BioCentury
ARTICLE | Company News

Envoy Therapeutics, Takeda deal

November 12, 2012 8:00 AM UTC

Takeda will acquire partner Envoy for up to $140 million in cash, including an upfront payment and preclinical milestones. Takeda, which has a 12.5% stake in Envoy, will gain the biotech's bacTRAP technology and preclinical CNS assets, which include programs for Parkinson's disease (PD) and cognitive impairment associated with schizophrenia. The deal is expected to close this month.

Takeda said it plans to continue Envoy's operations in Jupiter through March 2013, after which point Takeda will transfer the majority of the Envoy scientific staff and management team to Takeda's Takeda Pharmaceuticals Research Division in San Diego. Ernst & Young advised Takeda, and Grant Thornton advised Envoy. Cooley served as legal counsel for Takeda while Latham and Watkins served as legal counsel for Envoy. The companies declined to disclose details. ...