NEW YORK, May 28, 2013 /PRNewswire/ -- Omthera Pharmaceuticals and AstraZeneca announced today that the companies entered into a merger agreement under which AstraZeneca will acquire all of the outstanding stock of Omthera for an upfront payment of $12.70 in cash per share, approximately $323 million aggregate value ($260 million after subtracting cash), plus a contingent value right for up to $4.70 per share, equaling approximately $120 million and for a total value of up to $443 million. Covington & Burling LLP advised Omthera on the transaction.
Omthera is an emerging specialty pharmaceutical company led by a team of experts with exceptional experience in developing new therapies for lipid disorders. Omthera is dedicated to developing innovative therapies for the millions of patients who have elevated triglyceride levels and increased risk of cardiovascular disease. AstraZeneca is a global, innovation-driven biopharmaceutical business that focuses on the discovery, development and commercialization of prescription medicines, primarily for the treatment of cardiovascular, metabolic, respiratory, inflammation, autoimmune, oncology, infection and neuroscience diseases.
The Covington team was led by corporate partner Scott Smith and corporate associate Matthew Fox, with the assistance of associates Patrick Manchester, Peter Kim and Aisha Granville. Also advising on the transaction were partner Jim Snipes (life sciences commercial), partner Mike Lefever and associate Erik Durbin (securities), partner Seth Safra and counsel Kendra Roberson (benefits), partner Mike Labson and associates Afia Asamoah and Noellyn Davies (food & drug regulatory), partner James O'Connell and associate James Burke (antitrust), and partner Rob Heller and associate Sarah Burnham (tax).
Covington & Burling LLP, an international law firm, provides corporate, litigation, and regulatory expertise to enable clients to achieve their goals. Founded in 1919, the firm has more than 800 lawyers and offices in Beijing, Brussels, London, New York, San Diego, San Francisco, Seoul, Shanghai, Silicon Valley, and Washington, DC.
Contact: An Pham
SOURCE Covington & Burling LLP