Squire, Sanders & Dempsey has advised Valeant Pharmaceuticals International, Inc. on the acquisition of AB Sanitas for approximately €314 million in cash. The major shareholders of Sanitas have agreed to sell 87.2 percent of shares to Valeant Pharmaceuticals and after this acquisition, the company will commence a mandatory tender offer to acquire the remaining minority interest. The deal is subject to regulatory approval and is expected to complete by the end of the year.
Listed on the New York and Toronto Stock Exchanges, Valeant Pharmaceuticals is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics.
Sanitas, a publicly-traded specialty pharmaceuticals company based in Kaunas, Lithuania, has a broad branded generics product portfolio sold throughout Central and Eastern Europe, primarily Poland, Russia and Lithuania. Annual revenues for Sanitas are expected to be over €100 million in 2011.
The Squire Sanders team comprised lawyers from the global legal practice’s Warsaw, London, Brussels, Kyiv, Phoenix and Washington offices.
Leading the transaction were Warsaw partner Peter Swiecicki, senior associate Marcin Wnukowski and London corporate partner, Stephen Nelson. The team was also assisted by independent law firm Tark, Grunte Sutkienne in Vilnius.
Peter Swiecicki commented: “With our global reach and the depth of our transactional experience in Europe we were ideally placed to advise the client on a deal which will continue to transform its presence in Central Europe and CIS.”
Freshfields acted for the shareholders of AB Sanitas.