Sidley represented Sagard Healthcare Partners (Sagard) in providing up to US$250 million in non-dilutive financings to Nuvation Bio Inc. (NYSE: NUVB), a global biopharmaceutical company tackling some of the greatest unmet needs in oncology. The transaction comprises a royalty interest financing of US$150 million and a senior term loan of up to US$100 million.
Under the terms of the agreement and subject to the approval of taletrectinib, a cancer drug, by the U.S. Food and Drug Administration (FDA) on or prior to September 30, 2025, Sagard will provide Nuvation Bio with an upfront cash payment of US$150 million. In return, Sagard will receive tiered royalties on U.S. net sales of taletrectinib, including 5.5% of annual U.S. net sales up to US$600 million and 3.0% of annual U.S. net sales between US$600 million and US$1 billion.
The Sidley team was led by Asher Rubin, Adriana V. Tibbitts (Technology and Life Sciences Transactions), and Angela Fontana (Global Finance), and included Lauren G. Grau and Dusan Clark (Technology and Life Sciences Transactions); Holly J. Gregory (Corporate Governance); Marian Fielding (Employee Benefits and Executive Compensation); James R. Johnson, Emily Marden, Julea Lipiz, and Abigail K. Carroll (Food, Drug and Medical Device); Adam M. Nelson, Jim Albrecht, and Mimi Mallory (Global Finance); Donielle McCutcheon and Gabrielle Feliciani (Healthcare); Samuel N. Tiu (IP Litigation); BinQuan Zhuang, Ph.D. (M&A); Fares Chehabi (Private Equity); and Steve Quinn, Tara M. Lancaster, Andy J. Lau, and Isaac Golub (Tax).
For additional information, please refer to the press release.
