Ropes & Gray represented clients in two of the top seven biopharmaceutical licensing deals measured by deal value in 2024, according to an analysis by GlobalData. Ropes & Gray attorneys advised clients in these top deals for an aggregate value of $12.55 billion. Upfront payments in biopharma licensing deals jumped nearly 30% from 2023 as threats of patent expirations and generics grew and companies sought to fill their pipelines with novel and potentially more effective therapeutics.
Among the deals Ropes & Gray was involved in were the following:
Sarepta Therapeutics in a transformational global licensing and collaboration agreement with Arrowhead Pharmaceuticals for multiple siRNA programs worth up to $11.35 billion. 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. Arrowhead received $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.
Life sciences licensing partner Hannah England, 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, and private capital transactions counsel Deidre Johnson advised Sarepta.
Novavax in a co-exclusive licensing agreement with Sanofi to sell Novavax COVID-19 vaccine and collaboration to create a combined global COVID-19 and influenza shot. Sanofi is also taking an equity stake of less than five percent in Novavax. Under the agreement, Novavax received an upfront payment of $500 million as well as up to $700 million in development, regulatory and launch milestone payments. Life sciences licensing partner Hannah England, mergers & acquisitions partner Tara Fisher, IP transactions partner David McIntosh and life sciences licensing associate Ian Nilsen advised Novavax, along with antitrust partners Mike McFalls and Ruchit Patel, private capital transactions counsel Deidre Johnson and Joseph Rafferty and litigation & enforcement counsel Rupert Phillips.
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