On July 30, 2020, Lexicon Pharmaceuticals, a fully integrated biopharmaceutical company with a mission of pioneering medicines that transform patients’ lives, announced that it has entered into an asset purchase and sale agreement for the sale to TerSera Therapeutics of Lexicon’s rights, title and interest in XERMELO® (telotristat ethyl). Pursuant to the terms of the agreement, TerSera will pay Lexicon approximately $159 million in cash at closing and Lexicon may receive additional development, regulatory and sales milestone payments of up to an aggregate of $65 million for the development and commercialization of telotristat ethyl in patients with biliary tract cancer, as well as potential royalty payments on net sales of XERMELO in bilary tract cancer. The transaction is expected to close in the third quarter of 2020, subject to customary closing conditions.

The WilmerHale team representing Lexicon Pharmaceuticals in this transaction was led by Joe Conahan, Steve Barrett and Mark Nylen, and also includes Julie Hogan Rodgers, Scott Kilgore, Chalyse Robinson, Bruce Manheim, Hartmut Schneider, Edward Sharon, Barry Hurewitz, Jason Chipman, Meghan Walsh, Rylee Johnston, Reade Jacob and Rob Isham.