O’Melveny Represents Saga Investments in Acquisition of deCODE genetics' AssetsJanuary 27, 2010
FOR IMMEDIATE RELEASE
O'Melveny & Myers LLP
O'Melveny & Myers LLP
SILICON VALLEY, CA - JANUARY 27, 2010 -- O'Melveny & Myers LLP represented Saga Investments LLC in its recent acquisition of the Icelandic assets of deCODE genetics, Inc. deCODE, based in Iceland, is a global leader in understanding and analyzing the human genome with a genetics database that includes 65% of the DNA of the adult population of Iceland, and has indentified more than a dozen genetic variants for diseases ranging from asthma to diabetes, prostate cancer and stroke. Pursuant to the transaction, Saga Investments has acquired deCODE's wholly-owned Icelandic subsidiary, deCODE genetics ehf (also known as Islensk erfdagreining) and deCODE's drug discovery and development programs. The sale followed the January 14, 2009 approval by the U.S. Bankruptcy Court for the District of Delaware in deCODE's ongoing proceeding under Chapter 11 of the U.S. Bankruptcy Code.
Bankruptcy counseling was provided by O’Melveny partner Suzzanne Uhland, counsel Andrew Parlen, and associate Jennifer Taylor. The O’Melveny corporate team was led by partner Samuel Zucker and counsel Eric Sibbitt, and included associates Sofia Lou, Caleb Langston and Tim Hagen. Intellectual property advice was provided by partner Margaret Ikeya and associate Kevin Mosher. Employment advice was provided by partner Eric Amdursky. Partner Jeff Walbridge and counsel Warren Fox provided executive compensation advice. Partners Luc Moritz and Rob Blashek and associate Justin Bowen provided tax counseling.
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The following press release was recently distributed by deCODE genetics, inc.
deCODE genetics, Inc. Announces Sale of its Icelandic Human Genetics Unit deCODE genetics ehf
January 21, 2010 – deCODE genetics, Inc. today announced that it has completed the previously-announced sale of its Iceland-based subsidiary deCODE genetics ehf (also known as Islensk erfdagreining) and its drug discovery and development programs to to Saga Investments LLC, a private company. The sale followed approval by the U.S. Bankruptcy Court for the District of Delaware in deCODE genetics Inc.’s ongoing proceeding under Chapter 11 of the U.S. Bankruptcy Code. Under its new owners, deCODE genetics ehf. will continue its human genetics operations and all of the deCODE brand products and services, including management of its population genetics resources.
deCODE genetics, Inc. also announced today that it is changing its name to DGI Resolution, Inc. Information about the company and its Chapter 11 proceeding can be found at its website, www.DGIResolution.us and at www.delclaims.com. DGI Resolution, Inc. expects that it will be liquidated pursuant to a plan of liquidation which will be subject to the approval of the bankruptcy court. In the event of a liquidation, any recovery for its stockholders would be highly unlikely.
Any statements contained in this presentation that relate to future plans, events or performance of DGI Resolution, Inc. (DGIR, formerly deCODE genetics, Inc.) are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding DGIR’s expectations concerning the bankruptcy process and could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties associated with that process, including, without limitation, (1) the ability of DGIR to obtain court approval of its motions in the Chapter 11 proceeding; (2) the uncertainty associated with motions by third parties in the bankruptcy proceeding; and (3) other risks identified in DGIR’s filings with the Securities and Exchange Commission. DGIR undertakes no obligation to update or alter these forward-looking statements as a result of new information, future events or otherwise.
DGI Resolution, Inc.