Magic circle duo lead as Novartis sells €13bn stake in consumer healthcare joint venture to GSK
GlaxoSmithKline to consider sale of Horlicks business to fund acquisition
March 27, 2018 at 06:58 AM
2 minute read
Freshfields Bruckhaus Deringer and Slaughter and May have taken lead roles on a $13bn (£9bn) deal which has seen GlaxoSmithKline (GSK) purchase a 36.5% stake in its consumer health joint venture with pharma giant Novartis.
Novartis announced today (27 March) that is selling its stake in the joint venture to focus on its core business. The announcement comes days after GSK pulled out of bidding for US pharma giant Pfizer's consumer unit.
The JV produces products such as Panadol painkillers and Nicotinell patches, among other pharmaceuticals. In a statement, GSK said it would begin "a strategic review of Horlicks and its other consumer healthcare nutrition products to support funding of the transaction".
Slaughters is advising GSK with a team led by corporate partners Simon Nicholls and David Johnson, alongside financing partner Guy O'Keefe and tax partner Dominic Robertson.
Freshfields, meanwhile, is advising Novartis, with a team led by led by corporate partners Julian Long and Jennifer Bethlehem, alongside tax partner Paul Davison and antitrust partner Rod Carlton.
Novartis CEO Vas Narasimhan said: "While our consumer healthcare joint venture with GSK is progressing well, the time is right for Novartis to divest a non-core asset at an attractive price."
Freshfields and Linklaters advised Novartis on the formation of the JV in 2014, with Slaughters acting for GSK. Hogan Lovells also advised Novartis on US aspects of the deal, while Cleary Gottlieb Steen & Hamilton advised GSK on antitrust matters.
GSK had majority control of the JV with an equity interest of 63.5%.
This content has been archived.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
Freshfields, MoFo Act on $1.8B TOPPAN Deal As Japan's US Buying Spree Continues
Kirkland Steers Paris-based Antin in ‘Year’s Biggest’ Infrastructure Fund Closing, at €10.2B
3 minute read
ECJ Ruling Upholds German Ban on Pure Private Equity Investment in Law Firms
4 minute readTrending Stories
- 1Pa. Hospital Agrees to $16M Settlement Following High Schooler's Improper Discharge
- 2Connecticut Movers: Year-End Promotions, Hires and an Office Opening
- 3Luigi Mangione Defense Attorney Says NYC Mayor’s Comments on Case Raise Fair Trial Concerns
- 4Revisiting the Boundaries Between Proper and Improper Argument: 10 Years Later
- 5Hochul Vetoes 'Grieving Families' Bill, Faulting a Lack of Changes to Suit Her Concerns
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
