White & Case Advises Takeda on Agreement to Divest Select OTC and Non-core Assets in Asia Pacific to Celltrion for up to US$278 Million
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Global law firm White & Case LLP has advised Takeda Pharmaceutical Company Limited (Takeda) on an agreement to divest a portfolio of select over-the-counter (OTC) and prescription pharmaceutical products sold exclusively in Asia Pacific to Celltrion Inc. (Celltrion) for up to US$278 million.
Takeda is a global biopharmaceutical leader headquartered in Japan, primarily focused on five business areas: Gastroenterology, Rare Diseases, Plasma-Derived Therapies, Oncology and Neuroscience.
Celltrion is a South Korea-based biopharmaceutical company specializing in the research, development and manufacturing of small molecules, biosimilars and innovative drugs.
Over the past 12 months, White & Case has advised Takeda on the divestments of select OTC and prescription pharmaceutical products in multiple transactions, including:
- the US$670 million divestment to Orifarm in Europe, including two manufacturing sites located in Denmark and Poland (announced in April 2020);
- the US$825 million divestment to Hypera Pharma in Brazil, Mexico and certain other Latin American countries (announced in March 2020);
- the US$660 million divestment to STADA (a portfolio company of Bain Capital and Cinven) in Russia, Georgia, and a number of countries from within the CIS (announced in November 2019 and closed in March 2020); and
- the US$200 million divestment to Acino (a portfolio company of Nordic Capital and Avista) in a number of EMEA countries (announced in October 2019 and closed in March 2020).
The White & Case team which advised on the transaction was led by partners Michael Immordino, Leonardo Graffi (both Milan and London) and Steven Sha (Hong Kong) and included partners Philip Trillmich, Monica Holden and Nicholas Greenacre (all London), Arlene Arin Hahn (New York), David Dreier (New York) and Axel Schulz (Brussels), counsels Isaac Tendler (New York) and Ajita Shukla (Washington DC), associates Younghee Chung (Seoul), Kyle Oh (Singapore) Dana Yeon (Hong Kong), Benjamin Snow (New York) and Tommaso Poli (Brussels), and lawyer Mariasole Maschio (Milan).
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