Chiesi Farmaceutici S.p.A. cancelled the acquisition of all of the assets of PhaseBio Pharmaceuticals, Inc. primarily related to bentracimab.
January 18, 2023
Share
Chiesi Farmaceutici S.p.A. entered into an agreement to acquire all of the assets of PhaseBio Pharmaceuticals, Inc. primarily related to bentracimab for $100 million on November 4, 2022. As per the terms of the transaction, $40 million in cash to be paid at the closing of the Transaction (subject to adjustment), plus future contingent payments of up to $60 million (the Milestone Payments) in cash upon the completion of certain regulatory milestone events. Chiesi is required to deposit $4 million (the Deposit Funds) with an escrow agent within three business days after the execution of the Agreement, which amount will be credited against the purchase price payable by Chiesi upon the closing of the Transaction. PhaseBio will be required to pay Chiesi a break-up fee of $2 million. The Transaction, and the designation of Chiesi as the stalking horse bidder, is subject to the approval of the Bankruptcy Court. The completion of the Transaction is subject to a number of customary conditions, including that a specified number of required employees shall have accepted and not rescinded offers of employment or engagement as a consultant or independent contractor with Chiesi and any waiting period applicable to the transaction under any Antitrust Law shall have expired or been terminated. As of January 5, 2023, the transaction has received the approval from the bankruptcy court. Christian E. Plaza of Cooley LLP acted as legal advisor to PhaseBio. Heyward D. Armstrong and Justin G. Truesdale of Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. and A. Lee Hogewood III and John R. Gardner of K&L Gates LLP both acted as legal advisors to Chiesi. Mike O'Donnell, David Gold, and Joanna Pak of Orrick Herrington & Sutcliffe LLP acted as legal advisor to SFJ Pharmaceuticals on acquisition of Bentracimab Assets from PhaseBio.
Chiesi Farmaceutici S.p.A. cancelled the acquisition of all of the assets of PhaseBio Pharmaceuticals, Inc. primarily related to bentracimab on January 19, 2023.
PhaseBio Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of novel therapies for cardiovascular diseases. Its lead product candidate, bentracimab (also known as PB2452), is a novel reversal agent for the antiplatelet drug ticagrelor. Ticagrelor is an antiplatelet therapy widely prescribed to reduce the rates of death, heart attack and stroke in patients with acute coronary syndrome (ACS), or who have previously experienced a heart attack. Ticagrelor binds to platelets to prevent them from forming blood clots that could restrict blood flow. The Company is also developing its preclinical product candidate, PB6440, an oral selective aldosterone synthase inhibitor for treatment-resistant hypertension. The Company is leveraging ELP biopolymer technology to evaluate additional preclinical and discovery-stage candidates. Its focus is on proteins and peptides that are scientifically or clinically validated.