find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Pharmaceutical business sold for $930m

Pharmaceutical business sold for $930m

Sold signage

A global firm has advised Valeant on the sale of its pharmaceutical business which operates in more than 15 countries.

Firms: Baker McKenzie (Valeant); Undisclosed (iNova Pharmaceuticals)

Deal: Valeant Pharmaceuticals International, Inc. (Valeant) has been advised on the sale of its iNova Pharmaceuticals (iNova) business to Pacific Equity Partners and The Carlyle Group.

Value: $930 million

Area: M&A

Key players: The legal team advising Valeant was led by Baker McKenzie partner Chris Saxon, with assistance from partners David Holland, Adrian Lawrence and Jonathan Flintoft, senior associates Lucas Tyszkiewicz, Julie Cox and Sally Head, and associates Lydia Turman and Amalesh Sukumar.

Deal significance: This transaction saw Valeant enter into an agreement to sell its iNova business to a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group for $930 million in cash, according to a statement from Baker McKenzie.

iNova is described as a diversified portfolio of prescription and over-the-counter products in several areas, such as weight management, pain management, cardiology and cough and cold.

The business operates in more than 15 countries around the world.

The statement from Baker McKenzie said: “Valeant will use proceeds from the sale to permanently repay term loan debt under its Senior Secured Credit Facility. The transaction is expected to close in the second half of 2017, subject to customary closing conditions, including receipt of applicable regulatory approvals”.

Baker McKenzie lead partner on the transaction, Chris Saxon added: “We were delighted to act for our long-standing client, Valeant, and to assist them in implementing their strategic plans to simplify the company’s business and strengthen its balance sheet”.

The firm noted that Goldman, Sachs & Co served as financial advisor to Valeant in this transaction.

 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Pharmaceutical business sold for $930m
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Dec 14 2017
International arbitration and business culture
Promoted by Maxwell Chambers. This article discusses the impact of international arbitration on t...
Papua New Guinea flag
Dec 14 2017
World-first mining case launched in PNG
Citizens of Papua New Guinea have launched landmark legal proceedings against the country’s govern...
Dec 14 2017
Punishing offenders twice pointless, politicians warned
The president of the Law Society of NSW has warned legislators from other states about adopting cont...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...