Todd Trattner, Ph.D. is Of Counsel in the San Francisco office of Gibson, Dunn & Crutcher. Dr. Trattner is a member of the firm’s Corporate Department with a practice focused on intellectual property transactions in the life sciences and technology industries.
Dr. Trattner represents public and private companies, investors, and academic institutions in the biotechnology, pharmaceutical, technology, medical device, and diagnostics industries in connection with licensing transactions, royalty financings, technology transactions, and mergers and acquisitions.
In addition, Dr. Trattner has extensive experience in complex collaborations and strategic alliances, including development and commercialization arrangements, joint ventures, manufacturing and supply agreements, and services arrangements. He also regularly advises clients on complex intellectual property issues in connection with various corporate transactions. Dr. Trattner also advises and represents numerous non-profit entities.
Representative Licensing, Strategic Collaborations, and Technology Transactions
- Novartis Pharmaceuticals in a settlement and license agreement for ANDA litigation.
- Merck & Co. in a collaboration and license agreement to develop and commercialize AAV gene therapies.
- Sage Therapeutics in a global collaboration and license agreement with Biogen to jointly develop and commercialize zuranolone (SAGE-217) for depression and other psychiatric disorders and SAGE-324 for neurological disorders, valued in excess of $1.525 billion.
- LivaNova in an exclusive license from a non-profit academic medical center to develop, manufacture and commercialize a cannula device.
- Arrowhead Pharmaceuticals in an exclusive license agreement with GlaxoSmithKline to develop and commercialize ARO-HSD as a treatment for patients with nonalcoholic steatohepatitis (NASH), with a $120 million upfront and potential milestone and royalty payments in excess of $910 million.
- InnoCare Pharma in (i) its collaboration with Biogen for orelabrutinib (a BTK inhibitor), with a $125 million upfront and potential milestone and royalty payments in excess of $812.5 million; and (ii) its in-license with Incyte for rights to tafasitamab (a CD19 targeting monoclonal antibody) in Greater China, with a $35 million upfront and potential milestone and royalty payments in excess of $82.5 million.
- Selecta Biosciences in (i) a strategic licensing agreement with Takeda Pharmaceutical to develop gene therapies within the field of lysosomal storage disorders; (ii) an exclusive license of SEL-212 to Swedish Orphan Biovitrum for the treatment of chronic refractory gout, with a $100 million upfront and potential milestone and royalty payments in excess of $630 million; (iii) a strategic collaboration with AskBio BioPharmaceutical to jointly develop, manufacture and commercialize targeted therapeutics for AAV gene therapies; and (iv) a license and option for Sarepta Therapeutics to develop and commercialize ImmTOR with Sarepta’s AAV gene therapy for neuromuscular diseases.
- Clorox in a strategic collaboration with a sprayer manufacturer.
- Ultragenyx Pharmaceutical’s sale of its Rare Pediatric Disease Priority Review Voucher awarded by the U.S. Food and Drug Administration for $130 million to Novartis.
- Berkeley Lights in its strategic collaboration with Thermo Fisher Scientific to accelerate and improve the development and manufacturing of stable AAV (Adeno-Associated Viral) and LV (Lentiviral) vector producer cell lines
- Assertio Therapeutics in a licensing and collaboration transaction involving the commercialization of certain specialty pharmaceutical products valued at a minimum of $550 million over the initial four-year term.
- Cellular Biomedicine Group in its licenses with the National Institutes of Health and Augusta University.
- La Jolla Pharmaceutical Company in its exclusive licenses with Vanderbilt University, the Indiana University Research and Technology Corporation, and the University of Alabama at Birmingham.
- RXI Pharmaceuticals in exclusively licensing its sd-rxRNA platform to Thera Neuropharma, Inc. to develop therapeutics for neurodegenerative diseases.
- Catch Surf in its license of certain trademarks and copyrights to True Axis, for use in its video game, True Surf.
- Cogent Biosciences, Heron Therapeutics, Rain Therapeutics, Eureka Therapeutics, Exelixis, Zivo Bioscience, and other clients with various services arrangements, manufacturing and supply agreements, licenses, and other commercial agreements.
Representative Royalty Financing Transactions
Purchase and Sale of Royalty Interests
- Royalty Pharma in (i) connection with Blueprint Medicines’ $1.25 billion strategic financing collaborations; and (ii) its acquisition of Dicerna’s royalty interest in Oxlumo for up to $240 million.
- UCLA in the sale of its royalty interest in Xtandi for $1.145 billion, which was the largest monetization transaction at that time by an academic institution, and in the sale of its royalty interest in Erleada.
- Healthcare Royalty Partners’ acquisitions of (i) Nektar Therapeutics’ royalties on Movantik and Adynovate for $150 million; and (ii) Aptevo Therapeutics’ royalties on Ruxience for up to $67.5 million.
- Arrowhead Pharmaeuticals’ sale of its royalty interest in Olpasiran at Phase 2 for up to $410 million ($250 million upfront plus $160 million in milestones).
- Ultragenyx Pharmaceutical’s sale of its European royalty rights to Crysvita for $320 million and the subsequent sale of a portion of the North American royalty rights for $500 million.
- Atara Biotherapeutics in the sale of its royalty interest in Pierre Fabre’s Ebvallo™ in Europe and other territories for $31 million.
- RTW in the resale of a royalty stream it had previously acquired.
- BVF Partners, L.P. in its purchase of Concert Pharmaceuticals’ right to receive AVP-786 royalties under an existing licensing agreement with Avanir Pharmaceuticals.
- PDL Biopharma in multiple royalty stream acquisitions totaling over $385 million from the University of Michigan, Depomed, Visgliosi Brothers, and AcelRX Pharmaceuticals.
- DRI in is acquisition of royalty entitlements to Edurant and Complera, two approved products for the treatment of HIV.
Synthetic Royalty Financings
- Healthcare Royalty Partners’ purchase of a $325 million synthetic royalty interest in Zynlonta, an antibody therapy to treat B-cell lymphoma.
- RTW in its (i) synthetic royalty financing in Allurion’s gastric balloon device and concurrent PIPE investment for $55 million; and (ii) purchase of a synthetic royalty interest in a marketed urology drug for $75 million.
- BioCryst Pharmaceuticals in multiple synthetic royalty sales, to Royalty Pharma and OMERS Capital Markets, with concurrent stock sales and term loans, for total proceeds of $675 million.
- Spero Therapeutics’ sale of synthetic royalties covering multiple products for up to $125 million.
- CTI BioPharma in its pre-approval synthetic royalty financing for a tiered royalty on sales of pacritinib, with a concurrent term loan, for total proceeds of up to $135 million.
- Xoma Corp in its acquisition of tiered royalty streams and synthetic royalties in six cancer drugs from Palobiofarma SL.
Representative M&A Transactions and Other Financings
- Uber Technology (on secondment) in its $1 billion equity financing and restructuring of its self-driving car business with Toyota, Sofbank and Denso, and other strategic licensing, IP, commercial agreements, corporate restructuring, and general M&A.
- TPG Capital in connection with its Series A investment in Allogene Therapeutics and related asset purchase from Pfizer. The total funding of $300 million ranks among the largest Series A financings in biotechnology, including investments from Pfizer, Gilead, the University of California, Vida Ventures, and the founders of Kite Pharma.
- Atara Biotherapeutics in the sale to Fujifilm Holdings Corp. of Atara’s T-cell operations and manufacturing facility for a $100 million upfront and the execution of a long-term supply agreement with Fujifilm for T-cell immunotherapy development.
- KKR & Co. in its investment in Biosynth Carbosynth and Biosynth Carbosynth’s acquisition of vivitide.
- BVF Partners in its financing of Infinity Pharmaceuticals, backed by a security interest in patidegib royalties licensed to PellePharm, and its financing of Anelixis Therapeutics.
- Assertio Therapeutics in its acquisition of Zyla Life Sciences in a stock-for-stock merger.
- Sale of Nucynta product franchise to Collegium Pharmaceutical for $375 million.
- California Water Service Group in its unsolicited tender offer of $1.9B to acquire San Jose Water, and in its $150 million at-the-market offering.
- Matson Navigation in its unsolicited purchase of Horizon Lines for $469 million and simultaneous carve out of Horizon Lines’ Hawaii business for $141.5 million to eliminate an antitrust barrier to the transaction, and in its acquisition of Span Alaska Transportation, LLC for $197.6 million.
- Macquarie Infrastructure in its purchase of Maher Terminals from Deutsche Bank.
- Kirkbi Invest in its acquisition of a majority stake in Enerparc Inc., a global solar developer.
- MGM in its $1.06B acquisition of Hard Rock Rocksino and in its $850M asset acquisition of Empire City Casino.
- A consortium led by AGIC Capital in its acquisition of The Ritedose Corp. from Olympus Partners.
Prior to joining Gibson Dunn, Dr. Trattner worked as an extern for the Honorable Ronald M. Whyte of the United States District Court for the Northern District of California, and as a director and corporate counsel for an intellectual property strategy consulting boutique firm based in Berkeley, CA.
Dr. Trattner received his Juris Doctor, with distinctions, from the University of California, Berkeley, School of Law, where he served as Executive Editor of the California Law Review and Articles Editor of the Berkeley Technology Law Journal. Prior to law school, Dr. Trattner received a Master of Science degree and a Doctor of Philosophy degree in Environmental Science, Policy, and Management from the University of California, Berkeley. Dr. Trattner graduated magna cum laude with a Bachelor of Arts degree in Psychology from the University of California, Los Angeles.