Two of Australia’s leading firms have acted in the sale an Australian drug developer to a pair of private equity firms for US$930m ($1.23bn) in cash.
Gilbert + Tobin has acted for Australia’s Pacific Equity Partners and America’s The Carlyle Group in acquiring iNova Pharmaceuticals from Valeant Pharmaceuticals, which was advised by
Baker McKenzie.
Baker McKenzie’s team was led by Chris Saxon, who was assisted by David Holland, Adrian Lawrence, Jonathan Flintoft, Lucas Tyszkiewicz, Julie Cox, Sally Head, Lydia Turman, and Amalesh Sukumar.
iNova makes and sells prescription and over-the-counter products for weight management, pain management, cardiology, and cough and cold treatment. It operates in more than 15 countries and has leading market positions in Australia and South Africa, with an established platform in Asia.
Valeant, which maintains its Bausch + Lomb banner, will use proceeds of the deal, expected to close in the second half of 2017, to permanently pay down debt. The deal is subject to customary closing conditions, including regulatory approvals.
Goldman, Sachs & Co. served as financial advisor to Valeant. Allier Capital, Credit Suisse, Bank of America Merrill Lynch, UBS, and Macquarie Bank also advised Pacific Equity Partners and The Carlyle Group.
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