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  3. Supporting Growth
    1. Cinven acquires PPF as European pet food market flourishes
    2. Advance takes centre stage with theatre group acquisition
    3. Advent seals EUR 1.9bn Zentiva deal as healthcare booms
    4. Liberty sells European assets to Vodafone in EUR 18.4bn mega-deal
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    15. Interview with Eleanor Lane
    16. Interview with Niklas Zaugg
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    18. Interview with Andreas Otto

Advent seals EUR 1.9bn Zentiva deal as healthcare booms

"Our Life Sciences & Healthcare sector knowledge and significant experience in private equity and pharma M & A, as well as our ability to operate across borders, were key to the success of the transaction."
DAVID BUTTS 
Partner Life Sciences & Healthcare CMS Sofia

The past year has seen a frenzy of buyout activity in the healthcare sector, with private equity houses focusing closely on the sector.

A combination of inexpensive corporate debt finance, strong and growing revenue streams in the healthcare sector and the trend for healthcare companies to spin off non-core assets have all contributed  to the boom.

In a major deal for the sector, global private equity house Advent International acquired Zentiva, Sanofi’s European generic pharmaceuticals business, for EUR 1.9bn.

Headquartered in Prague, Zentiva has operations throughout Europe. Advent has extensive experience in executing corporate carve-outs and will support Zentiva as it enters a new phase of its history as an independent business.

A cross-border CMS team of over 50 lawyers advised Advent across the Czech Republic, Hungary, Poland, Romania, Slovakia and Switzerland, with the deal coordinated out of our Sofia and London offices.

CMS Sofia and Advent Relationship Partner David Butts said, “Our Life Sciences & Healthcare sector knowledge and significant experience in private equity and pharma M&A, as well as our ability to operate across borders, were key to the success of the transaction, from the initial due diligence to the various local restructurings required to effect the pre-completion carve-out and assistance on the financing aspects.” CMS teams  also worked on the CEE aspects of the acquisition financing.

He added, “We worked across seven jurisdictions, often at weekends and within very tight timescales. This is an extremely competitive sector and being able to deliver consistent, commercial advice is key.” Various workstreams continue to be active beyond completion, including in respect of Zentiva’s first bolt-on acquisition as an Advent portfolio company.