Hogan Lovells advises pSivida Corp. on its acquisition of Icon Bioscience as it rebrands as EyePoint Pharmaceuticals

Philadelphia, 4 April 2018 – Hogan Lovells advised pSivida Corp. on its acquisition of Icon Bioscience, Inc. as part of its rebranding initiative into EyePoint Pharmaceuticals, Inc. pSivida, which officially became EyePoint on 29 March 2018, is a specialty biopharmaceutical company that develops and commercializes ophthalmic products. Icon is also a specialty biopharmaceutical company whose flagship drug, DEXYCU™, is administered at the end of ocular surgery to treat postoperative inflammation.

pSivida has entered into an agreement with EW Healthcare Partners and a third party investor, which will make equity investments in pSivida of up to approximately US$60.5 million. pSivida has also entered into a US$20 million senior secured, non-dilutive term loan agreement with SWK Funding LLC, a subsidiary of SWK Holdings. This transformative merger with new partnerships, combined with the rebranding initiative, strengthens pSivida’s position as a fully integrated specialty biopharmaceutical company.

This transaction involved a Hogan Lovells cross-border team consisting of lawyers from our Corporate, Finance, Government Regulatory, and IPMT practices in our Philadelphia, New York, Northern Virginia and Perth offices. 

The Hogan Lovells team was led by Philadelphia-based Corporate partner Steve Abrams. Corporate partners Matthew Johnson, John Duke, Adam Bellack and Daniel Davidson advised on the transactions with senior associate Stephen Nicolai and associates John Siemann and Julian Wang. Finance partner Ned Purdon and Counsel Lindsey Owings advised on the debt transaction with senior associate Cheli Bleda Drew and associate Stephanie Lipscomb. The team was also supported by Employee Benefits and Executive Compensation partner Martha Steinman and counsel Michael Applebaum; IMPT Partner Cullen Taylor, counsels Joseph Eng and Teresa Lavenue, attorney Denise McNairn, and associates Rachel Eisen and Nadia Aksentijevich; Employment partner Michael DeLarco and Counsel Tao Leung; Antitrust, Competition and Economic Regulation partner Michele Harrington and senior associate Lauren Battaglia; Environmental counsel Seaton Thedinger and associate Marta Orpiszewska; Real Estate senior associate Katie Cooperman; and Government Regulatory partners Stuart Langbein and Susan Lee, senior associate Jason Conaty, and associate Katie Kelly.

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