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

Breaking

Thursday, 28 February 2013 By Legally India Corporate M&A

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”.

Comments

Z 28 Feb 2013, 10:21

+4 -2

Which Firm did the due diligence? After seeing the results of the Ranbaxy due diligence for Daiichi Sankyo, am wary of the superficial depth that Indian law firms scrape upon while doing pharma sector buyer side due diligence.

Guest 28 Feb 2013, 16:09

+2 -2

Z - Plz zzzzz

It is possible that since it was a listed company takeover, no detailed diligence may have been undertaken !!!!! If still dnt get it read the Insider trading regulations.

Z 28 Feb 2013, 16:51

+1 -0

PLZ ... why don't you do some reading .... this was NOT a takeover of a listed company. Strides a part of itself - Agila - which was a unit. Mylan did not takeover the entire Strides Arcolab (listed entity).

Anon 1 Mar 2013, 10:59

+1 -1

Situation still not as bad as Telenor and other telecom investments in India!!

Lawyer 28 Feb 2013, 12:21

Looks like Platinum and Freshfields have parted ways. this is the second major transaction where S&M has worked with the Indian proxy of its arch rival Freshfields!

Can anyone tell if Pratap Amin is still working with Freshfields?

Also surprising is how a self-professed elite firm like S&M is getting neck-deep in Indian deals..

The Advocate 28 Feb 2013, 14:20

Can anybody tell which leading lawyer in NOIDA has recently bought a costly beemer? Is he the same guy with whom now Freshfields is contemplating a merger and has dumped the old platinum?

facade 28 Feb 2013, 16:25

It must be merely a facade, just to tell the world: "we work not only with freshfields, but with others also". For all you know, S&M must be fronting freshfields.

dabangg 1 Mar 2013, 19:22

+0 -0

Platinum is creating a big splash in the market. Nihar is taking on the AMSS, AZB, JSA, Khaitan stronghold and showing how a small scale quality outfit can have high impact. One does not need to be a family heir or have strong connections to get solid work. Way to go Platinum. may more professionals get together and create such opportunities in the Indian legal sector.

Commenting is closed for this article.