Fenwick & West represented DexCom, Inc. (Nasdaq: DXCM), a leader in continuous glucose monitoring (CGM), in its amended Collaboration and License Agreement with Verily, an Alphabet company focused on life sciences and healthcare. The revised terms are intended to reinforce mutual product development goals while expanding options for future collaborations. The agreement also accelerates DexCom’s efforts to advance into the Type 2 diabetes space and improves its future long-term profitability.
Under the terms of the amended agreement, DexCom will make an initial payment of $250 million in shares of its common stock, subject to customary closing conditions, including required antitrust clearance, as well as potential future milestone payments of up to $280 million upon the achievement of future product launch and revenue milestones, up to $275 million of which may be issued in shares of its common stock, subject to customary closing conditions, including required antitrust clearance. More information about DexCom’s collaboration with Verily can be obtained from the company announcement.
The Fenwick transaction team was led by Stefano Quintini and Michael Brown with support from technology transaction lawyer Spencer Glende, corporate lawyers Rob Freedman, Julia Forbess and Amanda Baratz, and antitrust lawyers Mark Ostrau and Ashley Walter.