3 August, 2017
Davis Polk is advising Mitsubishi Tanabe Pharma Corporation on its approximately $1.1 billion acquisition of NeuroDerm Ltd. The transaction, which is expected to close in the fourth quarter of 2017, will be subject to customary conditions, including approval by NeuroDerm’s shareholders and receipt of required regulatory approvals. This deal represents the first acquisition of an Israeli public company by a Japanese buyer.
Mitsubishi Tanabe Pharma, with headquarters in Osaka, Japan, is a Japanese pharmaceutical company focused on research-driven ethical drugs, including drugs for autoimmune diseases, diabetes and kidney diseases and central nervous system diseases. NeuroDerm, headquartered in Tel Aviv, Israel, and listed on NASDAQ, is a clinical stage pharmaceutical company developing drug-device combinations for central nervous system diseases, including Parkinson’s disease.
The corporate team includes partner Jon Gray, counsel Mörk Murdock and associates Mari Foster and Shinya Fujiwara of the Tokyo office, and partners William H. Aaronson and Michael Davis of the New York office. Partner Jesse Solomon and counsel Mary K. Marks are providing antitrust and competition advice. Counsel David R. Bauer and associate Paul S. Lee are providing intellectual property and technology advice. Members of the Davis Polk team are based in the Tokyo, New York and Washington DC offices.
