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DSK, Platinum deliver $1.6bn Strides Agila-Mylan buy with Herbies, Slaughters & Skaddens

Pharma continues injecting India's economy
Pharma continues injecting India's economy

Breaking: Herbert Smith Freehills (HSF) and DSK Legal advised old-client Strides Arcolab in the $1.6bn+ sale of its injectables subsidiary Agila Specialties to Nasdaq-listed generic drugs-maker Mylan Inc.

Mylan was advised by Skadden Arps Slate Meagher & Flom, Slaughter and May and Platinum Partners.

HSF India group partner Alan Montgomery in London and DSK Legal managing partner Anand Desai acted for the BSE-listed Strides, which fielded a team including vice president legal Nasser Kabir, CEO Manish Gupta and promoter Arun Kumar.

HSF and DSK Legal had also advised Strides last year on its Rs 1,965 crore subsidiary sale.

Platinum Partners Mumbai partner Nihar Mody and partner Gautam Bhat, alongside Slaughter and May London-based partner Gary Eaborn assisted Skadden Arps, which was Pennsylvania-based Mylan's lead advisor on the deal, according to the company's press release. The Skaddens team was led by New York corporate partner Marie Gibson.

The transaction is expected to close in the fourth quarter of 2013 after regulatory approvals and satisfaction of certain closing conditions, according to the release. In addition to the $1.6bn cash purchase consideration, Mylan could also end up paying another $250m to STrides based on "certain conditions".

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