Paul Hastings Represents BioMarin Pharmaceutical in Agreement with La Jolla Pharmaceutical Company to Develop and Commercialize Riquent Worldwide (Excluding Asia Pacific)
San Francisco, CA (January 27, 2009) Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that the firm represented BioMarin Pharmaceutical Inc. in its agreement with La Jolla Pharmaceutical Company to co-develop and co-commercialize Riquent, La Jollas investigational drug for lupus nephritis, in the United States, Europe and all other territories of the world, excluding the Asia Pacific region. The transaction closed on January 20, 2009.
The transaction between BioMarin and La Jolla involved both the licensing of the co-development rights for Riquent and the investment by BioMarin of up to $27.5 million in La Jollas common stock. As a result of the transaction, BioMarin will be at least a 15% stockholder in La Jolla. In addition, BioMarins obligation to make further licensing payments and equity investments depends on the outcome of each of the milestones of the current Phase 3 study of the efficacy of Riquent.
San Francisco partner Thomas Pollock led the Paul Hastings team, which included associates Samantha Eldredge, Jane Song, Sasha Burstein and Benjamin Olson.
About BioMarin Pharmaceutical, Inc.: BioMarin develops and commercializes innovative biopharmaceuticals for serious diseases and medical conditions.
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