WASHINGTON, July 31, 2013 /PRNewswire-USNewswire/ -- Covington & Burling is advising Actelion Ltd on the acquisition of Ceptaris Therapeutics, Inc. The merger is contingent upon U.S. Food and Drug Administration approval of the Ceptaris product, VALCHLOR.
Under the terms of the merger agreement, Actelion's subsidiary, Actelion US Holdings Company, will pay Ceptaris $25 million upon signing the agreement and $225 million to Ceptaris' shareholders upon closing of the transaction. Ceptaris' shareholders are also eligible to receive additional payments based on net sales of VALCHLOR and/or the achievement of certain commercial milestones.
Actelion Ltd is a biopharmaceutical company headquartered in Switzerland. Founded in 1997, Actelion is a leading player in innovative science related to the endothelium - the single layer of cells separating every blood vessel from the blood stream. Ceptaris Therapeutics Inc. is a privately held, specialty pharmaceutical company that was established to develop a proprietary gel formulation of mechlorethamine hydrochloride for the treatment of early stage mycosis fungoides, a type of CTCL.The corporate team was led by partners John Hurvitz and Stephen Infante, with associate Sara Needles. Covington & Burling LLP, an international law firm, provides corporate, litigation, and regulatory expertise to enable clients to achieve their goals. Founded in 1919, the firm has more than 800 lawyers and offices in Beijing, Brussels, London, New York, San Diego, San Francisco, Seoul, Shanghai, Silicon Valley, and Washington, DC. Contact: An Pham +1.202.662.6575 email@example.com SOURCE Covington & Burling LLP