Freehills has assisted the Royal Alexandra Hospital for Children, in Westmead NSW, to negotiate its first licence for a new treatment it has developed for bone fractures using a potent anti-cancer drug. Novartis, a major pharmaceutical company based in Switzerland, has agreed to take out a licence for the children’s hospital’s new procedure, which uses zoledronic acid, a drug manufactured by Novartis. Zoledronic acid is being used by the hospital as part of its new treatment for bone fractures and bone decay, caused by a disease known as osteonecrosis, which results from a decrease in blood supply to bones.
Freehills partner Adam Liberman and senior associate Amalia Stone assisted the hospital to negotiate the terms of the licence with Novartis. The deal was concluded in December last year. The firm said the deal was the first of its type entered into by the hospital and apart from the payment of a “significant up-front fee”, there was a potential for extra payments in the future to the hospital, contingent upon successful further development of the compound.
Skadden, Arps, Slate, Meagher & Flom International represented Prudential Financial Inc. in its acquisition of an 80 per cent stake in Hyundai Investment and Securities Co., Ltd. and its subsidiary, Hyundai Investment Trust Management Co., Ltd., for 355.5 billion won ($412.15 million). The firm said following this transaction, Prudential became the largest foreign-owned asset manager in South Korea based on assets under management as of 31 December 2003. Skaddens is also assisting Prudential Financial to convert its investment in CJ Investment & Securities, a South Korean investment management company, into a majority stake.
Pillsbury Winthrop represented the underwriters, Jefferies & Company Inc., Needham & Company Inc. and Stifel, Nicolaus & Company Inc, in connection with a US$63.48 ($85.52) million registered offering of common stock shares by Source Interlink Companies Inc. and certain selling shareholders. A total of 5,520,000 shares of common stock were offered in the transaction, inclusive of the shares covered by the over-allotment option granted to the underwriters by the selling shareholders. Source Interlink Companies is the largest direct-to-retail magazine distributor in the US and a leading provider in the US of design, manufacture and management services to the front-end of supermarkets, discount stores, drug stores, convenience stores, terminals and newsstands. The transaction closed on 8 March.