London – May 21, 2019 – Cooley advised Therachon Holding, a clinical-stage biotechnology company focused on rare diseases, on its agreement to sell to Pfizer. Cooley partners Ryan Sansom and Michal Berkner led the team advising Therachon on the transaction.

Under the terms of the agreement, Pfizer will acquire Therachon for $340 million upfront, with an additional $470 million in additional payments contingent on key milestones in the development and commercialization of TA-46 for the treatment of achondroplasia, a genetic condition and the most common form of short-limbed dwarfism.

“We are thrilled that the work we have done to discover and advance a novel and potentially life-transforming medicine for achondroplasia is now being continued by Pfizer,” Therachon CEO Luca Santarelli said in a news release. “With its rare disease expertise and worldwide reach, Pfizer is well positioned to accelerate the development of TA-46 and fulfill Therachon’s vision of addressing the complications suffered by children with achondroplasia by targeting the molecular root causes of this condition.”

Prior to closing, Therachon will spin off its apraglutide development program into a separate, independent company. Apraglutide is being developed for the treatment of short bowel syndrome.

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