Switzerland

On November 4, 2025, CDR-Life and Boehringer Ingelheim announced a new global licensing agreement to develop CDR-Life’s unique antibody-based molecule CDR111 for autoimmune diseases. The agreement builds on the companies’ successful collaboration on an investigational antibody fragment. Under the terms of the agreement, CDR-Life is eligible for up to a total of CHF 456 m in payments, including CHF 38 m in upfront and near-term payments, plus tiered royalties on future sales. Homburger acted as counsel to CDR-Life AG. The Homburger team was led by Luca Dal Molin (IP / IT) and included Richard Stäuber (Regulatory) and Joel Fink (IP / IT). Contact Wanda Schweda / Marketing / [email protected]

On November 6, 2025, UBS Group AG successfully completed its issuance of USD 2 bn Fixed Rate/Floating Rate Callable Senior Notes due November 2033, and USD 1.25 bn Fixed Rate/Floating Rate Callable Senior Notes due May 2047 under its Senior Debt Programme. The Notes are bail-inable (TLAC) bonds that are eligible to count towards UBS Group AG’s Swiss gone-concern requirement. The Notes are governed by Swiss law and the Notes have been provisionally admitted to trading, and application has been made for definitive admission to trading and listing of the Notes, on the SIX Swiss Exchange. Homburger advised UBS Group AG with respect to all regulatory and transactional aspects of Swiss law. The Homburger team was led by Stefan Kramer and Benedikt Maurenbrecher and included Lee Saladino, Daniel Hulmann and Olivier Baum (all Capital Markets), as well as Stefan Oesterhelt (Tax).

Niederer Kraft Frey acted as lead counsel to UBS Switzerland AG as mandated lead arranger & agent and the other members of the banking syndicate in connection with a refinancing for mageba group. mageba group is a leading global supplier of structural bearings, expansion joints, seismic protection devices, and structural monitoring systems for infrastructure, building, and industrial projects. Headquartered in Switzerland, mageba group operates and is represented in over 50 countries worldwide, supporting thousands of major infrastructure projects. The NKF team was led by partners Adrian Koller and Philip Spoerlé, working with junior associate Selim Tisli (all Transactions).

Niederer Kraft Frey advised CoinShares, a leading European digital asset investment firm with over USD 9.5 billion in AUM, on the listing of its physically-backed Toncoin exchange-traded product (ETP) on the SIX Swiss Exchange in Zurich. The listing of CoinShares Physical Staked Toncoin on SIX demonstrates the company’s ongoing commitment to offering investors access to digital asset markets through regulated means. CoinShares’ staked ETPs are designed to provide simple exposure to proof-of-stake protocols and the rewards for participating in their security. They are built to allow the issuer to share staking rewards with investors by reducing the management fee and by increasing the coin entitlement of the ETP each day, as staking awards accrue. CoinShares is a leading European investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF. The NKF team was led by Transactions partner Philip Spoerlé, working with associate Manuel Hirlinger and junior associate Matthias Schmid (both Transactions).