Johnson Winter & Slattery and Middletons have acted on the biggest ever deal in the adult stem cell industry.
It was announced last week (9 December) that Australian biotechnology company Mesoblast Limited had formed a strategic alliance with the US-based Cephalon biopharmaceutical company.
Mesoblast uses adult stem cells to help regenerate and repair bone and cartilage.
Its alliance with Cephalon , a Fortune 1000 company with a worldwide sales turnover in excess of $US 700 million which sells products that treat nervous systems disorders, will see both companies develop and commercialise novel adult stem cell therapeutics for degenerative conditions including Parkinson's disease, Alzheimer's disease, congestive heart failure and acute myocardial infarction.
Middletons acted for Mesoblast, with capital markets partner Andrew Gaffney and biotechnology partner Peter Howard leading. JWS acted for Cephalon, with corporate partners Damian Reichel and Tim Bowley acting.
Under the terms of the alliance, Cephalon will make an upfront payment to Mesoblast of just over $130 million, with regulatory milestone payments of close to $2 billion in the future.