Latham Advises Nordic Capital on Acquisition of ADVANZ PHARMA

London team represents private equity investor in recommended cash offer for specialty pharmaceutical company.

January 27, 2021

Latham & Watkins advised Nordic Capital on a recommended cash offer to acquire the entire issued and to be issued limited voting share capital of ADVANZ PHARMA CORP. LIMITED (ADVANZ PHARMA), a specialty pharmaceutical company with a strategic focus on complex medicines with direct sales access in Europe and a global distribution network.

The acquisition will be effected by means of a Court sanctioned members’ scheme of arrangement. Under the terms of the offer, shareholders would receive a price of US$17.26 per ADVANZ PHARMA share. The offer values the entire issued and to be issued limited voting share capital of ADVANZ PHARMA at approximately US$846 million. The deal will also involve a refinancing of ADVANZ PHARMA’s existing indebtedness using proceeds from an approximately US$1.6 billion financing package comprising syndicated loans, senior secured notes and a revolving credit facility.

Latham advised on both the M&A and financing for the deal. Latham’s M&A deal team was led by London corporate partners Robbie McLaren and Douglas Abernethy, with associates Emily Cridland, Chris Ramsey, William Temple-Smith, Róisín Mbonu, and Janine Leeder. Latham’s finance deal team was led by finance partner Sam Hamilton and capital markets partner Scott Colwell, with associates Joseph Kimberling, Patrick Kwak, and Lucy Haworth. Regulatory and compliance advice was provided by a cross-border team led by Washington, D.C. partner Elizabeth Richards and London associate Frances Stocks Allen, with San Francisco counsel Betty Pang, and associates Sara Patel, Julie Choi Shin, and Alyssa Lattner.

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