Wachtell, Lipton, Rosen & Katz, one of the esteemed law firms in the United States, has guided Abbvie Inc., a renowned biopharmaceutical company, through a billion-dollar acquisition. Abbvie Inc. has agreed to purchase ImmunoGen Inc., a leader in the field of cancer drug manufacturing, for $10.1 billion. The announcement of the substantial transaction was made on Thursday.
Ropes & Gray, a global law firm known for their expertise in business and securities law, served as the legal advisor for ImmunoGen throughout this deal. The aim of this acquisition, according to Bloomberg News, is for Abbvie to gain access to the expanding market of potentially revolutionary cancer drugs.
The world of healthcare and pharmaceutical deals has been a spot of vibrancy in an otherwise slow deal market. Factors such as capital accrued by strategic acquirers from the sales of Covid-19 vaccines and other therapies have played a significant part in facilitating these deals.
Earlier this year, there were similar multi-billion dollar transactions in the healthcare sector. In March, Pfizer Inc. acquired Seagen Inc. for approximately $43 billion, while in February, CVS Health Corp. completed the acquisition of Oak Street Health Inc. for $10.6 billion.
On the legal side of the transaction, the Ropes & Gray team was led by mergers and acquisitions partner Tara Fisher and executive compensation partner Renata Ferrari. Litigation and enforcement partners Mike McFalls and Ruchit Patel, IP transactions partner David McIntosh, and finance partner Dan Coyne were also integral members of the team.
The financial advisory team for ImmunoGen, Goldman Sachs & Co. and Lazard, were guided through the transaction by the law firm Fried, Frank, Harris, Shriver & Jacobson. The law firm’s team was led by partners Philip Richter and Roy Tannenbaum.