Hogan Lovells represents Bausch Health in acquiring option to purchase all ophthalmology assets of Allegro Ophthalmics
New York- Hogan Lovells is representing Bausch Health Companies Inc. through its affiliate, Bausch + Lomb, its leading global eye health business, in an agreement with Allegro Ophthalmics, LLC (Allegro) to acquire an option to purchase all ophthalmology assets of Allegro, including global rights for risuteganib (Luminate®), Allegro's lead investigational compound in retina, which is believed to simultaneously act on the angiogenic, inflammatory and mitochondrial metabolic pathways implicated in diseases such as intermediate dry Age-related Macular Degeneration (AMD). Allegro is a privately held biopharmaceutical company focused on the development of novel therapies that regulate integrin functions for the treatment of ocular diseases.
The option payment totaling US$50 million would be made in two tranches, with the first payment of US$10 million upon signing. Allegro intends to raise additional funding, following which, Bausch Health will make a second payment of US$40 million, which is expected to be made in 2021. If Bausch Health then elects to exercise the Option, additional payments will be payable.
More about the transaction can be found in the company press release.
The Hogan Lovells team was led by New York Corporate partner Adam Golden. The Corporate team included counsels Jessica Bisignano and Erin Howell , senior associate Jeffrey Jay, associate Katie Haines, and law clerk Cedric Duquene. Partners Christine Lane and Timothy Lloyd and senior associate David Steenburg advised on tax. Partner Anne Salladin and associate Zachary Alvarez advised on CFIUS matters. Antitrust matters were handled by partner Leigh Oliver and senior associate Lauren Battaglia. Partner Martha Steinman and counsel Michael Applebaum advised on Employee Benefits.