Biogen’s $1.25 Billion Settlement and License Agreement with Forward Pharma

On January 17, 2017, Biogen Inc. announced that it has agreed to enter into a settlement and license agreement with Forward Pharma, subject to the approval of Forward Pharma’s shareholders and other customary conditions, which will provide Biogen an irrevocable license to all intellectual property owned by Forward Pharma. Upon the effectiveness of the settlement and license agreement, Biogen will provide Forward Pharma a cash payment of $1.25 billion. Cravath is representing Biogen in connection with the transaction.

The Cravath team is led by partners David J. Kappos and Mark I. Greene and includes associates Daniel J. Cerqueira, Douglas C. Dolan, Jeremy S. Lerner and Jason M. Sandler on corporate and intellectual property matters; partners J. Leonard Teti II and Christopher K. Fargo and senior attorney Andrew Carlon on tax matters; partner Jonathan J. Katz and associates Daniel P. Herrmann and Jana I. Hymowitz on executive compensation and benefits matters; and partners Christine A. Varney and Margaret Segall D’Amico on antitrust matters. Conor R. O’Keeffe also worked on corporate matters.