On October 2, 2006, Takeda Pharmaceutical Co., Japan's largest pharmaceutical company, entered into a US$80 million partnership with Xenon Pharmaceuticals, the largest pre-clinical partnership between a biotech and a Japanese pharmaceutical company. Under the terms of the agreement, Takeda will make up to $75.5 million in payments to Xenon and will purchase $5 million in Xenon stock.
In return, Takeda will develop and commercialize the oral formulations of XEN401, a drug for the treatment of chronic and acute pain, in Japan and six other Asian countries. Xenon retains the rights to XEN401 for the rest of the world.
Fasken Martineau DuMoulin LLP advised Takeda in this transaction with a team comprised of Roger Kuypers in Vancouver and Lucie Dufour in Montreal.
Xenon's in-house counsel Karen Corraini was advised by a team from McCarthy Tétrault LLP comprised of John Pearson, Joyce Lee and Nazma Lee.