Cases & Deals

sanofi-aventis acquires BiPar Sciences

Clients sanofi-aventis S.A.

Jones Day advised sanofi-aventis in connection with a competitive auction to acquire BiPar Sciences, Inc., a privately held biotech company located in Brisbane, California. BiPar's key product is BSI-201, an experimental cancer therapy currently in mid-stage trials for advanced breast cancer, ovarian cancer and other tumors.

Sanofi-aventis acquired BiPar in a merger transaction with one of its U.S. subsidiaries for up to $500 million in cash. The final purchase price will depend on how well BSI-201 performs in further trials, and on whether the drug makes it to market.

Jones Day worked with sanofi-aventis to develop a payment structure that conditions payment of a significant portion of the merger consideration based on the achievement of specific milestone events. The structure of the deal reflects a growing trend in pharmaceutical M&A, in which large drug makers seek to lessen the risk of costly investments in experimental products that may not fulfill their initial promise.

M&A, IP, Employee Benefits, Tax, and Antitrust attorneys in the Firm's New York, Silicon Valley, and Washington offices worked together to advise sanofi-aventis on various aspects of the transaction.