Transpacific private equity tag team taps top firms in drug developer buy

Two of the nation’s top firms help make a $1.23bn all-cash transaction a reality

Transpacific private equity tag team taps top firms in drug developer buy
Two of Australia’s leading firms have acted in the sale an Australian drug developer to a pair of private equity firms for US$930m ($1.23bn) in cash.

Gilbert + Tobin has acted for Australia’s Pacific Equity Partners and America’s The Carlyle Group in acquiring iNova Pharmaceuticals from Valeant Pharmaceuticals, which was advised by Baker McKenzie.

Baker McKenzie’s team was led by Chris Saxon, who was assisted by David Holland, Adrian Lawrence, Jonathan Flintoft, Lucas Tyszkiewicz, Julie Cox, Sally Head, Lydia Turman, and Amalesh Sukumar.

iNova makes and sells prescription and over-the-counter products for weight management, pain management, cardiology, and cough and cold treatment. It operates in more than 15 countries and has leading market positions in Australia and South Africa, with an established platform in Asia.

Valeant, which maintains its Bausch + Lomb banner, will use proceeds of the deal, expected to close in the second half of 2017, to permanently pay down debt. The deal is subject to customary closing conditions, including regulatory approvals.

Goldman, Sachs & Co. served as financial advisor to Valeant. Allier Capital, Credit Suisse, Bank of America Merrill Lynch, UBS, and Macquarie Bank also advised Pacific Equity Partners and The Carlyle Group.

Related stories:
Top firms act as NZX-listed company buys Australia’s largest outsourced pharmacy services provider
Top firms chip in as Chinese investors get intimate down under
As healthcare company goes on a consolidation spree, top firms lend support

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

UK insurance test case ruling is ‘an important decision for Australian policyholders,’ HSF says

Hall & Wilcox, G+T advise on investment in smartphone mount startup

Brexit battle leads to resignation of UK government’s longest-tenured justice minister

LegalVision helps tech startups net $20m in Series A capital raises

NSW law firm’s joint venture with advisory firm provides over 450 hours of pro bono work

FenXun Partners adds senior counsel to financial services group

Most Read Articles

‘I used to work myself too hard and complain about it, but not anymore’

Clifford Gouldson Lawyers elevates five

Squire Patton Boggs is a jack of all trades in cross-border deals, acquisitions

Lander & Rogers reveals new look in rebranding initiative