Davis Polk is advising Novo Nordisk on its $145 million acquisition of the U.S. and Canadian rights to Macrilen from Strongbridge Biopharma Plc. Novo Nordisk will also acquire newly issued Strongbridge shares representing approximately 10% of the outstanding shares of Strongbridge in an investment of approximately $37 million. The transaction, which is expected to close in December 2018, is subject to U.S. regulatory approval.
Novo Nordisk is a global healthcare company with 95 years of innovation and leadership in diabetes care. Macrilen is a prescription oral test that has been granted orphan drug designation in the United States, as the first and only FDA-approved oral growth hormone secretagogue receptor agonist indicated for the diagnosis of Adult Growth Hormone Deficiency, a rare endocrine disorder. Strongbridge Biopharma is a global commercial-stage biopharmaceutical company focused on the development and commercialization of therapies for rare diseases with significant unmet needs.
The Davis Polk corporate team includes partner William H. Aaronson and associates Elyka A. Anvari and Abigail G. Hathaway. Partner David R. Bauer and associate Christopher C. Woller are providing intellectual property and technology advice. Partner Veronica M. Wissel and associate Brian Gregory Sieben are providing executive compensation advice. Partner William A. Curran and associate M. Jared Sanders are providing tax advice. Partner Jesse Solomon is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.