The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Cadwalader Wickersham & Taft has scored a lead role on US drug manufacturer Pfizer’s $68bn (£49.8bn) acquisition of rival Wyeth, the biggest M&A deal in the world for months.
Corporate partner Dennis Block is taking the lead for longstanding client Pfizer.
The acquisition is the latest in a string of deals Block has handled for the company over the years, including the sale of its Consumer Business to Johnson & Johnson, the acquisition of Vicuron and the acquisition of Pharmacia Corporation.
The drugs business is financing the deal with a mixture of cash and shares and has raised $22.5bn (£16.5bn) to help finance the acquisition.
A US partner not involved in the deal said although there was no doubt it was a significant deal, it was more likely a sign of continuing consolidation in the global pharmaceutical industry than an indication of the returning health of the credit markets.
“It’s good to see that finance is available for a major deal but this is pretty high-quality credit,” said the partner. “It could be a thin leading edge back to a willingness by the banks to lend, but we won’t know that for a while yet. I don’t expect any floodgates to open.”
A team from Simpson Thacher & Bartlett led by global head of M&A Casey Cogut and including corporate partner Eric Swedenburg is advising Wyeth.
Other legal advisers on the deal include Wachtell Lipton Rosen & Katz as counsel to Wyeth’s directors and Weil Gotshal & Manges as adviser to lender Goldman Sachs Capital Partners.
To receive our free, twice-weekly Lawyer in New York US legal news and comment email, click here. Or get the latest news, features and comment as it’s published with our free RSS feed.