Leading global law firm Baker McKenzie advised GlaxoSmithKline plc (GSK) on the sale of its active pharmaceutical ingredient (API) manufacturing site in Cork, Ireland, to Thermo Fisher Scientific Inc. The transaction is expected to be completed by the end of 2019, subject to customary closing conditions, including regulatory approvals.
The sale will see the ownership of GSK’s Cork manufacturing site, including all facilities, business operations and approximately 400 commercial manufacturing and R&D employees transfer to Thermo Fisher. Thermo Fisher will continue to produce APIs for GSK under a multi-year supply agreement.
The team was led by Baker McKenzie London Head of M&A Jane Hobson alongside IT/Com Partner Duncan Reid-Thomas and M&A Partner Melanie Howard, supported by Senior Associate Alexander Gee and Associates Patrick Edwards and John McGovern.
Commenting on the transaction, Jane Hobson said: "We were pleased to support GSK with this transaction as part of GSK's strategic changes in its portfolio and emerging pipeline, and look forward to working with the GSK team through to closing to achieve a smooth separation."
This is the latest example of Baker McKenzie's work in advising GSK on complex disposals and carve out transactions, including the recent sale of GSK's pharmaceutical plant in Verona (Italy) to ACS Dobfar.