Biogen Idec Inc. (NasdaqGS:BIIB) agreed to acquire Convergence Pharmaceuticals Limited from Apposite Capital LLP, New Leaf Venture Partners, SV Life Sciences Advisers, LLC and others for approximately $680 million in cash on January 11, 2015. Under the terms of the deal, Biogen Idec will pay Convergence shareholders an upfront payment of $200 million and Convergence shareholders will receive additional payments up to $475 million contingent on future milestones. Convergence will continue to operate out of Cambridge, U.K., under the leadership of its Chief Scientific Officer, Simon Tate.

The acquisition is subject to customary closing conditions, including the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the United States, and is expected to close in the first quarter of 2015. Stephen Rosen, Stephen Reese, Kate Blumhof, Josh Swerner, Cathy Merry, Andrew Quayle, Natasha Kaye, Lisa Kerr, Sean Mackenzie, Gilkes, Gina Young and Josh Mirwis of Olswang LLP acted as legal advisors for the shareholders of Convergence Pharmaceuticals.