Goodwin Procter LLP advised SpringWorks Therapeutics on the deal.
SpringWorks Therapeutics, Inc. (Nasdaq: SWTX) announced its asset purchase and exclusive license agreement under which Jazz Pharmaceuticals plc (Nasdaq: JAZZ) Jazz has acquired SpringWorks’ fatty acid amide hydrolase inhibitor program including PF-04457845, which represents an innovative approach to treating PTSD.
SpringWorks is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing and commercializing life-changing medicines for underserved patient populations suffering from devastating rare diseases and cancer. Jazz Pharmaceuticals is a global biopharmaceutical company dedicated to developing and commercializing life-changing medicines that transform the lives of patients with serious diseases — often with limited or no options.
In addition to assuming all milestone and royalty obligations owed by SpringWorks to Pfizer, Jazz will also make an upfront payment of $35 million to SpringWorks, with potential milestone payments to SpringWorks of up to $375 million upon the achievement of certain clinical, regulatory and commercial milestones. In addition, SpringWorks will receive incremental tiered royalties on future net sales of PF-04457845 in the mid- to high-single digit percentages.
The Goodwin team was led by Chris Denn (Picture) and included Kingsley Taft and Ian Longacre.
Law Firms: Goodwin Procter;
Clients: SpringWorks Therapeutics, LLC;