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Jadran-Galenski Laboratorij (JGL), the second largest pharmaceutical company in Croatia, sold its dermatology and women’s health portfolio assets in the Russian Federation to Egis Pharmaceuticals in 2017 in a dual-track transaction.

The deal involved a series of transactions over multiple jurisdictions in which CMS has offices. Pending registration of the product dossiers with the Russian authorities, Egis received distribution rights for the territory.

CMS teams in London, Moscow, Sofia, Zagreb and Zurich advised on the deal.

CMS Sofia partner David Butts said, “This competitive auction ultimately involved a Croatian seller transferring Russian assets to a Hungarian buyer under Swiss law (with English and other European laws related to compliance and sanctions also relevant). It required experienced counsel with an established European organisation and a track record for managing competitive tender processes in the lifesciences field.”

JGL Legal Affairs and IP Manager Jelena Siminiati said, “We felt extremely well supported throughout the sale process. CMS was professional, knowledgeable, approachable and efficient and fast in delivery. The capacity to tap into expertise elsewhere in the firm at all times, and at short notice, was incredible.”

The lifesciences sector has seen significant consolidation in recent years as large companies increasingly snap up smaller rivals in a bid to bring new products to market more quickly. These deals allow companies to diversify their pipelines while taking advantage of the low interest rate environment that makes mergers and acquisitions more appealing. As consolidations occur, smaller companies benefit from opportunities created as ‘non-core’ assets and product lines are jettisoned.

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