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Latham Advises CHEPLAPHARM on €750 Million High Yield Bond

April 28, 2023
Firm represents pharmaceutical company on the issuance of senior secured notes under New York law (144A/Reg S).

Latham & Watkins has advised CHEPLAPHARM Arzneimittel GmbH (CHEPLAPHARM), a leading international platform for well-established branded medicines, on the issuance of €750 million aggregate principal amount of New York law 144A/Reg S senior secured notes due May 2030. The issuance comprises €425 million 7.500% senior secured notes and €325 million senior secured floating rate notes. The senior secured notes will be listed on The International Stock Exchange (Official List).

The proceeds will be used to finance the acquisition of the worldwide commercial rights (excluding South Korea) for Zyprexa® from Eli Lilly and Company. The M&A transaction and bridge financing were advised by a team led by Hamburg partner Christoph Engeler and Frankfurt partner Alexandra Hagelüken.

The Latham team was led by Frankfurt partners Rüdiger Malaun and Jan Penselin, with associate Isabel Willius. Advice was also provided on tax matters by Munich partner Ulf Kieker. The Latham team worked closely with CHEPLAPHARM’s in-house team with Head of Legal Jan Klumb and Legal Counsel Anees Ahmed.