December 02, 2014
Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) has announced a definitive agreement with Otsuka Pharmaceutical Co., Ltd. to which Otsuka will acquire Avanir for $17.00 per share in cash. The transaction, which values Avanir at approximately $3.5 billion, has been unanimously approved by the boards of directors of both companies. The transaction is expected to close in the first quarter of 2015. Latham & Watkins LLP represents Avanir Pharmaceuticals in the transaction with a corporate team led by partners Charles Ruck and Scott Shean with counsel David Wheeler and associates Michael Young, Jeffrey Holgate, Andrew Fox, Alyssa Chi and Ashley Flor. Ruck, Shean, Young, Holgate and Flor are based in Orange County; Wheeler and Chi in Los Angeles and Fox in New York. Advice was also provided on benefits and compensation matters by partner Jim Barrall with associates Michelle Carpenter and Jack Stratton in Los Angeles; on antitrust matters by partner Joshua Holian in San Francisco; on regulatory matters by counsels Rebecca Brandt in Houston and Betty Pang in San Francisco with associate Eitan Bernstein in Washington, D.C.; on intellectual property matters by counsel David Kuiper in Orange County; on environmental matters by partner Christopher Norton in Orange County and on tax matters by partner Samuel Weiner in Los Angeles and associate Andrea Ramezan-Jackson in Washington, D.C.