Slaughter and May is advising GlaxoSmithKline (GSK) on its major three-part inter-conditional transaction with Novartis which completed on 2 March 2015. Under the transaction:
- GSK acquired Novartis's global Vaccines business (excluding influenza vaccines) for an initial cash consideration of US$5.25 billion
- GSK has created a new world-leading Consumer Healthcare joint venture with Novartis in which GSK will have majority control and an equity interest of 63.5%
- GSK divested its Oncology business for an aggregate cash consideration of US$16 billion
GSK will use £4 billion of the net proceeds from the transaction to fund a capital return to shareholders.
Slaughter and May is supporting GSK's internal legal team, which is led by Dan Troy, Chip Cale and Elizabeth Planell.