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Deals In Brief / M&A: Living Well
Health care deals came fast and furious in April, with several multibillion-dollar transactions in the sector, including Nestlé SA's $11.85 billion agreement to buy Pfizer Inc.'s infant nutrition business [Deals & Suits, July]. Below, we list the advisers on three large health care deals signed in April and one signed in May, as well as on Roche Holding Ltd.'s abandoned effort to take over Illumina Inc.
Watson Pharmaceuticals Inc. agreed to acquire rival generic pharmaceutical company Actavis Group hf. for $5.6 billion in cash on April 25. Watson shareholders applauded the deal, as the company's stock rose by 7.4 percent to reach an all-time high of $74.40 on the news. Actavis is privately held. The companies hope to close the deal in the fourth quarter pending approvals from regulators.
For acquiror Watson Pharmaceuticals Inc. (Parsippany, New Jersey)
Latham & Watkins: Michael Bond, Charles Ruck, and Scott Shean.
Skadden, Arps, Slate, Meagher & Flom: Antitrust: Steven Sunshine and Ingrid Vandenborre.
For target Actavis Group hf. (Zug, Switzerland)
Linklaters: Ian Bagshaw, Elizabeth Conway, and Aisling Zarraga.
For Actavis management
Shearman & Sterling: Jeremy Kutner.
DaVita Healthcare Partners
DaVita Inc. agreed on May 21 to pay $3.66 billion in cash and another $758 million in stock for privately held HealthCare Partners LLC, the nation's largest operator of medical groups and physician networks. DaVita provides kidney care services to those who suffer from chronic kidney disease. The companies hope to close the deal early in the fourth quarter pending approvals from regulators and the target's owners.
For acquiror DaVita Inc. (Denver)
Morrison & Foerster: Spencer Klein.
Sheppard, Mullin, Richter & Hampton: Jeryl Bowers, Eric Klein, and Ken Yood.
For target HealthCare Partners LLC (Torrance, California)
Munger, Tolles & Olson: Robert Denham and Mark Kim.
Nossaman: Robert Mosher.
SXC Health Solutions Corp. agreed to pay $4.4 billion in cash and stock for rival pharmacy benefits manager Catalyst Health Solutions Inc. on April 18. The deal came just two weeks after Express Scripts Holding Co. closed its $29 billion acquisition of Medco Health Solutions Inc. [Big Deals , November 2011] to create the country's largest pharmacy benefits manager. SXC and Catalyst hope to close their transaction in the second half of the year pending approvals from regulators and both sets of shareholders.
For acquiror SXC Health Solutions Corp. (Lisle, Illinois)
Sidley Austin: Gary Gerstman and Scott Williams.
For target Catalyst Health Solutions Inc. (Rockville, Maryland)
Milbank, Tweed, Hadley
& McCloy: Thomas Janson and David Schwartz.
Hologic Inc. agreed on April 30 to pay $3.7 billion in cash for Gen-Probe Incorporated, a provider of molecular diagnostics products and services. Hologic specializes in diagnostic products and medical imaging systems focused on women's health. The companies hope to close the deal in the second half of the year pending approvals from regulators and Gen-Probe shareholders.
For acquiror Hologic Inc. (Bedford, Massachusetts)
Brown Rudnick: Philip Flink, Catherine Gardner, and Edwin Pease.
Jones Day: Antitrust: Bruce McDonald, Bevin Newman, and Johannes Zöttl.
For target Gen-Probe Incorporated (San Diego)
Skadden, Arps, Slate, Meagher & Flom: David Eisman and Brian McCarthy.
Cooley: Frederick Muto and Steve Przesmicki.
Roche Holding Ltd. dropped a $6.3 billion hostile bid for Illumina Inc. on April 18 after the target's board and shareholders rejected the approach. Roche initially offered $44.50 a share for the gene sequencing company on January 25 and raised the bid by 15 percent to $51 a share on March 29, but Illumina stood firm.
For bidder Roche Holding Ltd. (Basel)
Davis Polk & Wardwell: Frank Azzopardi, Arthur Golden, and Marc Williams.
For target Illumina Inc. (San Diego)
Dewey & LeBoeuf: Richard Climan,
Keith Flaum, and Frederick Kanner. Climan and Flaum are now at Weil, Gotshal & Manges. Kanner is now at Covington & Burling.