The Life Sciences team advised Abingworth on its strategic development financing agreement with Teva Pharmaceutical Industries Ltd. (NYSE: TEVA). Abingworth will provide up to $150 million in funding to Teva to offset Teva’s ICS/SABA (TEV-56248) program costs, for the treatment of asthma. In exchange, if TEV-56248 receives U.S. FDA regulatory approval, Abingworth will be eligible to receive fixed return payments as well success payments based on ICS/SABA sales. Launch Therapeutics, a clinical development company backed by Abingworth and Carlyle, will have the lead role in the operational execution and management of the planned clinical trials, focused on accelerating Teva’s ICS-SABA clinical research program.
Abingworth LLP, the life sciences franchise of global investment firm Carlyle, is a leading transatlantic life sciences investment firm with approximately $2 billion under management. Abingworth helps transform cutting-edge science into novel medicines by providing capital and expertise to top caliber management teams building world-class companies. Carlyle is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions.
The Goodwin team was led by Yasin Akbari and Richard Hoffman and included Amarilice Young, and Kat Stavrianidis (Life Sciences), John Barker and Ethan Shuchart (Litigation), Dan Karelitz (Tax), Luke Bagley, and Yiran Liu (PIF), Steve Tjoe (FDA Regulatory), and Barry Bazian (Financial Restructuring).
For additional details on the agreement, please read the press release and coverage in Endpoints, Fierce Pharma, Seeking Alpha and Generics Bulletin.