LPA-CGR avocats advises OrbiMed, a leading healthcare investment company, on USD 50 million royalties monetization agreement with Poxel
Paris, September 30th 2024
LPA-CGR avocats advises OrbiMed, a leading healthcare investment company, on USD 50 million royalties monetization agreement with Poxel
LPA-CGR avocats, BCLP and Covington & Burling have advised OrbiMed, a leading healthcare investment company, on a cross-border USD 50 million financing agreement with Poxel, to monetize a portion of Poxel’s future royalties and sales-based payments from the sales of Poxel’s TWYMEEG® (Imeglimin) by Sumitomo Pharma in Japan, secured by two French law security trusts into which several assets (including patents, license agreements, future cash flow and receivables) are transferred.
Managing around $17 billion in assets, OrbiMed invests globally across the healthcare industry, from start-ups to large multinational corporations, through private equity funds, public equity funds, and royalty/credit funds. With more than 100 professionals, the firm operates from key global hubs such as New York City, London, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya, and more.
Poxel is a clinical stage biopharmaceutical company developing innovative treatments for chronic serious diseases with metabolic pathophysiology. TWYMEEG®, Poxel’s first-in-class product that targets mitochondrial dysfunction, is marketed for the treatment of type 2 diabetes in Japan by Sumitomo Pharma. Listed on Euronext Paris, Poxel is headquartered in Lyon, and has subsidiaries in Boston and Tokyo.
LPA-CGR avocats have assisted OrbiMed on this transaction on corporate matters, with Christian Sauer, partner, and Karim Ben Khamsa, associate.
OrbiMed was also advised by BCLP (restructuring: Didier Bruère-Dawson, partner and Marie Gicquel, counsel, IP: Pierre-Emmanuel Forgé, counsel, tax: Olivier Mesmin, partner and Thomas Poiret, senior associate) and Covington & Burling in the USA.
Dechert LLP (Paris and New York) advised Poxel: Vincent Privat, Olivia Bernardeau-Paupe, Julie Lecomte – Paris.
To read Poxel’s press release, please click here.