We advised GSK on the transaction

Davis Polk advised GSK in connection with its license agreement with Empirico Inc. Under the agreement, Empirico grants GSK an exclusive worldwide license for EMP-012, a highly selective first and potentially best-in-class siRNA. EMP-012 addresses a novel therapeutic target and is currently in a Phase I clinical trial for the treatment of chronic obstructive pulmonary disease (COPD), with the potential for expansion into other inflammatory respiratory diseases. Empirico will continue to lead the clinical development of EMP-012 through the completion of the ongoing Phase I clinical trial, following which GSK will assume responsibility for worldwide development, regulatory filings and commercialization. GSK will pay an $85 million upfront payment and up to $660 million in success-based development, regulatory and commercial milestones, as well as tiered royalties on net sales worldwide.

GSK is a global biopharma company with a purpose to unite science, technology and talent to get ahead of disease together.

Empirico is a clinical-stage biotechnology company that discovers and develops siRNA medicines designed to mimic naturally occurring genetic variants that confer beneficial effects on health and disease.

The Davis Polk IP and commercial transactions team included partner David R. Bauer, counsel Samantha Lefland and associate Hannah Coleman. Partner William A. Curran and associate Fred (Chen) Fu provided tax advice. The antitrust and competition team included partners Jesse Solomon and Matthew Yeowart, counsel Meytal McCoy and associate Andrzej O’Leary. Members of the Davis Polk team are based in the New York, Northern California and London offices.

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