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Baker & McKenzie Advises Sun Pharmaceuticals On Acquisition Of GlaxoSmithKline’s Opiates Business In Australia.

4 March, 2015

 

Baker & McKenzie is advising Sun Pharmaceutical Industries Ltd (Sun Pharma) on its acquisition of GlaxoSmithKline (GSK)’s Opiates business in Australia.

 

Partner Ashley Poke and Special Counsel Michael O’Neill led the Baker & McKenzie team.

 

Sun Pharma and GSK  announced that their respective wholly owned subsidiaries have reached an agreement under which the current GSK Opiates business including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio of opiates products along with inventory, will transfer to a subsidiary of Sun Pharma. The product portfolio consists of poppy-derived opiate raw materials that are primarily used in the manufacture of analgesics for the treatment of moderate to severe pain.

 

Commenting on the transaction Ashley Poke said: “We are delighted to be assisting our client on this significant transaction and its entry into the Australian market.”

 

The financial terms of the transaction are confidential. The transaction closure is subject to customary closing conditions and requisite regulatory and other approvals, and is expected to close by August 2015.

 

Other parties involved in the deal include Allens, which acted for GSK.

 

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