Shionogi to Acquire IntraBio

Cleary is representing Shionogi Inc., a New Jersey-based subsidiary of Shionogi & Co. Ltd. (Shionogi), in its proposed acquisition of IntraBio Inc. (IntraBio).

Shionogi is a leading global research-driven pharmaceutical company headquartered in Osaka, Japan. IntraBio is a biopharmaceutical company developing and commercializing therapies for neurodegenerative diseases. Pursuant to the agreement, which was signed by the parties on October 5, 2026, IntraBio would become a wholly owned subsidiary of Shionogi Inc.

The proposed transaction, which is subject to customary closing conditions, would add AQNEURSA (levacetylleucine) and IntraBio’s capabilities in the rare disease area to Shionogi’s growing portfolio. At closing, Shionogi will acquire all outstanding shares of IntraBio for an upfront consideration of $2 billion payable to IntraBio shareholders. Cleary previously represented Shionogi in its acquisition of the rights to RADICAVA ORS (edaravone) and IV RADICAVA as well as Shionogi Inc. in its acquisition of Qpex Biopharma Inc.

For more information, please see the press release.

The Cleary M&A team includes partners Benet O’Reilly and Kimberly Spoerri, senior attorney Isa Julson Barahona, and associates Lina Dayem, Marc-Antoine Leblanc, and Isabel Keene, with assistance from associate Sam Clinton-Davis. Partner Julia Petty and associates Ariel Adler, Hollie Chenault, Eitan Agagi, and Rabab Alajmi advised on employee benefits matters, with assistance from counsel Melissa Reid, associate Rebecca Levin, and trainee solicitor Zachary Steele-Gideon. Partner Daniel Ilan and associates Jaehwan Park, Natalie Curry, Samantha Simmons, and Ariana Croll advised on intellectual property matters. Partners Maureen Linch and Jason Factor, and associates Adrianna Duggan, Sharon Wang, and Andrew Guan advised on tax matters, with assistance from partner Richard Sultman. Partners Kenneth Reinker and Puja Patel, and associate Lara Ellenberg advised on antitrust matters, with assistance from international lawyer Junichi Shingai. Partner Chase Kaniecki and associates B.J. Altvater and Alexi Stocker advised on CFIUS matters. Senior Attorney Andres Saenz advised on anti-corruption matters.