pSivida Corp’s acquisition of Icon Bioscience, Inc.


Hogan Lovells advised pSivida Corp. on its acquisition of Icon Bioscience, Inc. as part of its rebranding initiative into EyePoint Pharmaceuticals, Inc. pSivida, which officially became EyePoint on 29 March 2018, is a specialty biopharmaceutical company that develops and commercializes ophthalmic products. Icon is also a specialty biopharmaceutical company whose flagship drug, DEXYCU™, is administered at the end of ocular surgery to treat postoperative inflammation.

pSivida has entered into an agreement with EW Healthcare Partners and a third party investor, which will make equity investments in pSivida of up to approximately US$60.5 million. pSivida has also entered into a US$20 million senior secured, non-dilutive term loan agreement with SWK Funding LLC, a subsidiary of SWK Holdings. This transformative merger with new partnerships, combined with the rebranding initiative, strengthens pSivida’s position as a fully integrated specialty biopharmaceutical company.

This transaction involved a Hogan Lovells cross-border team consisting of lawyers from our Corporate, Finance, Government Regulatory, and IPMT practices in our Philadelphia, New York, Northern Virginia and Perth offices.

The Hogan Lovells team was led by Philadelphia-based Corporate partner Steve Abrams (Picture). Corporate partners Matthew Johnson, John Duke, Adam Bellack and Daniel Davidson advised on the transactions with senior associate Stephen Nicolai and associates John Siemann and Julian Wang. Finance partner Ned Purdon and Counsel Lindsey Owings advised on the debt transaction with senior associate Cheli Bleda Drew and associate Stephanie Lipscomb. The team was also supported by Employee Benefits and Executive Compensation partner Martha Steinman and counsel Michael Applebaum; IMPT Partner Cullen Taylor, counsels Joseph Eng and Teresa Lavenue, attorney Denise McNairn, and associates Rachel Eisen and Nadia Aksentijevich; Employment partner Michael DeLarco and Counsel Tao Leung; Antitrust, Competition and Economic Regulation partner Michele Harrington and senior associate Lauren Battaglia; Environmental counsel Seaton Thedinger and associate Marta Orpiszewska; Real Estate senior associate Katie Cooperman; and Government Regulatory partners Stuart Langbein and Susan Lee, senior associate Jason Conaty, and associate Katie Kelly.

Involved fees earner: Steve Abrams – Hogan Lovells; Matthew Johnson – Hogan Lovells; John Duke – Hogan Lovells; Adam Bellack – Hogan Lovells; Daniel Davidson – Hogan Lovells; Stephen Nicolai – Hogan Lovells; John Siemann – Hogan Lovells; Ji An Wang – Hogan Lovells; Edward Sinclaire Purdon – Hogan Lovells; Lindsey Ann Owings – Hogan Lovells; Martha Steinman – Hogan Lovells; Michael Applebaum – Hogan Lovells; Cullen Taylor – Hogan Lovells; Joseph Eng – Hogan Lovells; Teresa Lavenue – Hogan Lovells; Denise McNairn – Hogan Lovells; Rachel Eisen – Hogan Lovells; Nadia Aksentijevich – Hogan Lovells; Tao Leung – Hogan Lovells; Michael DeLarco – Hogan Lovells; Seaton Thedinger – Hogan Lovells; Marta Antonina Orpiszewska – Hogan Lovells; Katie Cooperman – Hogan Lovells; Stuart Langbein – Hogan Lovells; Susan Lee – Hogan Lovells; Jason Conaty – Hogan Lovells; Katie Kelly – Hogan Lovells; Michele Harrington – Hogan Lovells; Lauren Battaglia – Hogan Lovells;

Law Firms: Hogan Lovells;

Clients: pSivida Corp.;

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Author: Michael Patrini