Khaitan advises Lupin on big pharma acquisition

Khaitan advised Lupin Limited (Lupin) in relation to a corporate guarantee provided by Lupin to secure the obligations of its subsidiaries under a bridge financing of $880m availed from JP Morgan Chase Bank, NA for the purpose of purchasing all of the outstanding equity interests in Gavis Pharmaceuticals LLC, Novel Laboratories, Inc., and VGS Holdings, Inc. and one share of Novel Clinical Research (India) Private Limited.

This is one of the largest acquisitions offshore by a company in the pharmaceutical sector. Manisha Shroff, Associate Partner and Ahana Sinha, Senior Associate represented the client on the transaction. Lupin Limited is a transnational pharmaceutical company based in Mumbai. It is the seventh-largest company by market capitalization; and the 10th-largest generic pharmaceutical company by revenue globally.