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Cadwalader Advises Elan Corporation in Billion Dollar Royalty Deal
Date:5/13/2013

NEW YORK, May 13, 2013 /PRNewswire/ -- Cadwalader, Wickersham & Taft LLP, a leading counselor to global financial institutions and corporations, announced today that client Elan Corporation, plc, a biotechnology company headquartered in Ireland, will purchase from Theravance, Inc. a 21% participation interest in potential future royalty payments related to four respiratory programs partnered with GlaxoSmithKline plc:  RELVAR™ ELLIPTA™/BREO™ ELLIPTA™, AORO™ ELLIPTA™, MABA (Bifunctional Muscarinic Antagonist-Beta2 Agonist) monotherapy (GSK961081) and vilanterol (VI) monotherapy.  In exchange for the participation interest, Elan will make a one-time cash payment to Theravance of $1.0 billion.

The Cadwalader team is led by Christopher Cox (Corporate), Ira Schacter (Corporate) and special counsel Aly El Hamamsy (Corporate) in New York; and Angus Duncan (Capital Markets) and Adam Blakemore (Tax) in London.

In April, Cadwalader also advised Elan in the restructuring of its Tysabri® collaboration with Biogen Idec.  On closing of the transaction, Elan received a cash payment of $3.25 billion, together with a double-digit, tiered royalty right on future worldwide net sales of Tysabri®. 

About Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP, established in 1792, serves a diverse client base, including many of the world's leading financial institutions and corporations in more than 50 countries. With offices in New York, London, Charlotte, Washington, Houston, Beijing
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SOURCE Cadwalader, Wickersham & Taft LLP
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