Foley Hoag Advises AurKa Pharma in Sale to Eli Lilly and Company
June 8, 2018
Foley Hoag LLP recently advised AurKa Pharma, Inc. (AurKa), a company established by venture capital firm TVM Capital Life Science, in its sale to global healthcare leader Eli Lilly and Company (Lilly). The deal has a potential worth of up to $575 million for AurKa shareholders.
Based in Canada, with additional offices in Germany, TVM Capital Life Science invests in innovative biotech, pharmaceutical and medtech companies. AurKa was established in 2016 to develop oncology compound AK-01, an Aurora kinase A inhibitor with the potential to treat certain types of solid tumors, including small cell lung cancer and treatment resistant breast cancer. The acquisition of AurKa supports Lilly's strategy of partnering with leading life science venture capital firms to identify promising innovation in areas of unmet medical need.
Under the terms of the agreement, AurKa shareholders will receive an upfront payment of $110 million and are also eligible to receive up to an additional $465 million should AK-01 achieve specific regulatory and sales milestones.
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