Global law firm White & Case LLP has advised Italian pharma and consumer healthcare group Angelini on its worldwide acquisition, outside North America, of ThermaCare from GlaxoSmithKline (GSK).
The acquisition is a key transaction in relation to the creation of the GSK/Pfizer JV for Consumer Health. In July 2019, the European Commission cleared the acquisition by GSK of Pfizer's Consumer Health Business, subject to GSK and Pfizer divesting ThermaCare to a suitable buyer. Following a competitive auction and the monitoring trustee's conclusion that Angelini was a suitable acquirer, the European Commission confirmed its approval on March 2, 2020.
Established in 1919, the Angelini Group is a privately-owned pharma and consumer healthcare group with an international presence and brands including Trittico, Tantum, Aulin, Latuda and Boxagrippal. It is one of the top pharmaceutical companies in Italy, noted for self-medication via products with brands including Tachipirina, Moment, Amuchina and Tantum Verde.
ThermaCare is a global brand of single use, non-medicated heat patches which uses patented technology to produce heat which eases muscular pain, enabling the body to rebuild damaged tissue and accelerate healing. The acquired business also includes the ThermaCare manufacturing and R&D sites located in Albany, Georgia, US.
The White & Case team which advised on the transaction comprised partners Ferigo Foscari (Milan), Michael Immordino (London & Milan), Dominic Ross, Monica Holden, Amanda Cowell, Philip Trillmich, Peita Menon (all London), Mark Powell, Axel Schulz (both Brussels) and Justus Herrlinger (Hamburg), local partners Alessandro Seganfreddo (Milan) and Alexandra Rogers (Brussels), associates Sara Scapin (Milan), Mark Richardson (London) and Nicolò Antonio Miglio (Milan) and lawyers Valerio Bianchi and Ioana Gaga (both Milan).
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