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 and advises clients in the life sciences and technology industries, with a focus on intellectual property transactions.
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 transactions involving strategic collaborations, including development, commercialization, joint-ventures, services, and manufacture and supply agreements. 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
- 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.
- 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.
- 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; (ii) a strategic collaboration with AskBio BioPharmaceutical to jointly develop, manufacture and commercialize targeted therapeutics for AAV gene therapies; and (iii) a license and option for Sarepta Therapeutics to develop and commercialize ImmTOR with Sarepta’s AAV gene therapy for neuromuscular diseases.
- 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.
- 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.
- Depomed, Inc. in a licensing and collaboration transaction valued at a minimum of $550 million over the initial four-year term.
- Cellular Biomedicine Group in its license of patents from the National Institutes of Health, and from 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.
- JamesSuckling.com in its license of web content and data to CellarTracker.
- Odonate Therapeutics, NaNotics and other clients with various service agreements, supply agreements, cloud services agreements, quality agreements, and other commercial agreements.
Representative Royalty Financing Transactions
Purchase and Sale of Royalty Interests
- 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.
- Royalty Pharma in its acquisition of Dicerna’s royalty interest in Oxlumo for up to $240 million.
- Ultragenyx Pharmaceutical’s sale of its European royalty rights to Crysvita for $320 million to Royalty Pharma.
- Healthcare Royalty Partners’ acquisitions of Nektar Therapeutics’ royalties on Movantik and Adynovate for $150 million and Aptevo Therapeutics’ royalties on Ruxience for up to $67.5 million.
- 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
- 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 $625 million.
- Healthcare Royalty Partners’ purchase of a $325 million synthetic royalty interest in Zynlonta, an antibody therapy to treat B-cell lymphoma.
- Spero Therapeutics’ sale of synthetic royalties covering multiple products for up to $125 million.
- Pre-approval synthetic royalty financing for CTI BioPharma in its sale of 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 Financings and Other M&A Transactions
- 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.
- BVF Partners L.P. 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.
- Kirkbi Invest in its acquisition of a majority stake in Enerparc Inc., a global solar developer.
- 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.
- 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.