A team of Goodwin attorneys is representing Teva Pharmaceutical Industries in connection with its announced $3.2 billion acquisition of Auspex Pharmaceuticals. Pursuant to the merger agreement, Teva will commence a tender offer for all outstanding shares of Auspex for $101 per share, representing approximately $3.2 billion in enterprise value and $3.5 billion in equity value. The all-cash transaction is expected to close in mid-2015 and is subject to customary closing conditions.
Teva Pharmaceutical Industries Ltd., headquartered in Israel and traded on the NYSE and TASE under ticker “TEVA,” is a global pharmaceutical company that delivers patient-centric healthcare solutions to millions of patients every day. Teva is the world’s largest generic medicines producer, leveraging its portfolio of more than 1,000 molecules to produce a wide range of generic products in nearly every therapeutic area. In specialty medicines, the company has a world-leading position in innovative treatments for disorders of the central nervous system, including pain, as well as a strong portfolio of respiratory products. Teva integrates its generics and specialty capabilities in its global research and development division to create new ways of addressing unmet patient needs by combining drug development capabilities with devices, services and technologies. The company had net revenues of $20.3 billion in 2014.
Based in La Jolla, Calif., Auspex Pharmaceuticals Inc. is a late-clinical stage biopharmaceutical company dedicated to developing innovative medicines for hyperkinetic movement disorders and other rare diseases. Auspex employs its proprietary technology to create patent-protected, new chemical entities from known, clinically proven therapies. The company's lead product, Austedo (SD-809), is in final stages of development for the treatment of chorea associated with Huntington's disease. Auspex is also investing in the broad potential of Austedo for the treatment of other movement disorders.
Goodwin has represented Teva on a number of matters, including in its recent sale of four oncology R&D assets to Ignyta and in its recent win in the U.S. Supreme Court in Teva v. Sandoz.
The Goodwin team advising Teva in its deal with Auspex was led by Stuart Cable and included Kingsley Taft, Lisa Haddad, Lynda Galligan and Mitzi Chang. Additional support was provided by Lindsey Wanner and Jacqueline Mercier.
For additional information, please read the Teva press release.