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Covington Represents Eisai in its Acquisition Rights to Zonegran(TM) in the United States and Europe

April 13, 2004

April 13, 2004 - WASHINGTON, D.C. - Covington & Burling recently represented Eisai Co., Ltd. in an agreement with Elan Corporation, plc, a neuroscience-based biotechnology company, for the purchase of Elan's interests in North America and Europe for Zonegran(TM) (zonisamide), an anti-epileptic drug approved by the FDA.

Under the terms of agreement, Eisai will pay Elan total consideration of approximately $130 million for Elan's interests in Zonegran in North America and Europe.  These interests comprise U.S., Canadian, Mexican, and European rights to Zonegran, along with related assets and liabilities, Zonegran inventory with an estimated value of $26 million, and the sales team of approximately 115 employees.  The transaction is scheduled to close on April 30, 2004.

John Hurvitz and Catherine Dargan of Covington represented Eisai in the transaction with the assistance of Ed Dixon, Eric Pan and Marianna Horton (U.S. corporate matters), Ed Britton (European corporate matters), George Chester and Claire Kunstling (antitrust); Michael Francese (ERISA and employment law); Scott Feldstein (tax); Richard Kingham, Peter Safir and Grant Castle (regulatory); Chris Sipes, Natalie Derzko and Scott Cunningham (patent); and Kathleen Gallagher-Duff (trademark).

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