TheLife Sciencesteam advised Abingworth on its strategic development financing agreement withTeva Pharmaceutical Industries Ltd.(NYSE: TEVA). Abingworth will provide up to $150 million in funding to Teva to offset Teva's ICS/SABA (TEV-56248) program costs, for the treatment of asthma. In exchange,ifTEV-56248receives U.S. FDA regulatory approval, Abingworth will be eligible to receive fixed return payments as well success payments based on ICS/SABA sales.Launch Therapeutics, a clinical development company backed by Abingworth and Carlyle, will have the lead role in the operational execution and management of the planned clinical trials, focused on accelerating Teva's ICS-SABA clinical research program.
Abingworth LLP, the life sciences franchise of global investment firm Carlyle, is a leading transatlantic life sciences investment firm with approximately $2 billion under management. Abingworth helps transform cutting-edge science into novel medicines by providing capital and expertise to top caliber management teams building world-class companies.Carlyle is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions.
The Goodwin team was led byYasin AkbariandRichard Hoffmanand includedEA Weeks,Amarilice Young,Montana VaughnandKat Stavrianidis(Life Sciences),John BarkerandEthan Shuchart(Litigation),Dan Karelitz(Tax),Luke Bagley,Helena WongandYiran Liu(PIF),Steve Tjoe(FDA Regulatory), andBarry Bazian(Financial Restructuring).
For additional details on the agreement, please read thepress releaseand coverage inEndpoints,Fierce Pharma,Seeking AlphaandGenerics Bulletin.