Baker McKenzie today announced that it has acted for Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant") on completion of the sale of its iNova Pharmaceuticals ("iNova") business to a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group for US$930 million in cash. Valeant will use net proceeds of approximately US$920 million for the sale to repay term loan debt under its Senior Credit Facility.
iNova markets a diversified portfolio of prescription and over-the-counter products in several areas, such as weight management, pain management, cardiology and cough and cold and operates in more than 15 countries around the world. iNova holds leading market positions in Australia and South Africa and also has an established platform in Asia.
Baker McKenzie acted as lead global counsel on the transaction as well as co-ordinating various work streams, including the carve out of iNova from the broader Valeant business throughout Asia Pacific and South Africa.
The transaction involved the transfer of a significant intellectual property portfolio, employees, medical registrations and various other assets as well as regulatory approvals from FIRB and government authorities in South Africa and Namibia.
Baker McKenzie lead partner on the transaction, Chris Saxon commented:
We were delighted to work with long standing client Valeant on this complex, multi jurisdictional deal, and to assist them in implementing their strategic plans to simiplify Valeant's business and strengthen its balance sheet.
This complex and multi-faceted transaction was led by partner Chris Saxon, assisted by partner David Holland, senior associate Lucas Tyszkiewicz and associates Lydia Turman and Amalesh Sukumar. The transaction team was assisted by IP partners Jonathan Flintoft and Elizabeth White and special counsel Julie Cox, TMT partner Adrian Lawrence and banking and finance partner Howard Fraser and associate Elizabeth Athannassios.
This transaction demonstrates Baker McKenzie's ability to seamlessly advise its clients on multi jurisdictional transactions. Baker McKenzie’s Sydney office led the transaction and was assisted by Baker McKenzie office's in Singapore, South Africa, Thailand, Philippines, Hong Kong and Malaysia on foreign legal aspects of the transction.
Davis Polk & Wardell acted as special counsel to Valeant and advised on issues relating to the Senior Credit Facility.
Goldman, Sachs & Co. served as financial advisor to Valeant in this transaction.
This transaction follows Baker McKenzie's recent roles in advising Chow Tai Fook on its $4 billion purchase of Alinta, Afterpay on its $600 million merger with Touchcorp, Billabong on its $60 million sale of Tiger Lilly to Crescent Capital Partners, Aurrum and the Home Investment Consortium on their $800 million acquisition of the Masters Hardware business from a Woolworths / Lowes joint venture, BigAir Group on its $200 million takeover of Superloop, Emeco on its restructure and three-way merger with Orionstone and Andy's Earthworks, Hanesbrands on its $1.1 billion takeover of Pacific Brands, Accolade Wines on its acquisition of Lion's premium wine business, Pact Group on its $90 million acquisition of Australian Pharmaceutical Manufacturers, Platinum Equity in its acquisition of the OfficeMax Australia and New Zealand from Office Depot and Platinum Equity on its acquisition of Staples Australia and New Zealand from Staples Inc.