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31 August 2009

James Hatton Appears in Globe & Mail Article About Recent Cardiome/Merck Deal

Farris Partner James Hatton appears in a Globe and Mail article entitled, “Inside the Cardiome/Merck Deal: A Blueprint for Survival” by writer Marzena Czarnecka. The article discusses how the important biotech deal was negotiated and how it may serve as a model for future deals, calling the Cardiome/Merck deal “a milestone in Canada’s struggling life sciences industry, [...] poised to become a blueprint for how biotechnology companies can survive the current capital and financing drought.”

Czarnecka summarizes compellingly and in detail the process of the deal, from start to finish, highlighting the methods Hatton employed which enabled him to negotiate effectively on Cardiome’s behalf. Czarnecka quotes Hatton, writing, ““We really understood where Merck was coming from and what they want, and we gave them what they wanted, whenever we could,” Hatton says frankly. Now, clearly, as Cardiome walked away with up to $1 billion in potential payments and a no-strings-attached $100-million loan to boot – for a drug that’s still surrounded with some regulatory uncertainty south of the border and the North American licensing rights of which have already gone to another partner – that doesn’t mean that Cardiome rolled over and let Merck have its way.”

To read the complete article, please click on the attachment below:
James_Hatton_Globe_and_Mail_on_Cardiome.pdf

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