02 February 2021
Carey Olsen advises Nordic Capital on acquisition of ADVANZ PHARMA
Carey Olsen has advised Nordic Capital on its recommended offer to acquire ADVANZ PHARMA Corp., (ADVANZ PHARMA), a global specialty pharmaceutical company headquartered in London.
The transaction is to be effected by way of a Jersey Court-sanctioned members' scheme of arrangement which values the limited voting share capital of ADVANZ PHARMA at approximately US$846 million. Approximately US$1.6billion of new financing, comprising syndicated loans, senior secured notes and a revolving credit facility will be used to refinance ADVANZ PHARMA's existing indebtedness.
The Carey Olsen team worked closely with lead advisers, Latham & Watkins on the M&A and finance aspects of the transaction. The M&A team was led by corporate partner Guy Coltman, with fellow corporate partner David Taylor, counsel David Allen and associates Stephen Le Cornu and Caitlin Hagart.
The finance team was led by finance partners Simon Marks and Kate Andrews, with senior associate Bryony Bird and associate Aldo Plater. The Carey Olsen investment funds team also provided specialist input through partner Daniel O'Connor and senior associate Arindam Madhuryya.
The acquisition is subject to various regulatory approvals and is expected to close in the second quarter of 2021.
Guy said: "Working together as cross-practice Jersey team, we were delighted to assist our long-standing client Nordic Capital on the acquisition of ADVANZ PHARMA. Transactions like this not only provide the opportunity to demonstrate Carey Olsen's mergers and acquisitions expertise (in particular, members' schemes of arrangement) but also our ability to bring together leading specialists in M&A, finance, investment funds and regulation to deliver seamless support on deals of this size and complexity."