Deal closed | Akorn, Inc. | Divestment of shares

The details of the deal are: 

Sector: Pharmaceutical

Announcement date: 18th August 2020

Completion date: 14th August 2020

Name of the client: Akorn, Inc.

Bidder name: Biological E- Limited | India

Bidder description: Bio-pharmaceutical company

Seller name: Akorn India Private Limited | India

Seller description: Akorn India Private Limited is a wholly owned subsidiary of Akorn Inc. engaged in the pharmaceutical sector having a manufacturing facility for manufacturing sterile injectable products including general injectables cephalosporins hormones and carbapenems.

Deal description: Advised Akorn India Private Limited and the Sellers (Akorn Inc. and WorldAkorn Pharma Mauritius) in relation to 100% divestment of the shares of Akorn India Private Limited, a wholly owned subsidiary of Akorn, Inc. to Biological E- Limited

Total consideration: Confidential

Team members: Anand Mehta (Partner), Aayush Misra (Principal Associate), Divakar Gupta (Associate), Shraddha Desai (Associate), Vwastav Ghosh (Associate) represented the client on the transaction with assistance from Shailendra Bhandare (Partner) and Shamika Bhagwat (Associate) on Intellectual Property aspects of the transaction.

Role of firm: External legal advisor to Akorn India Private Limited and the Sellers (Akorn Inc. and WorldAkorn Pharma Mauritius). We were involved in all legal aspects of the transaction including a) advising on the divestment, b) drafting and finalizing the share purchase agreement for the bidders, and c) assisting with execution of the transaction with the buyer.

Other legal advisors if any with names of lead lawyers: The Seller was represented by PWC as their financial advisors. The Purchaser was represented by Shardul Amarchand Mangaldas (legal advisor) and Torreya (financial advisors)