Xeris Pharmaceuticals’ Acquisition of Strongbridge Biopharma

Skadden, Arps, Slate, Meagher & Flom, LLP and Arthur Cox LLP advised Strongbridge, while Goodwin Procter LLP and A&L Goodbody LLP advised Xeris on the deal.

Strongbridge Biopharma plc (“Strongbridge”) has entered into a definitive agreement under which Xeris Pharmaceuticals, Inc. (“Xeris”) will acquire Strongbridge for stock and contingent value rights. The agreement, including the maximum aggregate amount payable under the CVRs, values Strongbridge at approximately $267 million based on the closing price of Xeris common stock of $3.47 on May 21, 2021 and Strongbridge’s fully diluted share capital. Upon close of the transaction, the businesses of Xeris and Strongbridge will be combined under a new entity to be called Xeris Biopharma Holdings, Inc.

Strongbridge Biopharma is a global commercial-stage biopharmaceutical company focused on the development and commercialization of therapies for rare diseases with significant unmet needs.

Xeris (Nasdaq: XERS) is a pharmaceutical company delivering innovative solutions to simplify the experience of administering important therapies that people rely on every day around the world.

SVB Leerink acted as financial advisor to Xeris. MTS Health Partners, LP acted as financial advisor to Strongbridge.

The Skadden team advising Strongbridge included M&A partners Graham Robinson and Chadé Severin, and associates Benjamin Jiang and Gregory Schuster; Intellectual Property and Technology partner Resa Schlossberg (New York), Tax partner Moshe Spinowitz; Antitrust/Competition partner Maria Raptis (New York); Banking partner Janine Jjingo (New York); Life Sciences and Health Care partner Maya Florence; Executive Compensation and Benefits partner Regina Olshan (New York) and counsel Timothy F. Nelson; Derivatives and Capital Markets counsel Michael Ena (New York); and summer associate Adam Hustad.

The Goodwin team advising Xeris was led by Joseph Theis (Picture) and Andrew Goodman, and included James Matarese, Stephanie Richards, Nisha Kapur Siedor, Christopher Huntsman, Alison Morris, Margaret Beale-Wirsing, and Stephanie Barbanell (Corporate, Public M&A); Paul Jin, Kirby Lewis, and Brady Cummins (Antitrust); Mark Smith (Debt); Nathan Brodeur (Environmental); Caroline H. Bullerjahn (Litigation); Sarah Bock and Monica Patel (Executive Compensation); Jennifer Fay and Caroline Galiatsos (Employment); Catherine McCarty and Stephen P. Waters Ph.D. (Intellectual Property); Jacqueline Klosek and Alex Intile (Data, Privacy, and Cybersecurity); and Daniel Karelitz and Gregg Coughlin (Tax).

Involved fees earner: Margaret Beale-Wirsing – Goodwin Procter; Sarah Bock – Goodwin Procter; Nathan Brodeur – Goodwin Procter; Caroline Bullerjahn – Goodwin Procter; Gregg Coughlin – Goodwin Procter; Jennifer Fay – Goodwin Procter; Caroline Galiatsos – Goodwin Procter; Andrew Goodman – Goodwin Procter; Christopher Huntsman – Goodwin Procter; Alex Intile – Goodwin Procter; Paul Jin – Goodwin Procter; Daniel Karelitz – Goodwin Procter; Jacqueline Klosek – Goodwin Procter; Kirby Lewis – Goodwin Procter; James Matarese – Goodwin Procter; Catherine McCarty – Goodwin Procter; Alison Morris – Goodwin Procter; Monica Patel – Goodwin Procter; Stephanie Richards – Goodwin Procter; Mark Smith – Goodwin Procter; Joseph Theis Jr. – Goodwin Procter; Stephen Waters – Goodwin Procter; Michael Ena – Skadden Arps Slate Meager & Flom; Maya Florence – Skadden Arps Slate Meager & Flom; Benjamin Jiang – Skadden Arps Slate Meager & Flom; Janine Jjingo – Skadden Arps Slate Meager & Flom; Timothy Nelson – Skadden Arps Slate Meager & Flom; Regina Olshan – Skadden Arps Slate Meager & Flom; Maria Raptis – Skadden Arps Slate Meager & Flom; Graham Robinson – Skadden Arps Slate Meager & Flom; Resa Schlossberg – Skadden Arps Slate Meager & Flom; Gregory Schuster – Skadden Arps Slate Meager & Flom; Chadé Severin – Skadden Arps Slate Meager & Flom; Moshe Spinowitz – Skadden Arps Slate Meager & Flom;

Law Firms: Goodwin Procter; Skadden Arps Slate Meager & Flom;

Clients: Strongbridge Biopharma; Xeris Pharmaceuticals;

Author: Martina Bellini