Wragge & Co's Life Sciences team has completed two deals in a week for biotechnology company Heptares Therapeutics.
In the first, the team advised Heptares on its agreement with bio-pharmaceutical company Cubist Pharmaceuticals, Inc for the research and development of new treatments in a range of acute diseases. The second deal sees Heptares enter into a collaboration agreement with biotechnology company MorphoSys to discover novel antibody therapeutics targeting G protein-coupled receptors (GPCRs). GPCRs are membrane proteins involved in a broad range of biological processes and diseases.
Partner Patrick Duxbury led on both deals, with support from associate Jordanna Popli. They worked closely with Heptares' president Dan Grau, chief business officer Barry Kenny and chief executive officer Malcolm Weir.
Patrick Duxbury said: "These two deals are significant transactions for Heptares demonstrating the demand for Heptares' world-leading expertise in GPCRs. Having built up a strong relationship with Heptares over several years, we were able to quickly focus on its key commercial objectives and draw on our sector expertise to achieve a fast, effective result."
Malcolm Weir added: "We are excited to start working with Cubist and MorphoSys on these extremely important drug development programmes. Together with our other pharma partnerships, these new deals demonstrate the attraction of our unique GPCR drug discovery and development capabilities. They also highlight the strength of our strategy to extend the reach of Heptares' GPCR research beyond our own advancing pipeline of novel GPCR-targeting candidates.
"The Wragge & Co team's in-depth sector insight, international expertise and single team approach ensured both deals reached a successful outcome in quick succession."
Under both agreements Heptares will receive upfront payments. These will include $US5.5 million from Cubist Pharmaceuticals, in addition to approximately $US4 million in research funding. Under the agreement with MorphoSys, Heptares will receive upfront and research funding payments, plus a share of future sublicensing revenues generated by MorphSys. Heptares will also be eligible for further payments in royalties and on the achievement of certain milestones.
External counsel advised Cubist Pharmaceuticals, while MorphoSys was advised by its in-house legal team.
Heptares Therapeutics is a drug discovery company focused on creating new medicines in the treatment of central nervous system disorders, metabolic and other diseases. To date, it has raised more than $US40 million from leading life science venture investors and signed a drug discovery collaboration with Novartis as well as Takeda and Shire. Wragge & Co has worked with Heptares for the last four years, advising on IP and collaboration matters.
Wragge & Co's Life Sciences team comprises full-service expertise in IP, corporate, antitrust, regulatory and dispute resolution matters. With a "comprehensive understanding of the life sciences sector" (Chambers UK 2013), its experts are able to handle the most complex of transactions.
Highlights from the past 12 months include advising on the £183 million sale of Rosemont Pharmaceuticals. The team also assisted Astex Pharmaceuticals on two significant drug development agreements in the area of oncology and advised ProStrakan on its transaction with Aptalis in relation to Rectiv®.