Shearman takes lead on $1.2bn Novartis buyout
Shearman & Sterling has advised longtime client Novartis on its $1.2bn (£757m) acquisition of the generic cancer drug business of EBEWE Pharma, reports The Am Law Daily. Corporate partner Harald Selzner, who is based in Duesseldorf, led the firm's team on the deal.Shearman has represented Swiss-based pharma giant Novartis on several previous deals, including its $8.4bn (£5.3bn) acquisition of generic drug makers Eon Labs and Hexal in 2005. Wachtell Lipton Rosen & Katz also advised Novartis on that deal.
May 22, 2009 at 06:49 AM
2 minute read
Shearman & Sterling has advised longtime client Novartis on its $1.2bn (£757m) acquisition of the generic cancer drug business of EBEWE Pharma, reports The Am Law Daily.
Corporate partner Harald Selzner, who is based in Duesseldorf, led the firm's team on the deal.
Shearman has represented Swiss-based pharma giant Novartis on several previous deals, including its $8.4bn (£5.3bn) acquisition of generic drug makers Eon Labs and Hexal in 2005. Wachtell Lipton Rosen & Katz also advised Novartis on that deal.
The buyout continues a hot streak for pharmaceutical work over the last few months, highlighted by three mega-deals: Pfizer's $68bn (£43bn) acquisition of Wyeth in January, Merck's $41bn (£26bn) takeover of Schering-Plough in March, and Roche's $46.8bn (£29.5bn) acquisition of Genentech in the same month.
There also have been a number of smaller deals, with many buyers becoming concerned about expiring patents and seeking to scoop up a new pipeline of drugs.
According to The New York Times, Novartis is about to lose exclusivity rights to its biggest seller, the blood pressure drug Diovan, and it views the generic cancer drug business as a growth area.
EBEWE, based in Austria, relied on in-house lawyers for advice.
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