Weil, Gotshal & Manges LLP acted as legal counsel to Lilly, while Ropes & Gray LLP and Cooley LLP acted as legal counsel to Prevail on the deal.
Eli Lilly and Company (NYSE: LLY) and Prevail Therapeutics Inc. (NASDAQ: PRVL) entered into a definitive agreement for Lilly to acquire Prevail for $22.50 per share in cash (or an aggregate of approximately $880 million) payable at closing plus one non-tradable contingent value right (“CVR”) worth up to $4.00 per share in cash (or an aggregate of approximately $160 million), for a total consideration of up to $26.50 per share in cash (or an aggregate of approximately $1.040 billion).
The acquisition will establish a new modality for drug discovery and development at Lilly, extending Lilly’s research efforts through the creation of a gene therapy program that will be anchored by Prevail’s portfolio of clinical-stage and preclinical neuroscience assets.
Prevail is a gene therapy company leveraging breakthroughs in human genetics with the goal of developing and commercializing disease-modifying AAV-based gene therapies for patients with neurodegenerative diseases.
Lilly is a global healthcare leader that unites caring with discovery to create medicines that make life better for people around the world.
The Ropes & Gray team advising Prevail was led by life sciences mergers & acquisitions partner Chris Comeau (Boston; Picture) and included life sciences licensing partner Marc Rubenstein and employment & benefits partner Renata Ferrari (all of Boston), antitrust partner Mike McFalls (Washington, D.C.) and litigation & enforcement partner David Hennes (New York), tax partner Leo Arnaboldi (New York), life sciences regulatory & compliance partner Al Cacozza (Washington, D.C.), and mergers & acquisitions counsel Stephanie Lapidus (Boston).
Involved fees earner: Leo Arnaboldi – Ropes & Gray; Albert Cacozza – Ropes & Gray; Christopher Comeau – Ropes & Gray; Renata Ferrari – Ropes & Gray; David Hennes – Ropes & Gray; Stephanie Lapidus – Ropes & Gray; Michael McFalls – Ropes & Gray; Marc Rubenstein – Ropes & Gray;
Law Firms: Ropes & Gray;
Clients: Prevail Therapeutics Inc. ;