Novartis Granted Exclusive Right to Acquire Sideris Pharmaceuticals
Kaye Scholer client Novartis Pharmaceuticals has entered into an agreement with Sideris Pharmaceuticals Inc. in which Novartis has been granted an exclusive right to acquire Sideris and its lead asset, the iron-chelating candidate SP-420. Including upfront, acquisition and milestone payments, the agreement with Novartis could reach up to $300 million. This agreement coincided with Sideris successfully completing a $32 million Series A equity financing.
Sideris Pharmaceuticals Inc. is a privately held biopharmaceutical company that is focused on the development of therapeutics for the treatment of transfusion-related iron overload. The combination of the Novartis agreement and the closing of the Series A financing will allow Sideris to advance the SP-420 program through a large Phase 2 clinical study in transfusion related iron overload.
The Kaye Scholer team advising Novartis in the agreement includes Partners Derek Stoldt and Adam Golden, Counsel Bill Lonergan and Associate Stephen Sandiford.