Ropes & Gray Advises Avidity Biosciences in Expanded Cardiovascular Global Licensing Collaboration with Bristol Myers Squibb

Ropes & Gray represented Avidity Biosciences in a global licensing and research collaboration with Bristol Myers Squibb focused on the discovery, development and commercialization of RNA therapeutics directed to multiple cardiovascular targets with potential cumulative payments up to $2.3 billion. The collaboration was announced on November 28.

Avidity is developing a new class of RNA therapeutics called Antibody Olgonucleotide Conjugates (AOCs), that target the cause of diseases previously untreatable with RNA therapeutics. This collaboration broadens the reach of AOCs through the expansion of the existing relationship with BMS.

Under the agreement, Avidity will receive $100 million upfront, which includes a $60 million cash payment and the purchase of approximately $40 million in Avidity common stock at the price of $7.88 per share. Avidity is also eligible to receive up to approximately $1.35 billion in research and development milestone payments and $825 million in commercial milestones, plus royalties on net sales.

The Ropes & Gray team included life sciences transactions partner David McIntosh, capital markets partner Thomas Danielski, tax partner David Saltzman and life sciences transactions associate Nicole Rohr.