BIRMINGHAM LEGAL FIRM ADVISES ON MAJOR PHARMACEUTICAL DEAL
The Life Sciences office of Gowling WLG has advised AstraZeneca on its £2.85bn deal with biopharmaceutical company Quell Therapeutics, who were advised by Cooley LLP.
Under the agreement, AstraZeneca will pay Quell Therapeutics an upfront payment of $85m, comprising a cash payment and equity investment. The agreement states there will be further payment of up to $2 billion, contingent on agreed development and commercialisation milestones being reached, as well as tiered royalties.
The two companies will now come together to develop, manufacture and commercialise engineered T-regulator cell therapies for treating certain autoimmune diseases. There is also the option for them to work together in the future to co-develop T-regulator cell therapies in the US.
Gowling’s head of life sciences in the UK, Patrick Duxbury who is based in its Birmingham office, led on the deal alongside fellow life sciences partner Jenny Davies.
The wider team included corporate partner Ian Piggin, senior associate Róisín Bergin and associate Laura Barron who worked closely with senior legal counsel for AstraZeneca Ulrika Lilja Stevall.
Patrick said: “We were excited to work with the AstraZeneca team once again, drawing on our knowledge of the business and varied sector experience to advance negotiations for our client.”