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News & Insights

Viatris’s Global Research and Development Collaboration with Idorsia

February 28, 2024

On February 28, 2024, Viatris Inc. (“Viatris”), a global healthcare company, and Idorsia Ltd (“Idorsia”) announced they have entered into agreements for a significant global research and development collaboration under which Viatris will receive exclusive global development and commercialization rights to two Phase 3 assets as well as the potential to add additional innovative assets in the future.

Under the terms of the agreements, the development programs and certain personnel for selatogrel, a potential life‑saving self‑administered medicine for patients with a history of heart attack, and cenerimod, a novel immunology asset that has the potential to be a first‑in‑class oral therapy for the treatment of the most common form of lupus, will be transferred to Viatris in exchange for an upfront payment to Idorsia of $350 million, potential development and regulatory milestone payments, and certain contingent payments of additional sales milestone payments and tiered royalties in the mid‑single to low‑double digit percentages on annual net sales. In addition to worldwide commercialization rights for both selatogrel and cenerimod (excluding, for cenerimod only, Japan, South Korea and certain countries in the Asia‑Pacific region), the agreements also provide Viatris a right of first refusal and a right of first negotiation for certain other assets in Idorsia’s pipeline. Cravath is representing Viatris in connection with the transaction.

The Cravath team is led by partner G.J. Ligelis Jr. and includes associates Ryan J. Wichtowski and Jeffrey C. Cole and foreign associate attorney Benedikt Hadorn on M&A matters; partner David J. Kappos, of counsel Christopher P. Davis and associate Sarah R. Brathwaite on intellectual property matters; partner J. Leonard Teti II, of counsel Kiran Sheffrin and associates Sonia Katharani‑Khan, Michael Pelle and Megan Samayoa on tax matters; partner Jonathan J. Katz, senior attorney Arian Mossanenzadeh and associate Nicholas J. Celli on executive compensation and benefits matters; partners Margaret T. Segall and Jesse M. Weiss and foreign associate attorney Aleine Obregón on antitrust matters; and partner George E. Zobitz and practice area attorney Alexander Gerten on corporate matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Intellectual Property
  • Tax
  • Executive Compensation and Benefits
  • Antitrust
  • Healthcare and Life Sciences

People

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Name
G.J. Ligelis Jr.
Title
Corporate
Title
Partner
Email
gligelisjr@cravath.com
Phone
+1-212-474-1892
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    Education

    • J.D., 2009, Harvard Law School
      cum laude
    • A.B., 2006, Princeton University
      Phi Beta Kappa, magna cum laude

    Admitted In

    • New York
    Photo
    Name
    David J. Kappos
    Title
    Corporate
    Title
    Partner
    Email
    dkappos@cravath.com
    Phone
    +1-212-474-1168
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      Education

      • J.D., 1990, University of California, Berkeley, School of Law
      • B.S., 1983, University of California, Davis
        summa cum laude

      Admitted In

      • New York
      • California
      • District of Columbia
      Photo
      Name
      J. Leonard Teti II
      Title
      Tax
      Title
      Partner
      Email
      lteti@cravath.com
      Phone
      +1-212-474-1896
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        Education

        • J.D., 2005, University of Virginia School of Law
          Order of the Coif
        • A.B., 1999, Princeton University
          with Honors

        Admitted In

        • New York
        Photo
        Name
        Jonathan J. Katz
        Title
        Executive Compensation and Benefits
        Title
        Partner
        Email
        jkatz@cravath.com
        Phone
        +1-212-474-1538
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          Education

          • LL.M., 2013, New York University School of Law
          • J.D., 2007, Benjamin N. Cardozo School of Law
            Order of the Coif, Dean's Distinguished Scholar, summa cum laude
          • B.S., 2003, Cornell University

          Admitted In

          • New York
          Photo
          Name
          Margaret T. Segall
          Title
          Litigation
          Title
          Partner
          Email
          msegall@cravath.com
          Phone
          +1-212-474-1231
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            Education

            • J.D., 2008, Harvard Law School
              cum laude
            • A.B., 2003, Harvard College
              magna cum laude

            Admitted In

            • New York
            Photo
            Name
            Jesse M. Weiss
            Title
            Litigation
            Title
            Partner
            Email
            jweiss@cravath.com
            Phone
            +1-212-474-1421
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              Education

              • J.D., 2008, Georgetown University Law Center
                magna cum laude
              • B.A., 2003, University of Maryland

              Admitted In

              • New York
              Name
              George E. Zobitz
              Title
              Corporate
              Title
              Partner
              Email
              jzobitz@cravath.com
              Phone
              +1-212-474-1996
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                Education

                • J.D., 1995, New York University School of Law
                  with Honors, cum laude
                • B.A., 1991, Franklin & Marshall College

                Admitted In

                • New York
                Photo
                Name
                Kiran Sheffrin
                Title
                Tax
                Title
                Of Counsel
                Email
                ksheffrin@cravath.com
                Phone
                +1-212-474-1842
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                  Education

                  • J.D., 2013, Brooklyn Law School
                    magna cum laude
                  • B.A., 2010, Wesleyan University

                  Admitted In

                  • New York
                  Photo
                  Name
                  Alexander Gerten
                  Title
                  Corporate
                  Title
                  Of Counsel
                  Email
                  agerten@cravath.com
                  Phone
                  +1-212-474-1861
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                    Education

                    • J.D., 2016, Columbia Law School
                      Harlan Fiske Stone Scholar
                    • B.S., 2012, University of Wisconsin - Madison
                      Graduated with Distinction; Stone Scholarship in Economics

                    Admitted In

                    • New York
                    Photo
                    Name
                    Arian Mossanenzadeh
                    Title
                    Executive Compensation and Benefits
                    Title
                    Senior Attorney
                    Email
                    amossanenzadeh@cravath.com
                    Phone
                    +1-212-474-1571
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                      Education

                      • J.D., 2013, University of Virginia School of Law
                      • B.A., 2008, University of Washington
                        with Distinction, Phi Beta Kappa, magna cum laude

                      Admitted In

                      • New York

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                      Deals & Cases

                      October 02, 2023

                      Viatris’s $6.94 Billion in Announced Divestitures

                      On October 1, 2023, Viatris Inc. (“Viatris”), a global healthcare company, announced it has received an offer for the divestiture of substantially all of its Over-the-Counter (“OTC”) business, and has entered into definitive agreements to divest its Women’s Healthcare business, its Active Pharmaceutical Ingredient (“API”) business in India and commercialization rights in certain non-core markets that were acquired as part of the combination with Upjohn. The total transactions value, including Viatris’s 2022 divestiture of its biosimilars business, represents up to $6.94 billion of total gross proceeds. The estimated transaction value for the divestitures announced today is $3.6 billion, including gross consideration of up to approximately $2.17 billion for the divestiture of substantially all of its OTC business, and up to approximately $1.2 billion combined for the divestitures of its API and Women’s Healthcare businesses. Cravath is representing Viatris in connection with the transactions.

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