Jazz Pharmaceuticals plc has acquired Cavion Inc., a clinical-stage biotechnology company, through a merger with a Jazz subsidiary is a deal potentially worth $312.5 million.
The transaction gives Jazz worldwide rights to CX-8998, a modulator of t-type calcium channels, for the potential treatment of the neurological disorder, essential tremor.
Under the terms of the agreement, the former Cavion shareholders receive an upfront payment of $52.5 million and have the potential to receive additional payments of up to $260.0 million upon the achievement of certain clinical, regulatory and commercial milestones, for a total potential consideration of $312.5 million.
Cavion has appointed Fortis Advisors LLC as the shareholder representative. Its financial adviser for the transaction was MTS Health Partners, L.P., its legal adviser was Cooley LLP and its strategic adviser was Pilot Health Advisors, LLC.
Jazz Pharmaceuticals' legal adviser for the transaction was Hogan Lovells.