PARIS (30 April 2015) – McDermott Will & Emery LLP advised Innate Pharma SA, a biopharmaceutical company discovering and developing first-in-class therapeutic antibodies for the treatment of cancer and inflammatory diseases, on its co-development and commercialization agreement with AstraZeneca. This partnership will accelerate and broaden the development of Innate Pharma SA’s proprietary anti-NKG2A antibody, IPH2201, including in combination with MEDI4736, an anti-PD-L1 immune checkpoint inhibitor developed by Medimmune. The deal, believed to be one of the largest ever in the French biotech industry, was first announced on 24 April 2015.
The financial terms of the agreement include cash payments of up to US$1.275 billion to Innate Pharma as well as double digit royalties on sales. The initial payment to Innate Pharma is US$250 million, which includes a consideration for the exclusive global rights to AstraZeneca to co-develop and commercialize IPH2201 in combination with MEDI4736 and access to IPH2201 in monotherapy and other combinations in certain areas. AstraZeneca will pay to Innate a further US$100 million prior to initiation of Phase III development, as well as additional regulatory and sales-related milestones of up to US$925 million. AstraZeneca will book all sales and will pay Innate double-digit royalties on net sales. The arrangement includes the right for Innate to co-promote in Europe for a 50% profit share in the territory.
This agreement enables Innate Pharma to broaden and accelerate the development of IPH2201 while preserving its innovative development plan. It provides Innate Pharma with the capabilities and resources to transform the company towards late stage development and potential commercial stage with co-promotion rights. This partnership with AstraZeneca and MedImmune, leaders in immuno–oncology, marks a transforming transaction for Innate Pharma.
Innate was represented by a team of lawyers in five offices across McDermott’s international Life Sciences platform. Led jointly by Paris Corporate partner Emmanuelle Trombe and Boston Health partner Sarah Hogan, the team also included partners Anthony Paronneau (Paris), Rohan Massey (London), Carla Hine (Washington), as well as associates Larry Guess (Chicago) and Alicia D’Alba (Boston).
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