Pharmaceutical business sold for $930m
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
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.