McDermott Will & Emery Advises Biota’s Acquisition of Anaconda Pharma
International law firm McDermott Will & Emery advised the shareholders of Anaconda Pharma on the sale of the company to Biota Pharmaceuticals.
Anaconda Pharma was formed in 2003 as a spin-out of the Institut Pasteur and is focused on the development of treatments against human papillomavirus (HPV) infections. Under the agreement, all of Anaconda Pharma’s shares will be acquired for shares of Biota common stock and $8 million in cash, subject to certain adjustments. Biota Pharmaceuticals, Inc. is a company focused on the discovery and development of products to treat serious viral respiratory infectious diseases.
Biota will fund the cash portion of the purchase price with cash on hand. Anaconda’s shareholders may earn up to $30 million if the company achieves certain clinical and regulatory milestones, in addition to a royalty. The deal is expected to occur by the end of April 2015, subject to approval of the French Ministry of Finance and Economics and other customary conditions.
Anaconda Pharma’s lead candidate is AP611074, a patented, direct-acting antiviral in development for the treatment of condyloma, or anogenital warts, as well as the orphan disease recurrent respiratory papillomatosis, both of which are caused by HPV types 6 and 11. Anaconda Pharma successfully completed a Phase 2a clinical trial of AP611074 5% gel demonstrating biological activity with a significant reduction in the surface area of condyloma while exhibiting favorable local skin tolerability.
Reflecting McDermott’s life science capabilities and global platform, Anaconda Pharma’s shareholders were represented by attorneys in McDermott’s Paris, New York and Washington DC offices, including Emmanuelle Trombe, Anthony Paronneau, Noëmie Fort, Antoine Vergnat, Christophe Jolk, Jilali Maazouz and Myrtille Lapuelle, Joel L. Rubinstein and Elliott Smith.