Cold Remedy: Am Law 100 Firms Load Up on Pharma M&A
Flaum, a former Cooley partner, left that firm in a high-profile lateral move for Dewey & Leboeuf in July 2009. As Dewey plunged into bankruptcy last year, Flaum and a group of Silicon Valley deal lawyers decamped for Weil. Two of the partners who joined Flaum in making the move to Weil—M&A experts Jane Ross and James Griffin—are part of the team now advising Jazz. Other Weil lawyers working on the deal include associates Rebecca Grapsas, Ade Heyliger, Megan Pendleton, Mandy Price, Amy Reed and Tyler Tassin. (Richard Climan, who led the group of Dewey defectors to Weil, grabbed a key role last week advising enterprise software giant Oracle on its $1.5 billion acquisition of Responsys.)
Weil, which this month advised San Francisco–based private equity firm Genstar Capital Management on its acquisition of orthopedic implant maker Tecomet, also took the lead for Danbury, Conn.–based ATMI on the company's $185 million sale of its life sciences business to Pall Corp. The in-house legal chiefs at Pall and ATMI are Roya Behnia and Patrick Shima, respectively.
Another pharmaceutical deal announced last week involves the sale of PharMEDium Services LLC, a pharmacy compounding services company owned by venture capital firm Oak Investment Partners, to private equity firm Clayton, Dubilier & Rice. While terms of the transaction were not disclosed, Reuters reported in November that PharMEDium was in discussions to sell itself for close to $1 billion. Debevoise & Plimpton is advising longtime client CDR on the acquisition, while PharMEDium has turned to K&L Gates. Oak Investment’s in-house head of legal affairs is Craig Lang.
Private equity giant KKR, meanwhile, announced in late November that it would invest $200 million in India’s Gland Pharma. The Financial Times reports the investment is one of the largest ever in the country’s export-oriented pharmaceutical sector. Simpson Thacher & Bartlett is advising longtime client KKR on the deal, along with leading Indian firm Amarchand & Mangaldas & Suresh A. Shroff & Co., according to sibling publication The Asian Lawyer. Legally India reports that top Indian firms AZB & Partners and Wadia Ghandy also had roles on the matter.
The end-of-year pharmaceutical sector M&A frenzy may not be over. Shortly before Christmas, Reuters reported that another major private equity player, The Carlyle Group, was in talks to acquire Johnson & Johnson’s blood-testing and diagnostics unit in a deal worth up to $4 billion.
While a transaction had not been formally announced as of Tuesday, it's worth noting that Carlyle turned to longtime outside counsel Latham two years ago to advise on its $3.9 billion buy with private equity rival Hellman & Friedman of contract drug researcher Pharmaceutical Product Development.