Davis Polk is advising Advanced Accelerator Applications S.A. on its $3.9 billion acquisition by Novartis. Entry into the definitive agreement has been approved by the board of directors of AAA. Novartis will commence a tender offer upon completion of works council consultation and AAA’s Board of Directors recommending the tender offer to AAA shareholders. The proposed transaction is subject to customary transactional regulatory approvals.
Based in Saint-Genis-Pouilly, France, AAA is an innovative radiopharmaceutical company developing, producing and commercializing molecular nuclear medicine theragnostics. AAA’s lead therapeutic product candidate, Lutathera, was approved in Europe in September 2017 for the treatment of unresectable or metastatic, progressive, well differentiated (G1 and G2), somatostatin receptor positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs). Lutathera is under review in the U.S. with a Prescription Drug User Fee Act (PDUFA) date of January 26, 2018. Novartis provides innovative health care solutions that address the evolving needs of patients and societies. Headquartered in Basel, Switzerland, Novartis offers a diversified portfolio to best meet these needs: innovative medicines, cost-saving generic and biosimilar pharmaceuticals and eye care.
The Davis Polk corporate team includes partners William H. Aaronson and John G. Crowley, counsel Yasin Keshvargar and associate Elyka A. Anvari. Partner Jacques Naquet-Radiguet, counsel Juliette Loget and associate Stéphane Daniel are providing French corporate advice. Partner Jeffrey P. Crandall is providing executive compensation advice. Partner William A. Curran is providing tax advice. Partner Howard Shelanski is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York, Paris and Washington DC offices.