Freehills is advising Dutch company QIAGEN N.V. on its proposed acquisition of Cellestis Limited by scheme of arrangement.
QIAGEN is listed on the Frankfurt Stock Exchange and NASDAQ and is the largest global provider of sample and assay technologies, operating in over 30 countries. Cellestis is an Australian biotechnology company listed on the ASX, which has developed and commercialised a leading test for detection of tuberculosis. If the transaction receives the necessary approvals, it will see Cellestis shareholders receive a total of $3.55 per share, which may include a fully-franked dividend.
As part of the transaction, two of the founding shareholders of Cellestis (its managing director and chief scientific officer) have granted QIAGEN an option over 19.9 per cent of the issued capital of Cellestis, subject to FIRB approval and other conditions.
The Freehills team is led by partner Rick Narev, supported by senior associate Kate Logan and solicitors Mark Nam and Nicholas Lazarou.
Freehills corporate partner Rick Narev said, "Key decisions needed to be made across three different time zones, so our familiarity with their processes meant that negotiations with the Cellestis board could be conducted quickly and effectively, even though our client had not previously conducted a public takeover or scheme in Australia".
The Freehills team worked closely with Barclays Capital (in the United States and Australia) as advisers to QIAGEN. Baker & Mackenzie and Credit Suisse are advising Cellestis.