Novo Nordisk’s Acquisition of Dicerna Pharmaceuticals

Skadden, Arps, Slate, Meagher & Flom advised Dicerna Pharmaceuticals on the deal. Davis Polk & Wardwell advised Evercore.

Dicerna Pharmaceuticals, Inc., has entered into a definitive agreement with Novo Nordisk under which Novo Nordisk will acquire Dicerna, a biopharmaceutical company focused on the development of investigational ribonucleic acid interference (RNAi) therapeutics, for $38.25 per share in cash, which represents a total equity value of $3.3 billion and a premium of 80% to Dicerna’s closing price on November 17, 2021.

Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Novo Nordisk employs about 47,000 people in 80 countries and markets its products in around 170 countries. Novo Nordisk’s B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO).

Dicerna Pharmaceuticals, Inc. (Nasdaq: DRNA) is a biopharmaceutical company focused on discovering, developing and commercializing medicines that are designed to leverage ribonucleic acid interference (RNAi) to silence selectively genes that cause or contribute to disease. 

Novo Nordisk is represented by Evercore as exclusive financial advisor. For Dicerna, Centerview Partners LLC acted as lead financial advisor and SVB Leerink acted as financial advisor

The Skadden team included M&A partners Stephen Arcano (Picture; New York), Graham Robinson (Boston), and Laura Knoll (Boston), and associates Marissa Leonce (Boston) and Ariel Borgendale (Boston); Intellectual Property and Technology partner Resa Schlossberg (New York); Antitrust/Competition partner Maria Raptis (New York); Executive Compensation and Benefits partner Regina Olshan (New York) and counsel Timothy F. Nelson (Boston); and Tax partner Moshe Spinowitz (Boston). Boston law clerks Brianne Allan and Parmeet Batra also assisted the team.

Involved fees earner: Stephen Arcano – Skadden Arps Slate Meager & Flom; Ariel Borgendale – Skadden Arps Slate Meager & Flom; Laura Knoll – Skadden Arps Slate Meager & Flom; Marissa Leonce – Skadden Arps Slate Meager & Flom; Timothy Nelson – Skadden Arps Slate Meager & Flom; Regina Olshan – Skadden Arps Slate Meager & Flom; Maria Raptis – Skadden Arps Slate Meager & Flom; Graham Robinson – Skadden Arps Slate Meager & Flom; Resa Schlossberg – Skadden Arps Slate Meager & Flom; Moshe Spinowitz – Skadden Arps Slate Meager & Flom;

Law Firms: Skadden Arps Slate Meager & Flom;

Clients: Novo Nordisk A/S;