McDermott Advises Applied DNA On Acquisition Of Spindle Biotech Inc., A Private Canadian Biotech Company
International law firm McDermott represented Applied DNA Sciences, Inc. (“Applied DNA”), a leader in PCR-based DNA technologies, on its acquisition of Spindle Biotech Inc. (“Spindle”), a private Canadian biotech company developing next-generation RNA manufacturing technologies.
The acquisition leverages Applied DNA’s LinearDNA™ platform that enables the efficient chemical modification of DNA templates and the high binding affinity of Spindle’s proprietary, high-performance RNA polymerase (RNAP) for chemically modified DNA templates to deliver multiple advantages over conventional plasmid DNA-based mRNA production. The consideration included cash and restricted shares of Applied DNA common stock, in addition to future contingent consideration of common stock upon the satisfaction of certain commercialization and revenue milestones.
Applied DNA Sciences is a biotechnology company developing and commercializing technologies to produce and detect deoxyribonucleic acid (“DNA”)and ribonucleic acid (“RNA”). Using the polymerase chain reaction (“PCR”) to enable both the production and detection of DNA and RNA, Applied DNA operates in three primary business markets: (i) the manufacture of synthetic DNA for use in in the production of nucleic acid-based therapeutics and, through the acquisition of Spindle, for the development and sale of proprietary RNA polymerase for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services.
Merrill Kraines and Todd Kornfeld are the relationship partners for Applied DNA Sciences.
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