08:53, March 27 287 0

2018-03-27 08:53:05
Slaughters and Freshfields win roles on GSK’s $13bn deal with Novartis

Slaughter and May and Freshfields Bruckhaus Deringer have won roles on the $13bn sale of Novartis’ consumer health business to GlaxoSmithKline (GSK).

The multi-billion dollar deal between the two pharmaceutical powerhouses was negotiated by Slaughters partners David Johnson and Simon Nicholls, who represented GSK in the transaction.

They were supported by financing partners Guy O’Keefe and Oliver Storey, while partners Dominic Robertson and Bertrand Louveaux supported on tax and competition aspects respectively. Competition partner Jordan Ellison was also on the team.

The transaction will see GSK purchase its 36.5 per cent stake in the consumer healthcare joint venture it established with Novartis in 2014.

Freshfields represented Swiss business Novartis, with a team led by partners Julian Long and Jennifer Bethlehem, as well as tax partner Paul Davison and antitrust partner Rob Carlton.

It is one of the first moves by the new chief executive of Novartis, Vas Narasimhan, who took over in February, to enable the company to focus on its core pharmaceutical business.

GSK has also entered into a committed facilities agreement to support the funding of the buyout.

The company’s in-house legal team was led by legal head of GSK’s corporate functions Chip Cale and associate GC Antony Braithwaite.