Kirkland acted for Eli Lilly in Versanis Bio Acquisition
Kirkland acted for Eli Lilly in Versanis Bio Acquisition
Kirkland & Ellis provided legal counsel to drugmaker Eli Lilly and Company in their acquisition of the privately held clinical-stage biopharmaceutical firm, Versanis Bio. The potential value of this transaction is up to $1.925 billion in cash, comprising an initial upfront payment and additional payments upon reaching specific development and commercial milestones. The completion of the deal is contingent upon meeting customary closing conditions.
Eli Lilly is dedicated to blending compassion with innovation to develop medicines that enhance the quality of life for people worldwide. With a legacy of nearly 150 years, the company has been at the forefront of ground-breaking discoveries that have positively impacted the lives of over 51 million individuals globally.
Through the convergence of biotechnology, chemistry, and genetic medicine, the scientists at Lilly are working tirelessly to accelerate breakthroughs to address some of the world's most pressing health challenges. This includes revolutionising diabetes care, finding solutions to combat obesity and its severe long-term consequences, advancing the battle against Alzheimer's disease, offering relief for debilitating immune system disorders, and transforming the treatment of difficult-to-manage cancers.
Eli Lilly's unwavering commitment to research and development strives to provide hope, healing, and a brighter future for patients facing complex medical conditions.
Versanis is a privately held clinical-stage biopharmaceutical company that focuses on developing transformative treatments for individuals affected by cardiometabolic disease.
Versanis is dedicated to advancing the development of innovative medicines specifically targeting cardiometabolic disease. Their leading asset, bimagrumab, is a monoclonal antibody that effectively binds to activin type II A and B receptors, thereby obstructing activin and myostatin signaling.
Currently, bimagrumab is undergoing evaluation in the BELIEVE Phase 2b clinical trial, both as a standalone treatment and in combination with semaglutide, to assess its efficacy and safety in adults who are overweight or obese.
The Kirkland & Ellis team handling the transaction was headed by corporate partners Michael Brueck and Peter Fritz, along with associates Michael Nester and Justin Prindle. Additionally, the team included antitrust and competition partners Andrea Murino, Samantha Morelli, and Thomas Wilson; executive compensation partners Rob Fowler and Lauren Sawyer; technology & IP transactions partners Shellie Freedman and Amber Harezlak, along with associate Trevor Snider; and tax partners Dean Shulman and Adam Kool.
