Leading global law firm Baker McKenzie is advising GlaxoSmithKline plc (GSK) on the sale of its travel vaccines Rabipur / Rabavert for the prevention of rabies, and Encepur for the prevention of tick-borne encephalitis, to Bavarian Nordic. The total consideration is expected to be €955 million (approx. £822 million), which includes an upfront payment of €301 million (approx. £259 million).
The team was led in London by Baker McKenzie M&A partner Nick O'Donnell and Commercial Partner Duncan Reid-Thomas alongside Senior Associate Alexander Gee and Associates Patrick Edwards and George Baker Baker. They were also supported by Partner Alistair Craig on the tax aspects of the deal, from an IP perspective by Senior Associate Iona Silverman and by Of Counsel Paul Johnson on the antitrust aspects.
Commenting on the transaction, Jane Hobson London Head of M&A and GSK's relationship partner said: "We are delighted to be advising our client GSK with this strategically important transaction, as GSK continues to look for opportunities to focus on its key growth assets and to innovate its business. For us, this is a demonstration of our continued success in advising on complex carve out deals."
This is the latest example of Baker McKenzie's work in advising GSK on complex disposals and carve out transactions, including the sale of GSK's manufacturing site in Cork (Ireland) to Thermo Fisher Scientific Inc and the sale of GSK's pharmaceutical plant in Verona (Italy) to ACS Dobfar.
Cooley (UK) LLP advised Bavarian Nordic on the transaction.