with Janssen Biotech in which the two companies will collaborate on the discovery, development and commercialization of novel small molecule drug candidates that target tumor metabolism mechanisms. Under the terms of the research collaboration and license option agreement, FORMA will discover and develop drugs against a panel of tumor metabolism targets. FORMA may receive project and milestone funding over several years of up to $700 million if development, regulatory and commercialization milestones are achieved for drug candidates successfully launched through the collaboration. FORMA may be eligible for royalties on revenues from commercialized products as a result of this collaboration. Further, if certain milestones are achieved during the initial phase of the collaboration, FORMA will have the opportunity to co-develop and maintain North American commercial rights to one program of Janssen’s selection. In addition, the parties can expand the collaboration to include additional targets, including areas beyond tumor metabolism. |
| Genentech, Xenon Pharmaceuticals | Jan 2012 | 646.0 | Collaborative R&D agreement for compounds and companion diagnostics for treatment of pain | Xenon in a strategic alliance with Genentech to discover and develop compounds and companion diagnostics for the potential treatment of pain. Xenon and Genentech will collaborate on the discovery of new therapeutic approaches for treating pain. Genentech has an exclusive license to compounds and a non-exclusive license to diagnostics from Xenon for development and commercialization of products. Xenon will receive an undisclosed upfront payment, research funding and is eligible to receive research, development and commercialization milestone payments, totaling up to $646 million for multiple products and indications. In addition, Xenon will receive royalties on sales of products resulting from the collaboration. |
| GlaxoSmithKline, Omega Pharma | Mar 2012 | 615.0 | Asset purchase and licensing agreement for portfolio of European OTC brands | Omega Pharma has reached agreement to acquire the previously identified non-core OTC brands of GlaxoSmithKline (GSK) in Europe for EUR 470 million in cash. This transaction builds on the recently announced divestment by GSK of certain non-core OTC brands in the USA and Canada, the majority ofwhich was completed at the end of January 2012. The brands being acquired include Lactacyd, Abtei, Solpadeine, Zantac, Nytol and Beconase and generated sales of over EUR 200 million in 2011. The transaction is expected to be completed in the second quarter of 2012, subject to regulatory approvals. As part of the agreement, Omega has also agreed to purchase the Herrenberg manufacturing site which is located in Germany and employs approximately 110 people. A number of the brands that are being acquired are manufactured at Herrenberg and it is anticipated that existing employees will transferwith the site to Omega Pharma under the provisions of German employment law. The proposed transaction will also provide Omega Pharma with the required critical mass in a number of key European markets – i.e. Germany, the UK, Poland and Italy. |
| Merck KGaA, Threshold Pharmaceuticals | Feb 2012 | 550 | Co-development and co-marketing agreement for TH-302 | 11 April 2012 Threshold Pharmaceuticals has earned a $20 million milestone payment from Merck KGaA for achieving a statistically significant progression free survival benefit in its 214-patient randomized controlled Phase 2 clinical trial ("404 trial") evaluating the efficacy and safety of two doses of TH-302, a hypoxia-targeted drug, in combination with gemcitabine compared to gemcitabine alone in patients with first-line advanced pancreatic cancer. 3 February 2012 Threshold Pharmaceuticals announced that a global agreement was signed with Merck KGaA to co-develop and commercialize TH-302, Threshold's small molecule hypoxia-targeted drug. TH-302 is currently being investigated in a global Phase 3 clinical trial in patients with soft tissue sarcoma, a randomized Phase 2 trial in patients with advanced pancreatic cancer from which top-line results are expected in February, as well as additional clinical studies in other solid tumors and hematological malignancies. Under the terms of the agreement, Merck will receive co-development rights, exclusive global commercialization rights and will provide Threshold an option to co-commercialize the therapeutic in the United States. In exchange, Threshold will receive an upfront payment of $25 million and could receive up to $35 million in additional development milestones during 2012. Threshold is also eligible to receive a $20 million milestone payment based on positive results from its randomized Phase 2 trial in pancreatic cancer. Total potential milestone payments are $525 million, comprised of $280 million in regulatory and development milestones and $245 million in sales-based milestones. In the United States, Threshold will have primary responsibility for development of TH-302 in the soft tissue sarcoma indication. Threshold and Merck KGaA will jointly develop TH-302 in all other cancer indications being pursued. Merck KGaA will pay 70% of worldwide development costs for TH-302. Subject to FDA approval in the United States, Merck KGaA will initially be responsible for commercialization of TH-302 with Threshold receiving a tiered, double-digit royalty on sales. Under the royalty-bearing portion of the agreement, Threshold retains the option to co-promote TH-302 in the United States. Additionally, Threshold retains the option to co-commercialize TH-302 allowing the company to participate in up to 50% of the profits in the United States based on certain revenue tiers. Outside of the United States, Merck KGaA will be solely responsible for the commercialization of TH-302 with Threshold receiving a tiered, double-digit royalty on sales in these territories. Morrison & Foerster LLP acted as legal counsel for Threshold in this transaction. |
| Haemonetics Corporation, Pall Corporation | Apr 2012 | 550 | Asset purchase agreement for blood collection, filtration and processing product lines | Pall Corporation announced it has entered into an agreement to sell certain assets of its blood collection, filtration and processing product lines to Haemonetics Corporation for approximately $550 million. Assets included in the transaction are Pall’s portfolio of blood collection, processing and filtration systems and equipment for transfusion medicine. The transaction will involve the transfer of manufacturing facilities in Covina, California; Tijuana, Mexico; Ascoli, Italy and a portion of Pall’s operations in Fajardo, Puerto Rico. Separate from these manufacturing facilities, Pall will also transfer related blood media manufacturing capability to Haemonetics. The transfer of the related media lines is expected to be completed by 2016. Until that time, Pall will provide these media products under a supply agreement. Upon closing, approximately 1,300 employees will transition to Haemonetics. Under the terms of the agreement, approximately $535 million will be paid upon closing. The Company estimates that the after-tax proceeds related to this payment will be approximately $430 million. The balance will be payable upon Pall’s delivery of certain media assets to Haemonetics. The Company expects to record an after-tax gain of $230 million to $240 million, or $1.95 to $2.04 per share, upon closing. Final determination of cash proceeds, gain on sale and tax impact are subject to working capital and certain other adjustments and final allocation of proceeds by jurisdiction. The transaction, which is expected to close at the beginning of Pall’s fiscal year 2013, is subject to certain closing conditions, regulatory approvals and labor-related notifications. Headquartered in Braintree, Massachusetts, Haemonetics is a global healthcare company dedicated to providing innovative blood management solutions. Brian Concannon, Haemonetics' President and CEO, commented, "We believe this is an important and exciting step toward serving the manual whole blood collection market. The assets from Pall will provide us with a meaningful commercial presence in all aspects of whole blood collection, with leading filter technology and manufacturing capability, a broad portfolio of manual collection and processing products, and stronger relationships with major blood authorities and key customers we have in common. This transaction will enable Haemonetics to present the broadest product offering to our customers to address their needs in the whole blood market." Larry Kingsley, President and CEO of Pall said, "We believe Haemonetics will be a strong, strategically advantaged owner of these assets. We are proud of our employees whose contributions to the blood market will now be strengthened by their alignment with Haemonetics. We also believe our existing customers will immediately benefit from Haemonetics’ extended portfolio of blood management solutions. As a result of the transaction, Pall will increase its focus on businesses and markets where our competitive advantages are greatest. The impact of this decision is that Pall's overall profitability profile and long-term growth rate will be enhanced." Revenue for the product lines being divested is expected to be approximately $230 million in Pall’s fiscal year 2012, inclusive of OEM sales to Haemonetics. Operating profit for fiscal 2012 is expected to be about $60 million. The Company estimates that the blood product line will contribute approximately $0.38 to EPS in fiscal year 2012, net of pro forma tax effect. Cost reductions and profit from the supply agreement are expected to largely offset any long-term dilution from the transaction. The company is currently evaluating various options for the anticipated cash proceeds, including long-term growth strategies and short-term shareholder returns. Pall expects to report the results of the blood product line, net of pro forma tax effect, as a discontinued operation for all periods presented beginning with its third quarter earnings release and Form 10-Q. The after-tax gain will also be reflected in discontinued operations in the period the transaction closes. Webcast Information The company will host a webcast at 10:00 a.m. EDT on Monday, April 30, 2012 to discuss the transaction. The webcast will be available at www.pall.com/irevents events or at http://www.media-server.com/m/p/34wfiy8k About Pall Corporation Pall Corporation (NYSE: PLL) is a filtration, separation and purification leader providing solutions to meet the critical fluid management needs of customers across the broad spectrum of life sciences and industry. Pall works with customers to advance health, safety and environmentally responsible technologies. The Company’s engineered products enable process and product innovation and minimize emissions and waste. Pall Corporation, with total revenues of $2.7 billion for fiscal year 2011, is an S&P 500 company with almost 11,000 employees serving customers worldwide. Pall has been named a “top green company” by Newsweek magazine. To see how Pall is helping enable a greener, safer, more sustainable future, follow us on Twitter @PallCorporation or visit www.pall.com/irevents. |