Global law firm White & Case LLP advised NeuroDerm Ltd., a clinical-stage pharmaceutical company developing drugs for central nervous system (CNS) diseases, on its acquisition by Mitsubishi Tanabe Pharma Corporation (MTPC) for a total of US$1.1 billion at a price per share of US$39. MTPC is a leading Japanese pharmaceutical company. The acquisition, which closed on October 18, 2017, is the largest ever of an Israeli healthcare company.
NeuroDerm completed its IPO and listing on the Nasdaq in November 2014 at a price to the public of US$10 per share. The company subsequently completed two follow-on offerings that, together with the IPO, raised gross proceeds of US$208 million. White & Case represented NeuroDerm in each of these transactions.
"We congratulate the company and its board and management on completing this transaction," said Colin Diamond, Co-Head of White & Case's Israel Practice. "The transaction reflects their significant investment and dedication, and demonstrates the continuing attractiveness to global acquirers of Israeli know-how in the pharmaceutical space."
White & Case has worked on more US IPOs of Israeli companies over the last decade than any other international law firm. The Firm represents those companies and other Israeli clients in many of their important transactional and litigation matters around the world through its 41 offices across 29 countries.
The White & Case team in New York that advised on the transaction was led by Greg Pryor, Head of White & Case's Americas Mergers & Acquisitions and Corporate Practice, and by Colin Diamond, Capital Markets partner and Co-Head of White & Case's Israel Practice. They were supported by associates Suni Sreepada, Rafael Roberti, Evan Hoole, Jessica Cauley and Alexandra Norman. Partner Rebecca Farrington advised on US antitrust matters, and partner Steven Gee advised on US tax matters. White & Case worked together on the transaction with Meitar Liquornik Geva Leshem Tal, NeuroDerm's counsel in Israel.
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