Herbert Smith Freehills (HSF) and Latham & Watkins won lead roles on Baxter International’s acquisition of Claris Injectables for $625m, in a bid by Baxter to expand its portfolio of essential generic injectable medicines. HSF represented Claris, while Latham acted for Baxter.
Baxter manufactures a broad range of essential generic injectable medications while Claris is based in India and has a 15 year history in the global injectables market. The acquisition is expected to deliver annual global revenues in excess of $100m.
The boards of both companies have approved the deal, which is expected to close in the second half of 2017 subject to regulatory approvals.
HSF led with London-based M&A partners Alan Montgomery and Nick Moore, while Latham was represented by M&A partners Ted Keim in Chicago and Robbie McLaren in London, alongside Chicago partner Diana Doyle and London partner Sean Finn advising on tax matters, intellectual property (IP) partner Steven Chinowsky in San Diego and Washington DC partner Ben Haas on healthcare regulatory matters, among others.
Among other big pharma deals of the year, Pinsent Masons and Linklaters advised on Teva Pharmaceutical Industries’ sale of UK and Ireland business Activas Generics for £603m, whilst Slaughter and May, Cleary Gottlieb Steen & Hamilton and Bowman Gilfillan advised GlaxoSmithKline (GSK) on the sale of its remaining 6.2% stake in Aspen Pharmacare, both back in October.
Earlier in the year Cravath, Swaine & Moore and Kirkland & Ellis won mandates advising on the $5.8bn purchase of diagnostic testing company Alere by Abbott Laboratories.