Linklaters and Salans have bagged the lead roles on the first flotation of a Romanian business on the London Stock Exchange, as A&D Pharma Holdings gears up for its €400m (£269m) initial public offering (IPO).

Linklaters is advising ING, the sole lead manager and bookrunner on the float. The magic circle firm fielded a team led by London capital markets partner Francis Kucera out of its London and Amsterdam offices as well as its 34-lawyer Bucharest office.

The deal also generated roles for Salans, which advised the company and the selling shareholders on UK and Romanian law, with London corporate head Paul Salmon leading the team.

A&D Pharma is a Dutch holding company but owns the largest integrated pharmaceutical wholesale and retail business in Romania, with 500 products and more than 200 outlets. Dutch independent Houthoff Buruma advised A&D Pharma and the selling shareholders on Dutch law.

So far, only a handful of international firms including Linklaters, Salans and CMS Cameron McKenna, have an office in Romania. But with the country set to join the European Union (EU) in January, local lawyers say more firms will open or set up alliances with domestic firms. Recent notable developments include Clifford Chance setting up an alliance with 24-lawyer local outfit Badea & Asociatii, with the UK giant not ruling out a full merger in the future.

Linklaters' Kucera said: "With Romania set to join the EU, we believe that other Romanian businesses will follow A&D Pharma and choose London as their preferred listing venue."