Olshan Represents ImmunityBio in Acquisition of State-of-the-Art Manufacturing Plant in New York
Olshan client ImmunityBio, Inc. (NASDAQ: IBRX), a clinical-stage immunotherapy company, announced that it has entered into a definitive agreement to acquire a leasehold interest in 409,000 square feet of ISO Class 5 pharmaceutical manufacturing space in western New York, and certain related assets, from global pharmaceutical company Athenex, Inc. (NASDAQ: ATNX). ImmunityBio agreed to pay $38 million to $40 million in cash, equal to Athenex’s costs and obligations incurred with respect to the construction, build-out and equipment purchases in connection with the Dunkirk, New York, facility, and assume the commitment to spend $1.52 billion in operational expenses over 10 years and hiring 450 employees within the first five years of operations as part of economic development incentives received from NY state and local governmental agencies providing the lease. The acquisition of the newly constructed facility, located in Dunkirk, New York, will fast track the company’s timeline for building production capacity at a significant scale, and will accelerate the company’s ability to develop, prove and bring to market its key products and therapies in competitive and regulated markets. The Olshan team that represented ImmunityBio was led by Corporate partner Kenneth Silverman and included from Corporate: John Corrado, Joshua Park, Zachary Freedman and Dakota Forsyth; Real Estate: Thomas Kearns and Dov Brandstatter, and, from Litigation: Kyle Bisceglie.