A Locke Lord team led by Douglas Gray (Providence) represented Biohaven Pharmaceutical Holding Company (NYSE: BHVN) in its acquisition of the remaining 58% interest of Kleo Pharmaceuticals, Inc., that it did not previously own and the execution of an exclusive license agreement with Yale University for a novel extracellular degrader technology licensed from the Spiegel Lab. The acquisition was structured as a reverse triangular merger, and in exchange for the sale of Kleo's equity interests, Kleo shareholders received a certain amount of Biohaven’s common shares and a contingent value right if certain specified Kleo biopharmaceutical products or product candidates receive the approval of the U.S. Food and Drug Administration within a specified period of time after the closing. The merger values Kleo, including cash on hand, at an enterprise value of approximately $20 million, exclusive of the value of the contingent value rights. Additional assistance was provided by Jaremi Chilton (San Francisco), Stanley Keller, Ralph Loren (both of Boston), Eugene McDermott, Lori Basilico and Katie Morin (all from Providence).
Posted on January 8, 2021