Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
09.01.23
Pillsbury is advising Acer Therapeutics, Inc.—a pharmaceutical company focused on the acquisition, development and commercialization of therapies for serious rare and life-threatening diseases—on its merger agreement with Zevra Therapeutics, Inc. The merger transaction, which is expected to close in the fourth quarter of 2023, is valued at up to $91 million.
Upon conclusion of the transaction, Acer shareholders will receive $15 million up front in shares of Zevra stock, with the potential for up to an additional $76 million in cash payments under contingent value rights tied to regulatory, commercial and other milestone achievements by Acer-approved drug and pipeline drug candidates. Zevra will also purchase Acer’s secured debt and is extending Acer a bridge loan of up to $16.5 million.
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The Pillsbury deal team is led by Corporate partners Mike Hird and Christina Pearson and includes associate Grace Lee, Finance partner Alicia McKnight and associate Olivia Lugar. Retired partner Patty DeGaetano was also involved.