Davis Polk is advising Novo Nordisk A/S on its $1.8 billion acquisition of Emisphere Technologies Inc. and related Eligen SNAC royalty stream obligations owed to MHR Fund Management LLC, the largest shareholder of Emisphere. The transaction is subject to customary closing conditions, including approval by Emisphere shareholders and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Their purpose is to drive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders. Emisphere is a drug delivery company that utilizes its proprietary technologies to develop new oral formulations of therapeutic agents.

The Davis Polk corporate team includes partner William H. Aaronson and associates Matthew J. Cowcher and Abigail G. Hathaway. Partner Jeffrey P. Crandall is providing executive compensation advice. Partner David R. Bauer and counsel Bonnie Chen are providing intellectual property advice. The tax team includes partner William A. Curran. All members of the Davis Polk team are based in the New York office.