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Covington & Burling Advises Chiron on Spin Out of Powder Injection DNA Vaccine Business

May 27, 2004

May 27, 2004 - LONDON, UNITED KINGDOM - Covington & Burling advised Chiron Corporation on the spin out of its powder injection DNA vaccine technology and related development programs (which constituted part of Chiron's acquisition of PowderJect Pharmaceuticals Plc last year) to a newly formed therapeutic vaccine company, PowderMed Limited ("PowderMed").  Dr. Clive Dix, former senior R&D manager of PowderJect Pharmaceuticals, led the management spin out and will become the chief executive of PowderMed.   PowderMed is funded by a consortium of private equity investors led by Schroder Ventures Life Sciences.  Chiron will retain a minority stake in PowderMed.

Simon Goodworth, London corporate partner at Covington, said: "This was a complex transaction involving significant work in both the UK and the US and it therefore was very satisfying that it was brought to a successful conclusion.  We had to resolve a number of complicated commercial arrangements and legal issues."

Other lawyers on the Covington team in London included counsel Michael Stone and Lucinda Osborne and associates Gregor Frizzell, Arun Birla and Edward Bliss.  James Snipes, a San Francisco-based partner, led the US side of the team supported by partner Emily Leonard and associates Mike Fisch and Paul Rose.

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