Hogan Lovells Advises Recordati on agreement to acquire the rights of three Cushings disease treatments from Novartis
Milan, 16 September 2019 - International law firm Hogan Lovells advised Milan-based pharmaceutical company Recordati in an agreement with Novartis to acquire the worldwide rights to Signifor® and Signifor® LAR®. Both products treat Cushing’s disease, a severe endocrine disease caused by a pituitary adenoma, and acromegaly in adult patients for whom surgery is not an option or for whom surgery has failed.
The agreement also covers the acquisition of worldwide rights to osilodrostat (LCI699), an innovative drug for the treatment of endogenous Cushing’s syndrome, for which marketing authorization applications have been filed in the European Union and in the USA.
Upon completion of the transaction a consideration of US$390 million will be due to Novartis. Subsequently, additional milestone payments contingent upon the approval and market access of osilodrostat, as well as royalties on sales of this new product, will be due. Under the terms of the agreement, Novartis will supply these products to Recordati for a transitional period. The closing of the transaction is subject to customary conditions and regulatory clearances and is expected to take place in a few months.
Corporate partner Francesco Stella led a team of Hogan Lovells lawyers in Milan, Tokyo, Washington D.C. and Baltimore on the deal. The Hogan Lovells transactional team included Baltimore-based counsel Adriana Tibbitts, Washington D.C.-based regulatory counsel Kathleen Peterson, Washington D.C.-based regulatory senior associate Annie Vanselow, Tokyo-based IP partners Frederick Ch'en and Hiroto Imai, and Tokyo-based IP associates Kyle Reykalin and Mitsuhiro Yoshimura.
The Hogan Lovells team collaborated closely with Recordati’s in-house team, led by Daria Ghidoni, Francesco Trucillo, Giuseppe Colangelo, and Silvia Marelli.
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