Arnold & Porter Represents Recordati in Acquisition of Opalia Pharma
LONDON, July 30, 2013 -- Arnold & Porter LLP client, Milan-based Recordati, announced on July 24, 2013, the acquisition of 90% of the share capital of Opalia Pharma S.A., a Tunisian pharmaceutical company with headquarters in Ariana, a suburb of Tunis. The value of the cross border transaction (enterprise value) is of TND 80 million (around € 37 million) and will be funded from existing liquidity.
Arnold & Porter led on the sale documents for this non-UK deal, a matter that involved cross border coordination within its European life sciences practice. Anna Buscall, leading the A&P team said, "We are delighted to have played an important role as deal advisors to Recordati. Emerging markets are experiencing growth in the life sciences sector, a trend which we feel is set to continue." In addition to Ms. Buscall, the firm's legal team included Benjamin Kieft and Simon Meredith.
The closing of the transaction, expected to take place in the following months, is subject to prior approval by the Tunisian authorities.