On April 13, 2022, GlaxoSmithKline plc (GSK) and Sierra Oncology, Inc. announced that they have entered into an agreement under which GSK will acquire Sierra Oncology, a late-stage biopharmaceutical company focused on targeted therapies for the treatment of rare forms of cancer, for $55 per share of common stock in cash, representing an approximate total equity value of $1.9 billion. The per-share price represents a premium of approximately 39 percent to Sierra Oncology’s closing stock price on April 12, 2022, and a premium of approximately 63 percent to Sierra Oncology’s VWAP over the last 30 trading days. Wilson Sonsini Goodrich & Rosati advised Sierra Oncology on the transaction.
Sierra Oncology’s differentiated momelotinib has the potential to address the critical unmet medical needs of myelofibrosis patients with anaemia. In January 2022, Sierra Oncology announced positive topline results from the MOMENTUM phase III trial. The study met all its primary and key secondary endpoints, demonstrating that momelotinib achieved a statistically significant and clinically meaningful benefit on symptoms, splenic response, and anemia. Sierra Oncology is anticipating U.S. regulatory submission in Q2 of this year and EU submission in the second half of 2022.
Wilson Sonsini has also advised Sierra Oncology on a number of recent financing transactions, including public warrant and equity issuances.
The Wilson Sonsini team that advised Sierra Oncology on the acquisition includes:
Corporate/M&A
Robert Ishii
Remi Korenblit
Michael Nordtvedt
Erin Malone-Shkurkin
Jill Fulwiler
Rachel Nagashima
Austin Wolfe
Antitrust and Competition
Kimberley Biagioli
Employee Benefits and Compensation
Michelle Wallin
Michael Montfort
Toni Jennings
Technology Transactions
Ian Edvalson
Barath Chari
Patrick Messenger
Shefali Tandon
Magnus Gan
Privacy and Cybersecurity
Matt Staples
Daniel Chen
Michael O’Brien
FDA Regulatory
David Hoffmeister
Eva Yin
Delaware Corporate
Ryan Greecher
Jason Schoenberg
National Security
Joshua Gruenspecht
Seth Cowell
Jahna Hartwig
Kara McDonough
Employment and Trade Secrets
Rebecca Stuart
Sarah Eller
For more information, please see the companies’ press release.