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Two globals have their day in the Sun
Baker & McKenzie and Allens were involved in Sun Pharmaceuticals’ acquisition of the opiates division of Australia’s oldest poppy processor.
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Firms: Baker & McKenzie (Sun Pharmaceutical Industries Ltd [Sun Pharma]) and Allens (GlaxoSmithKline [GSK])
Value: Undisclosed
Area: M&A
Key players: Corporate and M&A partner Ashley Poke (pictured) and special counsel Michael O’Neill led the Baker & McKenzie team.
Allens acted for GSK.
Deal significance: Sun Pharma and GSK have reached an agreement under which the GSK opiates business, including manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio of opiates products along with inventory, will transfer to a subsidiary of Sun Pharma.
The product portfolio consists of poppy-derived opiate raw materials that are primarily used in the manufacture of analgesics for the treatment of moderate to severe pain.
The financial terms of the transaction are confidential. The transaction closure, expected by August 2015, is subject to customary closing conditions and requisite regulatory and other approvals.
