Galen Holdings

Galen Holdings is a Northern Ireland-based healthcare company specialising in women’s pharmaceutical products. It completed this unique deal with Merrill Lynch as the lead underwriter. Other underwriters acting as global managers included ABN Amro Rothschild and Credit Suisse First Boston.
The combined primary and secondary offering included approximately £200m sold by the company, and another £100m sold by the principal shareholders. The structure of the deal is unique because it combines a UK open offer, allowing current shareholders on both sides of the Atlantic to participate, with an underwritten public offering in the US.
Both the open offer and the US public offering were registered with the Securities and Exchange Commission.
Clifford Chance acted for Merrill Lynch as adviser on Galen’s merger with Warner Chilcott last year. US securities partner Daniel Bushner led the team on this deal.