Olswang has advised the shareholders of Convergence Pharmaceuticals Ltd, a clinical biopharmaceutical company that specialises in chronic pain research and clinical treatment, on its acquisition by Biogen Idec, the world's oldest independent biotechnology company.

The acquisition, announced on 12 January, 2015, adds U.K.-based Convergence's industry-leading chronic neuropathic pain research and medicine development to U.S.-headquartered Biogen Idec's expanding pain management portfolio. Key to the deal is Convergence's trial novel sodium channel blocker medication that aids patients with severe forms of facial pain (CNV1014802).

The acquisition is expected to close in the first quarter of 2015, subject to customary closing conditions.

Convergence has been a client of Olswang's Life Science group since 2010, when it handled the establishment of the new biopharmaceuticals business focused on the development of novel, high-value analgesic medicines having spun out the original technology from GSK.

Stephen Rosen, Olswang Corporate Partner and Head of Private Equity and Venture Capital, said: "We were pleased to advise Convergence on its sale, particularly as it married Olswang's deep expertise in Life Sciences with its market leading Corporate practice. This deal demonstrates the significant talent opportunity in the UK biotech sector and from our perspective confirmed the significance of having experienced IP and Corporate offerings to assist companies like Convergence through the full life cycle to a successful exit.

Stephen Rosen and IP Partner and Co-Head of Life Sciences Stephen Reese, co-led the Olswang team, which included: Kate Blumhof, Senior Associate, Corporate; Josh Swerner, Associate, Corporate; Cathy Merry, Senior Associate, Tax; Andrew Quayle, Partner, Tax; Natasha Kaye, Partner, Tax; Lisa Kerr; Senior Associate, Tax; Sean Mackenzie, Associate, Tax; Jacob Gilkes, Senior Associate, Tax; Gina Young; Associate, Employment; and Josh Mirwis, Trainee Solicitor, Corporate.