LONDON—Covington advised ALK-Abelló A/S (“ALK”) on a strategic license agreement with U.S.-based ARS Pharmaceuticals, Inc (“ARS Pharma”). The agreement grants ALK exclusive global rights to the neffy® adrenaline (epinephrine) nasal spray, with exception of the USA, Australia, New Zealand, Japan, and China.
Under the agreement, ARS Pharma is entitled to receive an upfront payment of USD 145 million from ALK. ARS Pharma may receive up to $320 million related to regulatory and commercial milestones, potentially over the next 15+ years as well as tiered royalties in the teens on future sales. ARS Pharma will supply finished goods to ALK, while ALK will be responsible for local market access, marketing and sales.
ALK is a global specialty pharmaceutical company focused on allergy and allergic asthma, headquartered in Hørsholm, Denmark. ALK markets allergy immunotherapy treatments and other products and services for people with allergy and allergy doctors.
The trans-Atlantic Covington team was led by Daniel Pavin and Emily Leonard, and included Natalie Oveyssi, Erica Wu, Asher Hodes, and Oliver Hodgkiss.
Widely recognized as a global leader in strategic life sciences transactions, Covington advises on many of the industry's largest and most innovative deals year after year. With 250+ lawyers worldwide focused on life sciences, we combine extensive cross-border experience with a deep understanding of industry-specific legal considerations to craft comprehensive, practical, and forward-looking solutions.
Covington’s Nordic Practice represents many of the leading Nordic-based companies across a range of sectors in their transactions around the world, bringing to the table unique understanding of the local business environment and market practices.
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