Sunovion Pharmaceuticals Acquires Elevation Pharmaceuticals for $430,000,000

Feed Type
Link
http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=614dfec1-e872-4605-97a1-9975fee66565&Preview=1
Date
8/31/2012
Company Name
Elevation Pharmaceuticals
Mailing Address
11455 El Camino Real San Diego, CA 92130
Company Description
Founded in 2008, Elevation Pharmaceuticals is developing a pipeline of improved aerosol drug products for COPD patients. Our founding team has a successful track record starting companies and building dedicated teams to develop new drug products that improve patients’ lives.
Website
http://www.elevationpharma.com
Transaction Type
M&A
Transaction Amount
$430,000,000
Transaction Round
Proceeds Purposes
M&A Terms
According to the terms of the agreement, Sunovion will make an upfront payment of US$100 million to the shareholders of Elevation on closing of the acquisition of its shares, and thereafter it will make development milestone payments for EP-101 up to US$90 million. Furthermore, after the regulatory approval, Sunovion will also make commercial milestone payments up to US$210 million. Subsequent milestone payments up to $30 million could occur contingent upon the successive development of additional new programs.