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Kaye Scholer Advises Pfizer on Deal for the Development and Commercialization of Adult and P…

December 15, 2014

Kaye Scholer Advises Pfizer on Deal for the Development and Commercialization of Adult and Pediatric Growth Hormone

Kaye Scholer advised long-time client Pfizer on its worldwide agreement with OPKO Health Inc. to develop and commercialize OPKO’s long-acting human growth hormone (hGH-CTP) for the treatment of growth hormone deficiency (GHD) in adults and children. hGH-CTP has the potential to reduce the dosing frequency of human growth hormone from the current daily injection standard to just a single weekly injection.

Under terms of the agreement, which was announced December 15, 2014 and is expected to close 1Q 2015 subject to customary Hart-Scott-Rodino approval, Pfizer will receive the exclusive license to commercialize hGH-CTP worldwide. OPKO will receive an upfront payment of $295 million and be eligible to receive up to an additional $275 million upon the achievement of certain regulatory milestones. Further, OPKO will receive royalty payments associated with the commercialization of hGH-CTP for Adult GHD which is subject to regulatory approval. Upon the launch of hGH-CTP for Pediatric GHD, which is subject to regulatory approval, the royalties will transition to gross profit sharing for both hGH-CTP and Pfizer's Genotropin.

The global growth hormone market is currently valued at more than $3 billion and hGH-CTP is believed to have the potential to be the best in class long-acting growth hormone product. Pfizer says the agreement strengthens its commitment to rare diseases, complements its existing Genotropin franchise and will help provide a potential next-generation therapy for patients with adult and pediatric GHD.

Andres Liivak led the Kaye Scholer team for this transaction working with William Lonergan, Aaron Gardner, Danielle Rosato and Ben Hsing.

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