Ropes & Gray Represents Sarepta Therapeutics in Arrowhead Pharmaceuticals Global Licensing Agreement Worth Up to $11.35 Billion

Ropes & Gray advised long-time client Sarepta Therapeutics in a transformational global licensing and collaboration agreement with Arrowhead Pharmaceuticals for multiple siRNA programs. Sarepta will obtain exclusive worldwide rights to four clinical stage and three preclinical stage programs targeting muscle, nervous system and rare pulmonary disorders, as well as rights to use Arrowhead’s novel discovery technologies for up to six additional muscle, cardiac, or CNS targets. The agreement was announced on November 26.

In one of the largest licensing transactions to date, Arrowhead will receive $825 million including an upfront payment and an equity investment at a 35% premium. In addition, Arrowhead will receive an additional $250 million paid over five years, and Arrowhead has the potential to receive an additional $10.3 billion in future potential milestone payments, as well as royalties on sales.

The Ropes & Gray team was led by life sciences licensing partner Hannah England and included mergers & acquisitions partner Chris Comeau, capital markets partner Will Michener, tax partner David Saltzman, life sciences regulatory & compliance partner Joshua Oyster, antitrust partner Mike McFalls, litigation & enforcement partner Lisa Kaltenbrunner, IP transactions counsel Jimmy Chen, litigation & enforcement counsel Deidre Johnson, life sciences licensing associate Ryan Kramer and capital markets associate Dayna Atkins.