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Orrick is advising Ipsen (Euronext: IPN: ADR: IPSEY) on its acquisition of Albireo Pharma Inc (NASDAQ: ALBO), a leading innovator in bile-acid modulators to treat pediatric and adult cholestatic liver diseases. Under the agreement and plans of merger, Ipsen will initiate a tender offer to acquire all outstanding shares of Albireo for $42.00 per share in cash at the closing of the transaction, for an initial estimated aggregate consideration of $952 million plus a contingent value right (CVR) of $10.00 per share related to the U.S. FDA approval of Bylvay in biliary atresia.
The transaction is aligned with Ipsen’s long-term strategy for expanding the scope of its Rare Disease portfolio and pipeline and is primarily focused on Bylvay, the first-approved medicine in progressive familial intrahepatic cholestasis in U.S. and E.U., with potential in other rare diseases. The deal is anticipated to close by the end of Q1 2023.
The Orrick team advising Ipsen is led by Tony Chan and includes Nicole Huang, Maureen Harmon, Sojin Lillian Kim, Florent Lewkowicz, Shaun Malone, David Schulman, Daniel Kadin, Tiffany Chiu Leung, Rami Kawkabani, Lynne Hirata, Anjel Bonilla, Michael Wiesner, Lauren Wall, Lauren Guilford, Craig Falls, Danielle Mangogna, Matthew Rose, Matthew Coleman, Katie Cleworth, Jamie Larkin, John Narducci and Joshua Emmett.