Dec. 21, 2012
-- Brachers has advised the majority shareholders of the Kent Pharmaceuticals group on the exchange of contracts for its sale to DCC Healthcare, a division of DCC Plc, based on an enterprise valuation of €71.2m (£58m).
Completion is conditional on approval from the Irish Competition Authority and it is anticipated that the transaction will complete in early 2013.
The Kent Pharmaceuticals group is involved in the development, manufacture, sales, marketing and distribution of generic pharmaceuticals products for the British, Irish and international markets. DCC plans to combine the Kent Pharmaceuticals group with its healthcare division, DCC Healthcare, to create a pharmaceuticals business with aggregate revenues approaching €150 million and to become a leader in the British and Irish generic pharmaceutical market.
For this transaction, the Brachers team was led by Corporate partners James Bullock and Philip Cunningham, with support from Corporate associate Matthew Simmonds and Corporate solicitor Stephen Bowman.
James says “Brachers has a long-standing relationship with the shareholders of Kent Pharmaceuticals. This is a fantastic deal for them and the county as a whole: a Kent business that has grown from scratch to a multimillion pound business that is now part of a major international group with plans to invest heavily in the business. It is fantastic that Brachers were able to help the shareholders reap the benefits of their hard work”.
Philip added: “The deal was a long time in the preparation and drew on the expertise of many parts the firm and is evidence that Brachers’ Corporate team can successfully advise on large and highly complex transactions on an international stage.”
Michael Overy of Kent Pharmaceuticals says “The sale to DCC provides a fantastic opportunity to continue the growth and development of Kent Pharmaceuticals. We could not have achieved it without the hard work and expertise of the Corporate team at Brachers. We needed a legal team that can negotiate at the highest level and under great pressure, Brachers delivered. The team demonstrated that they can compete with the best that the City of London has to offer”.