For the second time in a month, Davis Polk represented Irish drugmaker Warner Chilcott in a billion-dollar deal -- but this time, as a seller. The company's $3.1 billion acquisition of Procter & Gamble's pharmaceutical business required it to secure $4 billion in financing from six banks. Warner, in need of cash, agreed to sell the U.S. rights to several psoriasis drugs back to Leo Pharma -- the original owner of those rights -- netting Warner $980 million in net cash proceeds. Morgan Lewis advised Leo on the deal.
September 24, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
For the second time in a month, Davis Polk & Wardwell represented Irish drugmaker Warner Chilcott in a billion-dollar deal. This time, however, Warner is the seller, not the buyer.
A few weeks ago, Davis Polk advised Warner on the company’s $3.1 billion acquisition of Procter & Gamble’s pharmaceutical business, a bigger-than-expected deal that required Warner to secure $4 billion in financing from six banks.
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