Pfizer acquires clinical-stage biotech Therachon for up to USD 810 million

On May 8, 2019, Pfizer (NYSE: PFE) announced that it has entered into a definitive agreement to acquire all shares of Therachon Holding AG, a privately-held clinical-stage biotechnology company focused on rare diseases, with assets in development for the treatment of achondroplasia and short bowel syndrome (SBS). Under the terms of the agreement, Pfizer will acquire Therachon for USD 340 million upfront with an additional USD 470 million in additional payments contingent on the achievement of key milestones in the development and commercialization of TA-46 for the treatment of achondroplasia, a genetic condition and the most common form of short-limbed dwarfism.

Lenz & Staehelin is advising Pfizer in this transaction. The Lenz & Staehelin team is led by partner Stephan Erni (Corporate and M&A) and includes associates Eric Olivier Meier, Nicole Humbel, Alessandra Läser (all Corporate and M&A) and Thierry von Aarburg (Employment). Arnold & Porter is advising on NY law aspects.