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KhaiCo, AMSS reprise long-time clients in $200m Orchid-Hospira sale with Bakers, Lathams

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Khaitan & Co and Baker & McKenzie again advised leading global injectable generic drugs maker Hospira and its Indian subsidiary Hospira Healthcare India (HHI) in its Rs 1100 crore ($200m) acquisition of Chennai-based global pharma major Orchid Chemicals & Pharmaceuticals’ penicillin and penem making facility and research & development business. Orchid was advised by Amarchand Mangaldas and Latham & Watkins.

Khaitan & Co Mumbai senior partner Haigreve Khaitan and partner Aakash Choubey acted for its old client, the Nasdaq listed Hospira and HHI. Baker & Mckenzie Chicago partner Michael F DeFranco was the international legal counsel.

Amarchand Mangaldas Bangalore partner Rashmi Pradeep acted for Orchid, which is understood to have been a long-time client of the firm, with Latham & Watkins San Diego partners Steven Chinowsky and Scott Wolfe, and associates Victoria Geft, Michael Chin and Matthew Ichinose. Counsel Sydney Smith in Washington advised on antitrust matters.

With Orchid’s $400m sale of its injectable business to Hospira two years ago, Orchid has now transferred half of its revenue generating business to the global injectable drugs major, according to Mint.

Back then Khaitan & Co and Baker McKenzie had acted for Hospira too, with Orchid having been advised by Crawford Bayley and Latham & Watkins.

The current sale was one of the largest pharmaceutical transactions in fiscal 2011-12, according to a statement from Khaitan & Co. The deal involved the transfer of 830 employees from Orchid to Hospira, reported Business Standard yesterday, and it aims to reduce Orchid’s debt of Rs 2100 crore, including rupee debt of Rs 600 crore which would be repaid, Orchid told Money Control.

Between March 17 and March 19, 2008 the Orchid Chemicals stock dropped 44% after Bear Stearns' decision to sell its stake in the company. This led to a margin call by two broking firms, Indiabulls and Religare, reported the Times of India.

Photo by blmurch

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