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.
US firms Kirkland & Ellis and Skadden Arps Slate Meagher & Flom snared the prize mandates on the $6.8bn (£4.12bn) sale of biopharmaceutical company Cephalon to rival drugs giant Teva.
Kirkland acted for longstanding client Teva on the deal. The Israeli company saw off a hostile approach for Cephalon from Canadian rival Valeant before agreeing to pay $81.50 a share for the target. Valeant had previously offered $73 per share.
New York corporate partner David Fox led the Kirkland team acting alongside fellow corporate partner Jeff Symons, Washington DC competition partner Christine Wilson and New York tax partner Scott Price.
Fox also worked on Teva’s last major acquisition, the $5bn purchase of German generics producer Ratiopharm, which was announced last March.
Cephalon turned to Skadden New York M&A partners Eileen Nugent and Neil Stronski. The Skadden team also featured antitrust partner Clifford Aronson and compensation and benefits partner Regina Olshan.
It is understood that Sullivan & Cromwell acted for Valeant on its failed bid for Cephalon, with New York M&A partner Keith Pagnani and Los Angeles M&A partner Alison Ressler leading.
The ultimate purchase price represents a 39 per cent premium on Cephalon shares compared with the price before Valeant launched its initial bid.
The deal, which will be financed through existing capital, credit facilities and public markets, will see Teva grow its branded pharmaceutical business.