The UK has had a traditionally strong interest in the life sciences, providing a voice for the industry at the EU table that may be lost as a result of Brexit. The strength of the sector is reflected in the location of the European Medical Agency in London, which is now likely to be relocated. Brexit also throws into doubt the EU regulations under the Community code for medicinal products.
Imminent issues to consider
Transaction due diligence to understand Brexit risk for the target and the transaction generally
Future recognition of UK companies and branches in the EU
Ensuring contractual continuity
Distribution channel for pharmaceutical products is significantly reorganized
Duplication: At least four authorizations on pharmaceutical premises and medicines need to be duplicated – i.e., moved within the EU and reissued in the UK during the transition period (6 months – 1 year)
Price: Only price (in the UK) should not change (but the question is whether the UK will remain in the price references in the EU)
How Dechert can help
Dechert is recognized around the globe for successfully navigating the most complex life sciences companies – from start-ups to multinationals in pharmaceuticals, biotechnology, drug discovery, genomics, diagnostics, medical devices, biosimilars, and digital health – as well as the industry’s most active investment banks, venture/growth capital firms and research institutions. Cross-border work is our hallmark.
Advice on structuring the regulatory and contract streams across the UK and EU to avoid duplication. The Dechert team is regularly in touch with health authorities.
Advice on product continuity and on prevention plans to avoid shortages and stockpiling.