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Aus swaps drug assets with US company

Aus swaps drug assets with US company

Three firms have advised on a cross-border sale and purchase agreement between Ascent Pharmahealth and Watson Pharmaceuticals.

Firms: Middletons and Herbert Smith (sellers of Ascent Pharmahealth), Freehills (Watson Pharmaceuticals)

Deal: Sale of Australian and Southeast Asian generic pharmaceutical business, Ascent Pharmahealth, to US-based Watson Pharmaceuticals

Area: Finance

Value: $375 million

Key players: John Mann (pictured) led the Middletons team while Alan Montgomery led the Herbert Smith team

Deal significance: "This global transaction involving teams in the UK, US, India, Singapore and Australia completed in a little under a month,” said Mann. “The vendor due diligence process was extensive, culminating in a 1,000-page due diligence report being produced in a little over a week."
Ascent’s businesses operate as Ascent Pharmaceuticals in Australia and across Asia under the banners of DHA (Drug Houses of Australia) and Ascent Pharmahealth Asia. The deal includes a network of approximately 300 employees across eight countries in Australia and South East Asia and a manufacturing facility in Singapore.

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