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Pharmaceutical business sold for $930m
A global firm has advised Valeant on the sale of its pharmaceutical business which operates in more than 15 countries.
Emma Musgrave
Firms: Baker McKenzie (Valeant); Undisclosed (iNova Pharmaceuticals)
Value: $930 million
Area: M&A
Key players: The legal team advising Valeant was led by Baker McKenzie partner Chris Saxon, with assistance from partners David Holland, Adrian Lawrence and Jonathan Flintoft, senior associates Lucas Tyszkiewicz, Julie Cox and Sally Head, and associates Lydia Turman and Amalesh Sukumar.
Deal significance: This transaction saw Valeant enter into an agreement to sell its iNova business to a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group for $930 million in cash, according to a statement from Baker McKenzie.
iNova is described as a diversified portfolio of prescription and over-the-counter products in several areas, such as weight management, pain management, cardiology and cough and cold.
The business operates in more than 15 countries around the world.
The statement from Baker McKenzie said: “Valeant will use proceeds from the sale to permanently repay term loan debt under its Senior Secured Credit Facility. The transaction is expected to close in the second half of 2017, subject to customary closing conditions, including receipt of applicable regulatory approvals”.
Baker McKenzie lead partner on the transaction, Chris Saxon added: “We were delighted to act for our long-standing client, Valeant, and to assist them in implementing their strategic plans to simplify the company’s business and strengthen its balance sheet”.
The firm noted that Goldman, Sachs & Co served as financial advisor to Valeant in this transaction.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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