Thursday, September 21, 2023

W&C steers Advanz Pharma´s acquisition of Intercept´s business outside of the US

White & Case has advised UK-based Advanz Pharma on its acquisition of the ex-US business of Intercept Pharmaceuticals


UK-headquartered pharmaceutical company Advcanz Pharma, with a strategic focus on speciality and hospital pharmaceuticals in Europe, has signed an agreement with Intercept Pharmaceuticals, Inc. to acquire the majority of Intercept’s subsidiaries and operations in Europe, Canada, and all other markets outside of the U.S. This includes the ex-U.S. rights to commercialise Ocaliva® (obeticholic acid) for primary biliary cholangitis (PBC), a progressive autoimmune disease that damages the bile ducts in the liver. Intercept is a U.S.-based biopharmaceutical company focused on the development and commercialisation of novel therapeutics to treat progressive non-viral liver diseases.

Advanz Pharma is a speciality pharmaceutical company headquartered in London, with an operations centre of excellence in Mumbai, commercial affiliates in North America, Europe and Australia, and an established global network of commercial partners throughout the rest of the world. With an agile and experienced team, including direct sales, marketing and medical capability across many of Europe’s major markets, Advanz Pharma supplies, innovates and enhances the critical medicines patients depend on, ensuring continued patient access and improving health outcomes.

Intercept Pharmaceuticals is a biopharmaceutical company focused on the development and commercialisation of novel therapeutics to treat progressive non-viral liver diseases, including primary biliary cholangitis (PBC) and nonalcoholic steatohepatitis (NASH). Founded in 2002 in New York, Intercept Pharmaceuticals has operations in the United States, Europe and Canada. 

“This investment will give Advanz Pharma the rights to commercialise Ocaliva, a drug treatment for primary biliary cholangitis, a form of liver disease, outside the US and thereby establish it as a leading provider of speciality and hospital pharmaceuticals in Europe,” said White & Case partner Mike Weir, who led the Firm’s deal team. “Our role advising on this deal highlights White & Case’s position as a go-to firm for private equity investments in the pharmaceuticals sector.”

The transaction is actively supported by Advanz Pharma’s owner Nordic Capital, a leading private equity investor with extensive experience and expertise in the global healthcare market, which acquired the company in June 2021.

Moelis & Company LLC acted as financial advisor and White & Case LLP as Legal advisor to Advanz Pharma.

The White & Case team that advised on the transaction was led by London partner Mike Weir and New York partner Andres Liivak, with the support of cross-border teams from New York, London, Dusseldorf, Brussels, Paris, Milan, Washington DC, Frankfurt and Madrid.

The W&C´s Madrid Corporate/M&a team comprised partner Carlos Daroca, together with associates Laura del Olmo and Gracia Truan.

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