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Old target ties bag Khaitan & Co $400m Orchid takeover


Crawford Bayley and Khaitan & Co have advised on the $400m (Rs 1,900 crore) takeover of listed Chennai pharmaceutical company Orchid Chemical & Pharmaceutical by US pharma major Hospira.

Khaitan & Co Mumbai partner Haigreve Khaitan led the team for Hospira, with Crawford Bayley partner Sanjay Asher advising Orchid as to Indian law.

Khaitan & Co worked with Baker & McKenzie as international counsel to Hospira with Latham & Watkins leading as international legal adviser to Orchid.

Khaitan & Co Mumbai-based partner Rabindra Jhunjhunwala was involved in the early stages of the deal and said that the instruction had come about as the firm had earlier acted for a takeover target of US company Hospira.

He said that he was assisting Australian company Mayne Pharma when it set up its operations in India, as well as on its joint venture (JV) with Indian company Cadila Healthcare to create the Zybus Mayne Oncology JV in 2005.

"Mayne was taken over by Hospira [in 2006] so when they wanted to look for counsel [in the present instruction] we became their obvious choice," explained Jhunjhunwala.

Hospira acquired the "generic injectable pharma business" and also entered into a 10 year agreement for the supply of pharmaceutical ingredients to it by Orchid.

Haigreve Khaitan said that the structuring of the deal was interesting and noted: "There were quite some structures and options one could do."

Photo by blmurch

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