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July 22, 2011
NEW YORK, July 22, 2011 — Bristol-Myers Squibb Company and Amira Pharmaceuticals, Inc., have reported that the companies have signed a definitive agreement under which Bristol-Myers Squibb will acquire privately held Amira Pharmaceuticals. Covington & Burling LLP represented Bristol-Myers Squibb in the transaction.
Under the terms of the agreement, Bristol-Myers Squibb will acquire all of Amira Pharmaceuticals’ issued and outstanding shares of capital stock and stock equivalents in an all-cash transaction for a purchase price of $325 million upfront and potential additional milestone payments totaling $150 million. Bristol-Myers Squibb will secure Amira Pharmaceuticals’ fibrosis program, including the lead asset AM152, an orally available lysophosphatidic acid 1 (LPA1) receptor antagonist which has completed Phase I clinical studies and is now poised for Phase IIa proof-of-confidence studies for the treatment of idiopathic pulmonary fibrosis (IPF) and systemic sclerosis (SSc), or scleroderma.
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. Founded in 2005 and headquartered in San Diego, Amira Pharmaceuticals is a small molecule pharmaceutical company focused on the discovery and early development of new drugs to treat inflammatory and fibrotic diseases.
The Covington team was led by corporate partner Andrew Ment and associates Matthew Fox, Andrew Hall and Patrick Manchester. Also advising on the deal were Michael Francese and William Woolston (employee benefits), Jessica Milner (intellectual property), Michael Labson and Amalia Fenton (FDA regulatory) and Robert Heller (tax).