Burrill & Company’s Role

The Merchant Banking Group was exclusively retained by Purdue to pursue parallel venture capital and M&A paths for a series of programs in pain from early research to clinical stage products and an accompanying team of people.
• The engagement involved creating a complex agreement structure, managing multiple global negotiations and keeping the team intact at a challenging time for the parent company.
• The agreement covers worldwide research, development and commercialization. Shionogi made a significant upfront payment, is covering all Purdue research costs for the first three years of the collaboration, and will make additional development milestone payments to Purdue. The companies will share clinical development costs, and all analgesic drugs created through this research will be co-promoted by Purdue and Shionogi worldwide.

The Result

• A worldwide Research, Development & Commercialization collaboration covering 3 programs in pain
• Shionogi will pay significant upfront payments, all Purdue FTE and other research costs for the first three years of the collaboration, and additional payments to Purdue as the programs reach certain development milestones
• Clinical development costs will be shared. All analgesic drugs created through this research will be co-promoted by Purdue and Shionogi worldwide.