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Pharmaceuticals giant to acquire Viralytics

Pharmaceuticals giant to acquire Viralytics

Pharmaceuticals giant to acquire Viralytics

Baker McKenzie has advised what is described as one of the world’s largest pharmaceuticals company on its impending acquisition of Australian-owned Viralytics.

Firm: Baker McKenzie (Merck & Co., Inc.)

Deal: Baker McKenzie has advised Merck & Co., Inc (MSD) on its entry into a definitive agreement under which it is proposed that MSD (through a subsidiary) will acquire Viralytics Limited (Viralytics) by way of a scheme of arrangement for $1.75 per share.

Value: $502 million

Area: M&A

Key players: The Baker McKenzie legal team was led by partner David Holland, with assistance from senior associate Gabriella Plummer and a due diligence team across most practice groups of the firm.

Deal significance: MSD is described as one of the largest pharmaceutical companies in the world, while Viralytics is an Australian publicly traded company focused on oncolytic immunotherapy treatments for a range of cancers.

Its lead product, CAVATAK® (CVA21), is a proprietary formulation of an oncolytic virus that has been shown to preferentially infect and kill cancer cells, according to a statement from Baker McKenzie.

“We were delighted to act for our client, MSD, on its entry into this agreement,” said Baker McKenzie partner David Holland.

“We look forward to working with MSD and Viralytics towards completion of the transaction, which will give MSD full rights to CAVATAK, allowing MSD to build on the years of significant work of the Viralytics team and realise the potential of CAVATAK for the benefit of patients globally.”

The transaction is expected to be complete by June 2018.

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