CSL’s A$16.4 Billion Acquisition of Vifor Pharma

Homburger AG, Bär & Karrer, Simpson Thacher & Bartlett LLP, and Allens acted as joint legal advisors to CSL. PJT Partners, BofA Securities and Goldman Sachs acted as lead financial advisor to CSL. Credit Suisse acted as Tender Offer Manager in Switzerland and financial advisor to CSL. Gresham Advisory Partners Limited acted as an independent advisor to the Board of Directors of CSL.

CSL Limited announced its all-cash public tender offer to acquire all publicly held shares of Vifor Pharma Ltd (SIX: VIFN), for US$179.25 per share, for an aggregate equity value for Vifor Pharma of US$11.7 billion. The transaction is subject to various customary closing conditions.

CSL will fund the transaction via a fully underwritten institutional placement of shares to raise A$6.3 billion (US$4.5 billion); a fully committed debt bridge facility of US$6.0 billion (A$8.4 billion); and existing cash / undrawn facilities of US$2.0 billion (A$2.8 billion).

CSL will also undertake a non-underwritten share purchase plan to eligible CSL shareholders in Australia and New Zealand targeting to raise up to A$750 million (US$534 million).

Vifor Pharma Group is a global pharmaceuticals company. It aims to become the global leader in iron deficiency, nephrology and cardio-renal therapies. Vifor Pharma Group is headquartered in Switzerland and listed on the Swiss Stock Exchange.

CSL is a leading global biotechnology company with a dynamic portfolio of life-saving medicines, including those that treat hemophilia and immune deficiencies, as well as vaccines to prevent influenza. Today, CSL–including its two businesses, CSL Behring and Seqirus–provides life-saving products to more than 100 countries and employs more than 25,000 people.

The Simpson Thacher team included Mark Pflug (Picture) and Carina Kan (M&A); Brian Steinhardt, Antti Pesonen, Michael Vernace, Jule Walsh and Kyle Nelson (Banking and Credit); Richard Fenyes and Debbie Harris (Capital Markets); Buzz Frahn, Lori Lesser, Raul Duran, Bobbie Burrows and Kate Mirino (IP); Sara Razi, Étienne Renaudeau, Nick Ingros and Pauline Patat (Antitrust); Brian Robbins, Patricia Adams and Ryan Kenny (Executive Compensation and Employee Benefits); Vanessa Burrows and Tera Rule (Healthcare); and Benjamin Rippeon and Lina Pan (Tax).

The Allens’ team was led by Partner Robert Pick, assisted by Yan-Lin Lee (Senior Associate), Tim Tabalujan (Lawyer) (M&A and ECM); Ben O’Hoy (Partner), Alex Tonkin (Managing Associate), Michael Zeng (Lawyer) (Banking).

The Bär & Karrer team consisted of Rolf Watter, Dieter Dubs and Stefanie Walch (all M&A and Corporate), Mani Reinert and Martin Werner (both Competition Law) as well as Susanne Schreiber (Tax).

he Homburger team is led by partners Dieter Gericke and Daniel Häusermann (Corporate / M&A) and comprises counsel Micha Fankhauser (Corporate / M&A), partners Reto Heuberger and Stefan Oesterhelt (both Tax), Benjamin Leisinger (Financing and Investment Products), Richard Stäuber (Competition, Regulatory), Andri Hess and Luca Dal Molin (both IP / IT), associates Olivier Bühlmann, Francesco Bernasconi and Estelle Piccard (all Corporate / M&A), David Waldmeier (Competition, Regulatory), Sandrine Chabbey (Financing and Investment Products), Marco Bächtold (Employment & Executive Compensation), Philippe Gobet (Tax), as well as junior associates Adrian Bühlmann, Cédric Berger, Tanja Niederer, Joel Schmidt and Lars Schöni.

Involved fees earner: Ben O’Hoy – Allens; Robert Pick – Allens; Tim Tabalujan – Allens; Alex Tonkin – Allens; Yan-Lin Lee – Allens; Michael Zeng – Allens; Dieter Dubs – Bär & Karrer; Mani Reinert – Bär & Karrer; Susanne Schreiber – Bär & Karrer; Stefanie Walch – Bär & Karrer; Rolf Watter – Bär & Karrer; Martin Werner – Bär & Karrer; Marco Bächtold – Homburger; Francesco Bernasconi – Homburger; Olivier Bühlmann – Homburger; Sandrine Chabbey – Homburger; Luca Dal Molin – Homburger; Micha Fankhauser – Homburger; Dieter Gericke – Homburger; Philippe Gobet – Homburger; Daniel Häusermann – Homburger; Andri Hess – Homburger; Reto Heuberger – Homburger; Benjamin Leisinger – Homburger; Tanja Niederer – Homburger; Stefan Oesterhelt – Homburger; Estelle Piccard – Homburger; Joel Schmidt – Homburger; Lars Schöni – Homburger; Richard Stäuber – Homburger; David Waldmeier – Homburger; Patricia Adams – Simpson Thacher & Bartlett; Bobbie Burrows – Simpson Thacher & Bartlett; Vanessa Burrows – Simpson Thacher & Bartlett; Raul Duran – Simpson Thacher & Bartlett; Richard Fenyes – Simpson Thacher & Bartlett; Harrison Frahn – Simpson Thacher & Bartlett; Deborah Harris – Simpson Thacher & Bartlett; Nicholas Ingros – Simpson Thacher & Bartlett; Carina Kan – Simpson Thacher & Bartlett; Ryan Kenny – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Kate Mirino – Simpson Thacher & Bartlett; Kyle Nelson – Simpson Thacher & Bartlett; Lina Pan – Simpson Thacher & Bartlett; Pauline Patat – Simpson Thacher & Bartlett; Antti Pesonen – Simpson Thacher & Bartlett; Mark Pflug – Simpson Thacher & Bartlett; Sara Razi – Simpson Thacher & Bartlett; Étienne Renaudeau – Simpson Thacher & Bartlett; Benjamin Rippeon – Simpson Thacher & Bartlett; Brian Robbins – Simpson Thacher & Bartlett; Tera Rule – Simpson Thacher & Bartlett; Brian Steinhardt – Simpson Thacher & Bartlett; Michael Vernace – Simpson Thacher & Bartlett; Jule Walsh – Simpson Thacher & Bartlett;

Law Firms: Allens; Bär & Karrer; Homburger; Simpson Thacher & Bartlett;

Clients: CSL Limited;

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Author: Youness Semri