Novartis AG (SWX:NOVN) entered into a definitive agreement to acquire Ziarco Group Limited from New Enterprise Associates, Lundbeckfond Invest A/S, BVF Partners LP, Amgen Ventures, Sofinnova Ventures, Inc. and Pfizer Venture Investments on December 16, 2016. The transaction is subject to customary closing conditions, including regulatory approval. The transaction is expected to be completed first half 2017. As on January 12, 2017, the transaction has been approved by Federal Trade Commission. O'Melveny & Myers LLP acted as legal advisor to Sofinnova Ventures, Inc. Julian Hudson and Chris Whittaker of N M Rothschild & Sons Limited acted as financial advisors for Ziarco. Dechert acted as counsel for the seller's shareholders. Novartis AG (SWX:NOVN) completed the acquisition of Ziarco Group Limited from New Enterprise Associates, Lundbeckfond Invest A/S, BVF Partners LP, Amgen Ventures, Sofinnova Ventures, Inc. and Pfizer Venture Investments for $420 million on January 20, 2017. The total consideration of $420 million consists of an initial cash payment of $325 million before purchase price adjustments and preliminary present value of contingent consideration of $95 million.