Covington Advises AstraZeneca/ MedImmune on Acquisition of Spirogen and Investment in and Collaboration with ADC Therapeutics

Covington Advises AstraZeneca/ MedImmune on Acquisition of Spirogen and Investment in and Collaboration with ADC Therapeutics

October 18, 2013

LONDON, 18 October, 2013 — AstraZeneca announced that MedImmune, its global biologics research and development arm, has acquired Spirogen, a privately-held biotech company focused on antibody-drug conjugate technology for use in oncology. Covington & Burling advised AstraZeneca on the transaction working alongside AstraZeneca’s in-house legal team.

MedImmune has also entered into a collaboration agreement with ADC Therapeutics to jointly develop two of ADC Therapeutics’ antibody-drug conjugate programmes in preclinical development. In addition, MedImmune will make an equity investment in ADC Therapeutics, which has an existing licensing agreement with Spirogen.

MedImmune will acquire 100 percent of Spirogen’s shares for an initial consideration of $200 million and deferred consideration of up to $240 million based on reaching predetermined development milestones.

The Covington team was led by partner Paul Claydon and included partners James Halstead (M&A), Lucinda Osborne (licensing and collaboration) and Gregor Frizzell (investment in ADC Therapeutics), as well as of counsel Morag Peberdy (IP).