Sullivan & Cromwell and Cadwalader called in for $14.5bn pharma takeover
US firms cash in on active pharmaceutical sector as Valeant agrees deal to acquire Salix's outstanding stock
February 23, 2015 at 07:41 AM
2 minute read
Sullivan & Cromwell and Cadwalader, Wickersham & Taft are acting as lead advisers on Valeant's $14.5bn (£9.5bn) acquisition of gastrointestinal drug specialist Salix.
Valeant will pick up all of Salix's outstanding common stock for $158 (£103) per share in a transaction that will entail the Quebec-based group taking control of Salix's portfolio of 22 products, including prescription brands Xifaxan, Uceris, and Apriso.
Valeant's chief executive Michael Pearson pointed to Salix's "promising near-term pipeline of innovative products" as a further reason to buy the company.
Sullivan's six partner team advising Valeant is spread across its Los Angeles, Palo Alto, New York and Washington D.C offices.
The firm's team includes partners Alison Ressler and Sarah Payne, who are advising on corporate issues; partner Nader Mousavi, who is advising on intellectual property; and partner Matthew Friestedt, who is advising on executive compensation and benefits.
The firm is also advising on the financing of the deal, with partners Dennis Sullivan and Neal McKnight, as well as tax aspects.
Cadwalader is advising Salix on the deal.
The all-cash offer will be financed through a combination of bank debt and bonds run by a syndicate of banks led by Deutsche Bank and HSBC.
The deal is the third major pharmaceutical industry deal so far in 2015.
Top roles on Pfizer's $17bn (£11bn) acquisition of injectable drugmaker Hospira in February went to Clifford Chance, Ropes & Gray and Skadden Arps Slate Meagher & Flom.
In January, Slaughter and May, Davis Polk & Wardwell and Skadden lined up on Shire's $5.2bn (£3.4bn) acquisition of US company NPS Pharmaceuticals.
Cadwalader took the lead role on Pfizer's $3.6bn (£2.3bn) acquisition of King Pharmaceuticals in 2010.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Latham, Skadden Among Firms Acting on Mubadala's $3.4 B Acquisition of CI Financial
3 minute read
Latham, Jones Day and Wachtell Lead on Anglo American's $3.8B Coal Business Sale
2 minute read
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
