Firm: Minter Ellison (Mayne Pharma Group Limited); Gilbert + Tobin (underwriters); Miller & Martin PLLC (US adviser to Mayne Pharma); Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan LLP (US adviser to Metrics Inc)
Deal: Mayne Pharma Group acquires Metrics Inc in US-Australia cross-border deal
Value: $US120 million
Key players: The Melbourne-based Minters team consisted of partner Nick Broome, special counsel Sudharshan Senathirajah, senior associate Lise Conradie and lawyer David Szeleczky. Partner Peter Kay assisted on the finance aspects
Deal significance: Mayne Pharma is a specialty pharmaceutical company that develops and manufactures proprietary and generic products, which it distributes directly or through distribution partners, and also provides contract development and manufacturing services.
The company has a global reach through distribution partners in Australia, the US, Europe and Asia and two manufacturing facilities based in South Australia and North Carolina. The acquisition was funded by a $65m equity raising, comprising an accelerated non-renounceable entitlement offer and various conditional and unconditional placements, all underwritten by UBS and Credit Suisse, and a $US44.5m debt facility.
“The deal brings together two complementary businesses and materially enhances Mayne Pharma’s scale, market access and capabilities,” said Broome, adding that his team worked closely with US counsel Miller & Martin, who are fellow members of the World Law Group, on the merger agreement and US debt-funding arrangements.