Transaction Case Studies

Agreement to Develop and Commercialize Tecarfarin in Greater China and Thailand

Situation Assessment

  • Armetheon is a private, specialty pharmaceutical company which is developing a late-stage cardiovascular asset:
    • Tecarfarin a novel, oral anti-coagulant to treat patients with prosthetic heart valves and other conditions requiring the use of an anticoagulant
  • The company was founded by three entrepreneurs with intimate knowledge of Tecarfarin, who identified a new strategic approach that would better position Tecarfarin in the anticoagulant market
  • Armetheon engaged Locust Walk’s Asia Team to identify an ideal partner for Greater China, negotiate the term sheet, and execute a definitive License Agreement

Key Activities

Through its Asia team, Locust Walk pursued multiple work streams to successfully close a strategic partnership for Armetheon in Greater China:

  • Locust Walk carried out quantitative research to over 130 physicians in the People’s Republic of China, the results of which were used to craft the Tecarfarin story for potential partners
  • Locust Walk participated in qualitative interviews with key opinion leaders at large cardiovascular hospitals in Beijing
  • Through its c-level contacts, Locust Walk introduced Armetheon to Lee’s Pharmaceutical in 2014 as a potential partner for Tecarfarin in Greater China
  • Locust Walk managed the negotiations that led to agreement on basic terms between Armetheon and Lee’s, and led negotiations on the definitive License Agreement

Successful Outcome

  • In 1Q 2015, Lee’s became an investor in Armetheon through its participation in Armetheon’s $24M Series B round
  • In September 2015, Armetheon and Lee’s signed an agreement granting Lee’s the exclusive right to develop and commercialize Tecarfarin in the People’s Republic of China, Hong Kong, Macau, Taiwan and Thailand
  • Substantial deal economics relative to traditional Greater China deals, including an upfront payment, Lee’s investment in Armetheon, development and commercial milestones

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CLIENT: Armetheon

PARTNER: Lees Pharma

Agreement to Develop and Commercialize Tecarfarin in Greater China and Thailand.