Orrick Advises TVM Capital Life Science, Biovertis and Morphochem on Transaction with Deinove


A cross-border team of Orrick lawyers in Germany and France is advising German/Canadian TVM Capital Life Science, its Austrian portfolio company Biovertis AG, and German subsidiary Morphochem AG on the acquisition of Biovertis and Morphochem by French biotech firm Deinove (listed on Euronext Growth, Paris).

In return, TVM Capital Life Science and the minority shareholders of Biovertis will receive 500,001 new shares and milestones-related warrants for eight million new shares of Deinove. TVM Capital Life Science has also committed to substantially contribute to the future financing needs of Deinove in order to support the next clinical development steps.

Through the acquisition, Deinove gains access to Morphochem's MCB3837 antibiotic compound, which aims to treat severe gastrointestinal infections. It was granted QIDP (Qualified Infectious Disease Product) designation as well as Fast Track status from the U.S. Food and Drug Administration. The next stage of development will be a Phase II clinical trial on a small number of patients.

TVM Capital Life Science is a Munich and Montreal based group of independent investment advisories and fund managers for venture capital funds, investing into innovative biotech, pharmaceutical, and medtech companies. Among others, TVM Capital Life Science was the Series A lead investor in the following publicly listed companies with market capitalizations that at some point were or still are greater than of €1 billion: Qiagen, Sequenom, Actelion, Intercell, evotec, and most recently CoLucid.

The Orrick team included, in Paris, partner Guillaume Kessler with associates Stanislas Marmion for the corporate aspects and Julien Beloeil for securities law; and, in Munich, partner Jörg Ritter with counsel Sebastian Meul.