Vischer with Dermavant Sciences on securing $200 million of financing
Dermavant Sciences, a clinically focused biopharmaceutical company dedicated to developing and commercializing innovative therapies in the field of immune dermatology, has signed a $160 million revenue interest purchase and sale agreement with three participants for its research product tapinarof , including Marathon Asset Management, NovaQuest Capital Management and a third institutional investor based in Boston. At the same time, the company closed a $40 million senior secured financing with the Boston-based company.
Proceeds of the financing are to be used to fund all milestone payments associated with approval and launch of Tapinarof for treatment of Psoriasis, as well as to accelerate investment in commercial preparation.
The legal teams
Vischer acted as Swiss counsel to Dermavant on the transaction. The team led by Adrian Dörig (partner, banking & finance, pictured) included Ruben Masar (senior associate, corporate finance) and Sebastian Flückiger (associate, corporate finance), Delia Fehr-Bosshard (managing associate, intellectual property law) as well as Christoph Niederer (partner, tax) and Patrik Fisch (associate, tax).
Cooley acted as counsel to Dermavant, while Morgan Stanley & Co. acted as Dermavant’s sole structuring agent on the revenue sale transaction and as sole placement agent on the senior debt financing.
Pillsbury Winthrop Shaw Pittman acted as counsel to the Boston-based institutional investor. Wyrick Robbins Yates & Ponton acted as counsel to NovaQuest, and Latham & Watkins acted as counsel to Marathon.
