International law firm Dechert LLP has advised long-standing client Zealand Pharma, a Danish biotechnology company dedicated to the discovery and development of novel peptide drugs, on two important matters.
In the first, Dechert advised Zealand Pharma on a collaboration agreement with Protagonist Therapeutics, Inc., a privately-owned US incorporated biotechnology company. Under the agreement, Zealand Pharma and Protagonist will join forces to identify, optimize and develop novel disulfide rich peptides (DRPs) with the therapeutic potential to offer better treatment for patients in defined, non-disclosed disease areas. Protagonist brings to the collaboration a validated and proprietary technology platform for the discovery and optimization of novel DRPs (disulfide-rich peptides). Besides potent biological activity, DRPs are characterized by inherent stabilizing properties which lead to improved pharmacokinetic profiles. Zealand Pharma has identified the disease targets for the peptide drug discovery activities covered by the collaboration and will be responsible for preclinical and clinical drug development of DRPs, discovered under the collaboration.
In the second, Dechert acted for Zealand Pharma on the final closing of the company’s license agreement with Abbott for the development and commercialization of AP214 (referred to as ZP1480 by Zealand Pharma) as described in Company Announcement no. 14-12 on 3 May 2012. The final closing follows the receipt of U.S. antitrust clearance of the agreement between Action Pharma and Abbott on the acquisition by Abbott of all rights to AP214 from Action Pharma. AP214 (ZP1480) is a first-in-class melanocortin peptide agonist, invented and developed by Action Pharma A/S, and modified by using Zealand Pharma’s SIP®-technology, in development for the prevention of acute kidney injury and other relevant indications. As part of the closing of the license agreement with Abbott, Zealand Pharma has received payment of USD 11 (DKK 66) million from Action Pharma. Under the agreement with Abbott, Zealand Pharma is entitled to a low single-digit royalty on Abbott’s global future sales of AP214 (ZP1480), if the product is successfully developed, approved and commercialized.
The Dechert team that advised Zealand Pharma on the first transaction included Paris partner Jonathan Schur, US partner Kristopher Brown and US counsel Thomas Rayski.
Jonathan Schur, Kristopher Brown and Thomas Rayski also advised Zealand Pharma on the second transaction. US tax advice was provided by partner Michael Hirschfeld and associate Kenneth Wang.
