Press Release

Morrison & Foerster Advises Affitech on Strategic Alliance with Russian Biotech

13 May 2010

London (13 May 2010) –Lawyers from the London office of Morrison & Foerster have advised the Danish antibody company Affitech A/S, on a research and development collaboration with NauchTekhStroy Plus, (NTS Plus), a newly formed joint venture subsidiary of Pharmstandard, Russia's leading domestic pharmaceutical company.

Under the terms of the agreement: 

  • NTS Plus will conduct clinical development and registration of two innovative Affitech antibodies for Russian and CIS markets 
  • NTS Plus will pay €23 million in fees and advanced royalties to Affitech 
  • Pharmstandard will commercialise these antibody products in Russia and CIS
  • Russian Investor, Trans Nova Investments, becomes majority shareholder in Affitech by subscribing for €20.9 million in new Affitech shares
  • Affitech shares continue to trade on NASDAQ/OMX Copenhagen Stock Exchange

The Morrison & Foerster team included Julian Thurston and James Ryan. 

Co-head of the Life Sciences Group, Julian Thurston, commented, "This is a significant collaboration for Affitech and demonstrates the importance for European biotechs of pursuing effective strategies to take advantage of new opportunities in the emerging markets and particularly those of the BRIC (Brazil, Russia, India and China) economies."

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