Client results
Viralytics Limited Sale of Australian oncology firm to MSD
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McCullough Robertson has advised on the transaction that represents the greatest sum ever offered for a local drug developer in the commercial history of Australian biotech.
The firm advised Viralytics Limited on its acquisition by Merck & Co., known as Merck Sharp and Dohme (MSD) outside of North America.
Viralytics is an Australian publicly traded company focused on oncolytic immunotherapy treatments for a range of cancers. The proposed acquisition values the total issues shares in Viralytics at approximately AUD 502 million.
On completion of the transaction, Viralytics will become a wholly-owned subsidiary of MSD, gaining full rights to CAVATAK®. CAVATAK is based on Viralytics’ proprietary formulation of an oncolytic virus that has been shown to preferentially infect and kill cancer cells.
McCullough Robertson has acted for Viralytics Limited since 2004. This transaction will be one of the largest in the Australian biotech industry and ultimately maximises the prospects of getting this life-saving drug approved and available for treatment. The announcement received global coverage.
The transaction was led by Partners Reece Walker, and Ben Wood and Senior Associate Naomi Omundson. With expert support provided by Partners Duncan Bedford and Belinda Breakspear,