Potter Anderson Serves as IP Counsel in Acquisition of Protez Pharmaceuticals by Novartis

Earlier this month, Protez Pharmaceuticals announced that it had reached an agreement to be acquired by Novartis. Under the terms of the agreement, Novartis will acquire Protez for up to $400 million in cash, of which $100 million will be paid at closing and up to $300 million will be paid if certain clinical milestones, regulatory approvals and commercial targets are achieved. Protez will become a stand-alone subsidiary of Novartis, maintaining its operations in Malvern, Pennsylvania. The acquisition positions Protez to advance its promising development program for hospital antibiotics, including PZ-601, a uniquely broad-spectrum antibiotic in Phase II development to help patients suffering from life-threatening infections.

Potter Anderson has been working with Protez as intellectual property counsel since its startup phase. Kathleen W. Geiger, an IP partner with Potter Anderson commented, "This is a true success story and I am excited about having the opportunity to watch this company as it grows and makes its way in the pharmaceutical industry." Protez was founded in 2003 and focuses on discovery and development of novel antimicrobial compounds targeting difficult-to-treat infections. Potter Anderson associate Jeffrey B. Safran also worked on intellecutal property matters for Protez.