Stephenson Harwood advises Lansen on Sicorten Plus acquisition

Stephenson Harwood has advised Lansen Pharmaceutical Holdings on the acquisition of the rights to sell Sicorten Plus, a cream used to treat inflammatory skin diseases, in China from Novartis, a multinational pharmaceutical company based in Basel, Switzerland.

Lansen acquired the product for an initial $8m (£5m) on 28 March 2014.

Lansen is a pharmaceutical group principally engaged in the development, production and sale of speciality prescription western pharmaceuticals for the treatment of rheumatic diseases in China. Lansen is listed on the Hong Kong Stock Exchange.

Sicorten Plus is used primarily to treat certain corticosteroid-responsive inflammatory skin diseases, such as psoriasis. An upfront purchase price of $8m was paid for the rights to the product in China, and a series of additional milestone payments may be made by Lansen to Novartis, dependent on future sales figures.

Stephenson Harwood advised on all aspects of the transaction, from planning to completion and the announcement of the deal to the Hong Kong Stock Exchange.

Corporate partner Ben Mercer, who led the transaction, said: ‘The deal involved some detailed legal work, spanning a number of jurisdictions including Switzerland and China.’

The Stephenson Harwood team drew expertise from the corporate finance, commercial and outsourcing and intellectual property teams. Mercer was supported by partners Hilda Chiu, Dan Holland and Alexandra Pygall and assisted by associates Judith Elgood, Fiona Cheng, Simon Bollans, Lou Oliver and Mark Kramer.