Wiggin and Dana Advises Cormorant Pharmaceuticals AB in sale to Bristol-Myers Squibb
Wiggin and Dana represented Cormorant Pharmaceuticals AB, a Swedish company, in its sale to Bristol-Myers Squibb in which Bristol-Myers purchased all of Cormorant's outstanding capital stock and obtained full rights to Cormorant's lead antibody candidate, HuMax-IL8.
HuMax-IL8 is a Phase 1/2 monoclonal antibody targeted against interleukin-8 (IL-8) that represents a complementary immuno-oncology mechanism of action to T-cell directed antibodies and co-stimulatory molecules.
Payments by Bristol-Myers to the Cormorant equity holders could reach a total of $520 million if all clinical and regulatory milestones are achieved.
Advising Cormorant in the transaction were Corporate partners James F. Farrington, Jr. and Mark S. Kaduboski, and Corporate associates Monica Kolinsky, Jonathan Medalsy and Brandon Miller. Kirkland & Ellis LLP served as lead counsel to Bristol-Myers Squibb.
For more information about the transaction, please see the press release issued by Bristol-Myers here.