The deal comes with exclusive distribution rights in Australia and New Zealand for an oncology medication
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K&L Gates helped guide the sale of an Australasian business to a pharmaceuticals giant.
The global firm was the legal counsel of Colorado-headquartered TOLMAR International, which sold its Australian subsidiary TOLMAR Australia to Mundipharma.
The deal includes the exclusive distribution rights for the oncology medication Eligard in Australia and New Zealand and follows several months of comprehensive due diligence and negotiation.
Financial details of the deal were not disclosed.
The K&L Gates advised on all legal aspects relating to the sale. It was led by Melbourne M&A partner John Mann, and included Sydney tax partner Betsy-Ann Howe, senior associate Danielle Larkin, and lawyer Rachel McNally.
“TOLMAR has a reputation for delivering high quality products to the market. The sale of TOLMAR compliments Mundipharma's existing product range and will ensure product access for patients and healthcare professionals well into the future. We are pleased to have helped them achieve a successful result,” Mann said.
Mundipharma said that the acquisition is part of the company’s plan to grow its existing portfolio of oncology medications.
“Prostate cancer is the third most commonly diagnosed cancer in Australia, with one in seven men expected to be diagnosed before the age of 85. It is also the third most common cause of cancer death,” said Jane Orr, Mundipharma Australia and New Zealand managing director.
