Mintz advised the former shareholders of biopharmaceutical company Censa Pharmaceuticals, Inc. in the sale of their sepiapterin earnout royalty rights back to PTC Therapeutics, Inc. (NASDAQ: PTCT) in accordance with a Rights Satisfaction Agreement.
Additional information can be found here.
In 2020, Mintz advised Censa Pharmaceuticals in its sale to PTC Therapeutics in exchange for an upfront cash payment, shares of PTC Therapeutics’ common stock and earnout rights consisting of development, regulatory and commercial milestones.
Pursuant to the terms of the Rights Satisfaction Agreement, the participating former shareholders of Censa canceled and forfeited their rights to receive a percentage of annual net sales for products containing sepiapterin during the applicable payment term in exchange for an upfront payment of up to $250 million and up to $500 million in commercial milestones.
The Mintz team that advised the former shareholders of Censa Pharmaceuticals on this the most recent transaction was led by Member and Co-Chair of the firm’s Mergers & Acquisitions Practice Marc Mantell and included Member Richard Gervase and Associate Wuqi Liu.
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