Three Dechert Deals Announced in 24-Hours

Dechert attorneys have been on a hot streak this week, advising on three separate deals that announced over a 24 hour period. More details on the firm’s representations of Ispen, MSX International and One Equity Partners are as follows:

Ipsen acquires Merrimack Pharmaceuticals assets for up to US$1 billion

Ipsen (Euronext: IPN; ADR: IPSEY) announced on January 9 that it has entered into a definitive agreement to acquire global oncology assets from Merrimack Pharmaceuticals (NASDAQ: MACK), including its key marketed product ONIVYDE® (irinotecan liposome injection) for the treatment of patients with metastatic adenocarcinoma of the pancreas after disease progression following gemcitabine-based therapy. Under the terms of the agreement, Ipsen will gain exclusive commercialization rights for the current and potential future ONIVYDE indications in the U.S., as well as the current licensing agreements with Shire for commercialization rights ex-U.S. and PharmaEngine for Taiwan. The transaction also includes Merrimack’s commercial and manufacturing infrastructure, and generic doxorubicin HCl liposome injection.

Under the terms of the agreement, Ipsen will pay US$575 million cash at closing plus more than US$450 million upon the approval of potential additional indications for ONIVYDE in the U.S. The transaction, which is subject to customary closing conditions is expected to close by the end of the first quarter of 2017.

The cross-border team representing Ipsen was led by corporate partners Alain Decombe and Tony Chan, and included tax partner Joshua Milgrim, intellectual property partner Thomas Rayski, employee benefits partner David Jones, corporate partners Abbi Cohen, real estate special counsel Francois Quintard-Morenas, and corporate associates Matthew Rothman, Gino Insana and Stephanie Haas.

The full press release is available here.

MSX International sells to Bain Capital Private Equity

MSX International (MSXI), a leading global business process outsourcing company, was acquired by Bain Capital Private Equity, a global private investment firm. MSXI provides specialized technology-based services to the automotive industry and employs more than 6,000 experts in more than 80 countries. The company has broad geographic and service capabilities which has facilitated consistent strong growth and supported its high proportion of recurring revenues from long-term contracts. The trend for automotive companies to outsource more business processes presents significant market opportunity to drive further expansion.

The team representing long-time client MSX International was led by corporate partner Craig Godshall, and included corporate partner Adam Rosenthal, tax partner Edward Lemanowicz, corporate associates Matthew Rothman and Stephanie Haas, and tax associate Steven Lorch.

The full press release is available here.

One Equity Partners completes acquisition of Anvil International

One Equity Partners, a private equity firm, has purchased the Anvil International division from Mueller Water Products, Inc. (NYSE:MWA) for US$315 million. Anvil is a leading domestic manufacturer of piping system components with applications in the commercial, industrial, mechanical, fire protection and oil & gas markets.

The team representing One Equity Partners was led by corporate partner Derek Winokur and included tax partner Joshua Milgrim, along with corporate associates Stephen Pratt and Ross MacConnell.

The full press release is available here.

About Dechert

Dechert is a global specialist law firm with a deep bench of experts focused on sectors with the greatest complexities and highest regulatory demands. We deliver practical commercial insight and judgment to our clients’ most important matters. Nothing stands in the way of giving clients the best of the firm’s entrepreneurial energy and seamless collaboration in a way that is distinctively Dechert.