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Amarchand, AZB trade places in latest $200m KKR deal for Gland Pharma

Amarchand Mangaldas advised private equity major KKR on its Rs 1,300 crore ($200m) investment into pharma products company Gland Pharma, advised by AZB & Partners, with existing investors represented by Wadia Ghandy and Tatva Legal.

Amarchand Mumbai managing partner Cyril Shroff and Bangalore corporate partner Reeba Chacko led the team of advisers for KKR, assisted by Bangalore real estate and litigation Partner Namrata Kolar and Mumbai competition partner Nisha Kaur Uberoi.

Simpson Thacher & Bartlett reprised its role as KKR’s default global counsel.

AZB Mumbai partner Essaji Vahanvati acted for Gland Pharma, with tax advisers Ernst & Young in Mumbai and Hyderabad.

In April, the two Indian firm’s roles were reversed on a KKR deal, with AZB acting for KKR and Amarchand for the target Alliance Tire Group, in the $630m investment.

Private equity investor Evolvence India Life Sciences Fund, through its EILSF Co-Invest I LLC entity, instructed Wadia Ghandy Bangalore partner Ankit Majmudar with KPMG assisting on tax advice.

Agreements were signed on 27 November 2013 with conditional close pegged for 31 March 2014. “The investment is proposed through a combination of a preferential allotment by Gland Pharma and a simultaneous purchase by KKR of the entire stake held by EILSF Co-Invest I LLC, an affiliate of Evolvence India Life Sciences Fund,” stated an Amarchand press release. “The closing of the transaction is conditional upon regulatory approval, including from the FIPB and the CCI, and satisfaction of other customary conditions precedent.”

The deal is one of the largest private equity deals in the pharmaceutical sector, valuing Gland at up to Rs 4,000 crore, reported the Economic Times.

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