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Lawyers involved in the $688 million marriage of Fremont’s Lexar Media Inc., which makes flash memory cards, and Micron Technology Inc. say the two companies are a sweet match. Chip maker Micron brings to the union technology and manufacturing capacity, guaranteeing Lexar its own supply of flash memory chips. Lexar contributes a strong brand and a worldwide retail network. The two companies produce and sell the technology used in consumer electronics, such as digital cameras. Micron’s stock purchase of Lexar is expected to close in the third quarter, pending regulatory review and Lexar shareholder approval. Celeste Greene, Skadden, Arps, Slate, Meagher & Flom’s lead partner representing Micron, said it was “noteworthy just how nice a strategic fit the two companies are.” Greene added that this was the first time Skadden has worked with the Boise, Idaho, company. Their cooperation grew out of a meeting that took place several years ago, when Micron’s legal department was conducting a “soft inquiry” into deal counsel. “Representation didn’t materialize at that point,” Greene said. But when the call came for this transaction, Skadden “answered happily.” A Fenwick & West team of attorneys led by partner Dennis DeBroeck represented longtime client Lexar. DeBroeck said that because he has seen the company through its major stages of development over the course of the last eight years, including an IPO, the deal was an especially gratifying experience for him. “You understand the business motivations and the personalities and how people deal with the inevitable stresses of a deal,” DeBroeck said. “You hate to lose them, but it’s nice to see them through the whole process.” Rounding out the Fenwick team were partners Daniel Winnike, David Hayes, Lawrence Granatelli, John McNelis, Scott Spector and Ronald Schrotenboer; associates R. Gregory Roussel, Gerald Audant, Christian Lymn, Melissa Trousdale, Lindsey Munro, Jacob McQuown, Chad Woodford, Spencer Glende, Blake Martell and Victor Ng; and senior counsel Michael Egger. Lexar General Counsel Eric Whitaker was lead negotiator. The Skadden team also included partners Kenton King, Moshe Kushman and Alec Chang; associates Ronald Turiello Jr., Jason Okazaki, Nathan Huynh, Kristen Davis, Vanja Habekovic, Oriona Spaulding, Michele Sconiers, Nima Amini and Teresa Hu; and counsel Lonny Block. ��Petra Pasternak ANY NEWS IS GOOD NEWS When Palo Alto biotech firm Alexza Pharmaceuticals Inc. went public on March 8 and raised less money than expected in its $44 million initial public offering, lawyers involved still called the IPO a success. “The pricing was not as robust as everyone wanted it to be, but considering the choppy biotech market, any deal that’s done close to the asking price, on balance, can be viewed as a successful offering,” said Latham & Watkins partner Alan Mendelson. Mendelson advised the deal’s underwriters, Piper Jaffray and Pacific Growth Equities. The company, which still has no drugs on the market but is developing aerosol versions of drugs that could allow patients to inhale treatments for migraines and panic attacks, originally wanted to raise $66 million, or $10 to $12 per share. It ended up selling the 5.5 million shares of its stock for $8 each. Alexza attorney Brent Fassett, a partner at Cooley Godward, said the biotech market has been “very selective” to companies seeking to go public. “You can still get out but it is a challenging market,” he said. That’s why Alexza was not at all disappointed with the outcome of its market debut. The whole experience was a positive one for everyone involved, Fassett said. “It was a well-coordinated team. The company and the underwriters all worked well together to help the company reach its next stage,” he said. It helped that the people involved in the transaction had enjoyed a long professional relationship. Mendelson has known Alexza CFO August Moretti since the latter was still an attorney at Heller Ehrman. Fassett worked with CEO Thomas King as outside counsel to King’s previous companies. “Everything just went smoothly,” Fassett said. Another good thing going for Alexza is Alejandro Zaffaroni, its founder. Zaffaroni has founded six biotech companies, including leading gene chip company Affymetrix, and has become somewhat of a legend in biotech circles. Both Mendelson and Fassett considered it an honor to be involved with one of Zaffaroni’s companies. “He’s considered one of the gods in biotech,” Mendelson said. “He’s an incredible scientist and entrepreneur.” Mendelson’s team included Latham partner William Davisson and associates Gregory Chin and Christopher . Cooley’s team included partners Laura Berezin, Barbara Kosacz and James Linfield; and associates Paul Gross, Anthony Pessino, Robin Lee and Christian Scognamillo. � Xenia Kobylarz

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