Given that mega mergers coming out of the pharmaceutical and life sciences sector have dominated the corporate agenda for decades, it was fitting that an afternoon session of our inaugural Corporate and M&A Summit focused on transactional trends in this area. Chaired by Laura Anderson, co-chair of Bristows life sciences group, it gathered a collection of in-house experts from big pharma.

Responding to a question posed by Anderson as to whether the spate of significant deals in the sector will continue, Dr Sahar Shepperd, senior legal counsel at Johnson & Johnson, pointed to his company’s recent $30bn acquisition of Actelion as a sign the pipeline for M&A deals in the sector is healthy, along with the recent acquisition of Shire by Takeda. ‘That deal was about accessing Shire’s rare disease portfolio. If you bring in an entire portfolio of assets into the pipeline, you have obviously done the maths and are mindful of the fact that that will generate revenue for the next ten years or so.’ Continue reading “Big pharma, small partners: the key transactional trends in life sciences”

The final session before lunch in our Corporate and M&A Summit looked at the mechanics of auctions and how best to handle the competitive bid process from both the buyer’s and seller’s perspective. The session, moderated by co-chair of Greenberg Traurig’s global corporate practice, Fiona Adams, brought together panellists experienced in the auction process. Joining Adams was colleague Paul Maher, veteran corporate lawyer and vice chair of Greenberg, along with Jessie Gill, head of legal at Stemcor; Chris Hunt, group head of M&A for Rentokil Initial; and Nick Johnston, partner at Perella Weinberg.

Adams kicked off the core of the session by asking the panellists how sellers can successfully handle an auction process, to which Gill stressed the importance of an even-handed approach. Auctions are long processes and there is a need to foster a spirit of compromise: ‘Use up your currency when it matters and do not be a nightmare counterparty.’ Continue reading “Auctions – how to play the game”

It was fitting that one of the first morning sessions of our inaugural Corporate and M&A Summit dealt with arguably the trickiest period of any public M&A deal – the first week, and specifically critical initial dealings with the Takeover Panel.

Introducing the topic, moderator Simon Wood from Addleshaw Goddard – who spent two years on secondment with the Takeover Panel – said: ‘A bit like with Charles and Diana’s wedding, it sometimes feels in an M&A transaction that there are three parties, and that third party is the Panel.’ However, he stressed it is not a regulator to fear but a well-respected organisation that encourages consultation and is relatively easy to deal with. Continue reading “The Takeover Panel – that crucial first week”