Global law firm Baker McKenzie has acted as legal counsel to Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) in its acquisition of a significant 68.0% stake in Swiss pharmaceutical firm Osmopharm. This landmark deal, announced by SPIMACO on November 13, 2023, involves a strategic share swap and cash considerations for the divestment of 76.4% in SPIMACO Misr for Pharmaceutical Industries, an Egyptian pharmaceutical manufacturer.
The completion of this transformative transaction is contingent upon meeting various preconditions, with regulatory approvals in both Saudi Arabia and Egypt at the forefront.
Osmopharm specializes in the expanding extended-release (XR) drugs market, boasting an annual growth rate of approximately 11% in the western oral XR sector. SPIMACO aims to leverage this acquisition to diversify its product portfolio by incorporating Osmopharm’s advanced modified release technology into its Saudi Arabian facilities through a technology transfer. Additionally, the purchase facilitates SPIMACO’s access to Osmopharm’s Common Technical Document (CTD) capabilities, streamlining product registrations for entry into European and other global markets. The acquisition also presents an opportunity for SPIMACO to manufacture its products at Osmopharm’s EU Good Manufacturing Practice (GMP) certified unit in Switzerland.
Baker McKenzie provided comprehensive legal counsel to SPIMACO throughout the entire transaction. The expert team, led by M&A and Healthcare and Life Sciences partners Olha Demianiuk (Geneva) and Alexander Wyss (Zurich), and further included Michael Zeller (Associate, M&A, Zurich) and Cairo team members Hani Nassef (Partner, M&A, pictured center left), Ghada El Ehwany (Partner, M&A/Healthcare and Life Sciences, pictured left), Ingy Elkady (Senior Associate, M&A), Hala Mohamed (Associate, M&A) and Mohamed Elfar (Counsel, Antitrust & Competition).
The Riyadh team included Karim Nassar (Partner, Corporate/M&A, pictured center right), David Monnier (Partner, Antitrust & Competition, pictured right) and Waad Alnafisah (Associate, Corporate/M&A).
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