The Life Sciences Practice of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.  represented its client, Boston Biomedical, Inc. (BBI), in the company’s definitive agreement to be acquired by Dainippon Sumitomo Pharma Co., Ltd. (DSP).  Under the terms of the agreement, DSP will acquire BBI for up to $2.63 billion in total, which includes $200 million upfront, up to $540 million in development milestone payments, and up to $1.89 billion in sales milestone payments.

According to BBI, the company has developed a world]leading product pipeline targeting cancer stem cells that includes BBI608 and BBI503, as well as a highly productive drug discovery platform and development capability. BBI608 is a first]in]class cancer stemness inhibitor currently in the preparatory stage for Phase III trials for colorectal cancer in North America, as well as Phase 1b trials and Phase II trials for multiple solid tumors. BBI503 is a first]in]class cancer stemness kinase inhibitor which is currently in multi]center Phase I clinical trials in North America for advanced solid tumors. Both BBI608 and BBI503 were discovered by BBI’s proprietary drug discovery platform, which is focused on cancer stemness and cancer stem cells.

Leading a multi-disciplinary and multi-office team of lawyers in representing BBI in the transaction were Bill Whelan, a Member in the firm’s Corporate & Securities Section and Co-Chair of the Life Sciences Practice Group, Scott Samuels, a Member in the Life Sciences Practice Group and the Corporate & Securities Section and Ivor Elrifi, Co-Chair of Mintz Levin’s Intellectual Property Section.

After the acquisition, BBI will become a 100%]owned subsidiary of DSP and continue its operations in the Boston area. The boards of directors of both companies have unanimously approved the acquisition. The acquisition is scheduled to close in April, 2012, subject to clearance under the Hart]Scott]Rodino (HSR) Antitrust Improvement Act and satisfaction of customary closing conditions.