Biovail Corporation - Acquisition from Cambridge Laboratories

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Slaughter and May, as part of an integrated team with Cravath, Swaine & Moore LLP, advised Biovail Corporation on its agreement to acquire (through a wholly owned subsidiary) worldwide development and commercialisation rights to the entire portfolio of tetrabenazine products, and the associated IP rights, held by Cambridge Laboratories (Ireland) Ltd and its affiliates for a cash consideration of $200 million on closing and $30 million in two tranches over the subsequent 24 months.

The deal was announced on 18 May 2009 and is expected to be completed within 90 days.

Gary Eaborn (partner), Naomi Johnson (associate), Carlo Zenkner (associate); Intellectual Property: Susie Middlemiss (partner), Laura Hillier (associate); Competition: Michael Rowe (partner), Will Turtle (associate); Pensions and Employment: Charles Cameron (partner), Helen McEniery (associate); Tax: Tony Beare (partner), Will Mann (associate).

Cravath, Swaine & Moore LLP: Eric L. Schiele (partner)