Eli Lilly’s $1.1 Billion Acquisition of Dermira

Evercore acted as exclusive financial advisor and Weil, Gotshal & Manges LLP acted as legal advisor to Lilly in this transaction. Citi acted as lead financial advisor, SVB Leerink acted as financial advisor, and Fenwick & West LLP acted as legal advisor to Dermira. Fried Frank acted as counsel to SVB Leerink LLC as financial advisor to Dermira, Inc.

Eli Lilly and Company (NYSE: LLY) and Dermira, Inc. (NASDAQ: DERM) entered into a definitive agreement for Lilly to acquire Dermira for $18.75 per share, or approximately $1.1 billion, in an all-cash transaction.

The transaction is not subject to any financing condition and is expected to close by the end of the first quarter of 2020, subject to customary closing conditions, including receipt of required regulatory approvals and the tender of a majority of the outstanding shares of Dermira’s common stock. Following the successful closing of the tender offer, Lilly will acquire any shares of Dermira that are not tendered into the tender offer through a second-step merger at the tender offer price.

Headquartered in Menlo Park, California, Dermira is a biopharmaceutical company dedicated to developing new therapies for chronic skin conditions.

Lilly is a global healthcare leader that unites caring with discovery to create medicines that make life better for people around the world.

Fenwick & West advised Dermira with a team including corporate partners Doug Cogen (Picture) and David Michaels, and associates Katherine Duncan, Jennifer Hitchcock, Janiece Jenkins, Grace Strickland, Victoria Lupu and Carson Jackson; executive compensation and employee benefits partners Matthew Cantor, Scott Spector and Elizabeth Gartland, and counsels Nicholas Frey and Laura McIntyre; technology transactions partner Stefano Quintini and associates Sophia Chen and Sang Kwon; intellectual property partner Daniel Becker; antitrust and trade regulation partner Mark Ostrau; and tax partner William Skinner and associate Ora Grinberg.

The Fried Frank team was led by corporate partner Warren S. de Wied.

Involved fees earner: Daniel Becker – Fenwick & West LLP; Matthew Cantor – Fenwick & West LLP; Sophia Chen – Fenwick & West LLP; Douglas Cogen – Fenwick & West LLP; Grace D’Arcy Strickland – Fenwick & West LLP; Katherine Duncan – Fenwick & West LLP; Nicholas Frey – Fenwick & West LLP; Elizabeth Gartland – Fenwick & West LLP; Ora Grinberg – Fenwick & West LLP; Jennifer Hitchcock – Fenwick & West LLP; Carson Jackson – Fenwick & West LLP; Janiece Jenkins – Fenwick & West LLP; Sang Kwon – Fenwick & West LLP; Victoria Lupu – Fenwick & West LLP; Laura McIntyre – Fenwick & West LLP; David Michaels – Fenwick & West LLP; Mark Ostrau – Fenwick & West LLP; Stefano Quintini – Fenwick & West LLP; William Skinner – Fenwick & West LLP; Scott Spector – Fenwick & West LLP; Warren de Wied – Fried Frank Harris Shriver & Jacobson;

Law Firms: Fenwick & West LLP; Fried Frank Harris Shriver & Jacobson;

Clients: Dermira, Inc.; SVB Leerink LLC;

Author: Ambrogio Visconti