Magic Circle Duo Lead as Swedish Pharma Giant Agrees to UK Rival Takeover
The deal is valued at around £500 million.
November 19, 2019 at 03:50 AM
2 minute read
The offer values Consort Medical at £505 million
Magic Circle firms Allen & Overy and Clifford Chance are acting alongside Ashurst on a proposed cross-border pharmaceutical deal worth about £500 million ($648 million).
The acquisition would see Swedish company Recipharm, based in Stockholm, purchase British pharma firm Consort Medical, according to a statement on the London Stock Exchange.
An offer from Recipharm, which has been recommended by the board of Consort, prices the company's shares at £10.10 each, bringing the total value of the company to more than £500 million ($648 million).
Recipharm stated that it expected the proposed deal to close by the first quarter of 2020.
Allen & Overy is advising Consort, with corporate partner Richard Hough leading the team.
Clifford Chance meanwhile is advising Recipharm, led by corporate partner Steven Fox. Recipharm is also receiving legal advice from Swedish law firm Setterwells Advokatbyrå, with capital markets partner Jörgen Axelsson and finance partner Carl Lindencrona advising.
Ashurst is advising the financial adviser to Recipharm, Lazard & Co, with partners Karen Davies and Tim Rennie leading the team.
Earlier this year, Clifford Chance advised French technology company Daussault Systemes on its $5.8 billion acquisition of U.S. clinical trial data company Medidata Solutions.
The Magic Circle firm also advised the joint sponsors behind Hansoh Pharmaceutical Group's initial public offering on the Hong Kong Stock Exchange in June.
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