Chicago, USA / London, UK, December 20, 2011 – Baker & McKenzie client Prestige Brands Holdings, Inc. (NYSE-PBH) today announced the signing of definitive agreements with GSK for the acquisition of 17 over-the-counter healthcare brands sold in North America for a total of $660 million in cash. According to the company, the transactions are the largest in Prestige Brands’ history. The deals are expected to close in the first half of calendar year 2012, subject to customary legal and regulatory closing conditions, including clearance under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as applicable, and the company closing on its committed financing for the acquisitions.
Among the brands the Firm’s client agreed to acquire are the BC(R), Goody's(R), and Ecotrin(R) brands of pain relievers; Beano(R), Gaviscon(R), Phazyme(R), Tagamet(R) and Fiber Choice(R) GI brands; and the Sominex(R) sleep aid brand. For more information, please click the following link to view the company’s press release:
http://ir.prestigebrands.com/phoenix.zhtml?c=182173&p=irol-newsArticle&ID=1641316&highlight
Baker & McKenzie’s team was led by corporate partners Dieter Schmitz (Chicago) and Jane Hobson (London) and included corporate partner Edward Harrison (Chicago) and securities partner Chris Bartoli (Chicago). The team was supported by partners Duncan Reid-Thomas (London), Steve Harris (Washington, D.C.) and Arlan Gates (Toronto).
“We are grateful to advise Prestige Brands and work closely with its talented in-house legal team, and congratulate the company on entering into its largest transactions ever,” said Schmitz. Hobson, who heads Baker & McKenzie’s European pharmaceuticals group, added, “It’s been an honor to work with such a leading OTC pharma brands company.”
Prestige Brands’ corporate legal team was led by its general counsel, Eric Klee, and associate general counsel, Richard Weiss. Klee, who has successfully led many M&A transactions during his legal career, said: “The Baker team provided seamless deal support across both the core M&A issues as well as the trans-atlantic aspects of these important transactions. We were most pleased to have Baker as our lead counsel for these transformational deals.”