Cooley LLP announced today that it advised Depomed, Inc. in its sale of interests in royalty and milestone payments in the Type 2 diabetes therapeutic area to PDL BioPharma, Inc. for $240.5 million. Depomed is a specialty pharmaceutical company that commercializes products for pain and neurology related disorders.

The Cooley team advising Depomed on the sale was led by partners Mischi a Marca and Glen Sato and included partner and head of the firm’s medical device practice Mark Weeks; partner Bill Morrow (tax); partners Francis Fryscak and Howard Morse (antitrust); special counsel Marina Remennik; and associates Jason Savich and Rena Kaminsky.

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