Davis Polk is advising Novo Nordisk A/S on its acquisition of Corvidia Therapeutics Inc. for an upfront payment of $725 million in cash. Total payments to Corvidia Therapeutics shareholders could ultimately amount to $2.1 billion in cash upon the achievement of certain regulatory and sales milestones by Novo Nordisk. The transaction is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions.
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark, with the purpose to drive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders. Corvidia Therapeutics is a clinical stage company focused on the research, development, and commercialization of transformative therapies for cardio-renal diseases.
The Davis Polk corporate team includes partner William H. Aaronson and associates Matthew J. Cowcher and Amira Abulafi. Partner David R. Bauer and associate Jesse L. Hallock are providing intellectual property advice. Partner Jeffrey P. Crandall is providing executive compensation advice. Partner William A. Curran is providing tax advice. Partner Jesse Solomon is providing antitrust and competition advice. Members of the Davis Polk team are based in New York and Washington DC offices.