Permira’s Investment in BPL and Kedrion

Goodwin Procter advised Bio Products Laboratory and Tiancheng International Investment Limited on the deal. The shareholders of Kedrion was advised by Carnelutti and Pedersoli Studio Legale, while Permira was advised by Latham & Watkins, Giliberti Triscornia and Maisto e Associati.

Bio Products Laboratory (BPL) and its shareholder, Tiancheng International Investment Limited (TII), announced their agreement for BPL to be jointly acquired and combined with Kedrion by funds advised by Permira, who have entered into a partnership with Kedrion’s existing shareholders (the Marcucci family and FSI).

The combination will create a global player for medicines derived from human blood plasma, which treat patients with rare and life threatening conditions.

As a result of this transaction, the Permira funds, including their co-investor, the Abu Dhabi Investment Authority, will own a controlling stake in the combined business, which generates approximately €1.1 billion in annual revenues and employs in excess of 4,000 people worldwide.

The transaction remains subject to regulatory approvals and customary closing conditions. 

BPL, headquartered outside London, UK, operates a targeted portfolio of successful rare disease products and is one of the fastest growing players in the plasma industry. BPL in its present form was created in 2010 but dates its heritage back to the early pioneers of UK plasma-derived medicines.

The company has a vertically integrated business model comprising 28 collection centres in the US, its Elstree manufacturing campus, and distributes life-saving products in the US healthcare market, the UK NHS and the rest of the world through distribution partners. Under ownership of TII (Tiancheng International Investment Limited) since 2016, BPL has undergone significant investment in capacity and internationalization through its expansion in the US market and its recent approval for sales of Albumin into China. 

The Goodwin team was led by Carl Bradshaw (Picture) with support from Angus Simpson, Alex Lindsay, Rebecca Palfreman, David Cappillo, Eric Weberman, Bosco Yiu and Cecelia Chen (Private Equity), Hugh O’Sullivan and Nadim Islam (Finance), Dulcie Daly and Matt Birchall (Tax), Andrew Lacy, Brady Cummins and Katherine Kissinger (Antitrust), Gretchen Scott and Nikhil Vyas (Intellectual Property), Tim Worden and Lucy Sharples (Life Sciences), Delphine O’Rourke, Stephanie Philbin, Simone Otenaike, Winnie Uluocha, and Sarah Wicks (Healthcare), Andy Barton and Emilie Pfister (Employee Benefits), Christina Lewis and Sophie Duffy (Employment), Martin Smith, Naomi Garton, Katherine Murphy and Kimberly Ginsberg (Real Estate), Curtis McCluskey, Han Chang, Boris Segalis and JB Schiller (Data Privacy). 

Carnelutti law firm advised Kedrion with a team led by partner sCarlo Pappalettera, Filippo Grillo and Alessandro Asti alongside of counsel Cecilia Cagnoni Luoni and Nicola Cassinelli.

Pedersoli acted with a team led by equity partner Alessandro Marena, assisted by partner Andrea Faoro and associate Leo Belloni.

Latham & Watkins advised Permira on the transaction with a team led by partner Tom Evans.

Giliberti Triscornia provided assistance with a team led by partner Riccardo Coda and counsel Camilla Peri.

As well as Maisto e Associati advised Permira on the deal with a team led by partners Marco Valdonio and Stefano Tellarini.

Involved fees earner: Alessandro Asti – Carnelutti Law Firm; Cecilia Cagnoni Luoni – Carnelutti Law Firm; Nicola Cassinelli – Carnelutti Law Firm; Filippo Grillo – Carnelutti Law Firm; Carlo Pappalettera – Carnelutti Law Firm; Leo Belloni – Chiomenti; Riccardo Coda – Giliberti Triscornia e Associati; Camilla Peri – Giliberti Triscornia e Associati; Andy Barton – Goodwin Procter; Matthew Birchall – Goodwin Procter; Carl Bradshaw – Goodwin Procter; David Cappillo – Goodwin Procter; Han Chang – Goodwin Procter; Brady Cummins – Goodwin Procter; Sophie Duffy – Goodwin Procter; Dulcie Daly – Goodwin Procter; Naomi Garton – Goodwin Procter; Kimberly Ginsburg – Goodwin Procter; Nadim Islam – Goodwin Procter; Katie Kissinger – Goodwin Procter; Andrew Lacy – Goodwin Procter; Christina Lewis – Goodwin Procter; Alex Lindsay – Goodwin Procter; Curtis McCluskey – Goodwin Procter; Katherine Murphy – Goodwin Procter; Delphine O’Rourke – Goodwin Procter; Simone Otenaike – Goodwin Procter; Hugh O’Sullivan – Goodwin Procter; Stephanie Philbin – Goodwin Procter; JB Schiller – Goodwin Procter; Gretchen Scott – Goodwin Procter; Boris Segalis – Goodwin Procter; Lucy Sharples – Goodwin Procter; Angus Simpson – Goodwin Procter; Martin Smith – Goodwin Procter; Winnie Uluocha – Goodwin Procter; Eric Weberman – Goodwin Procter; Sarah Wicks – Goodwin Procter; Tim Worden – Goodwin Procter; Bosco Yiu – Goodwin Procter; Tom Evans – Latham & Watkins; Stefano Tellarini – Maisto & Associati; Marco Valdonio – Maisto & Associati; Andrea Faoro – Pedersoli Studio Legale; Alessandro Marena – Pedersoli Studio Legale;

Law Firms: Carnelutti Law Firm; Chiomenti; Giliberti Triscornia e Associati; Goodwin Procter; Latham & Watkins; Maisto & Associati; Pedersoli Studio Legale;

Clients: Bio Products Laboratory; Cdp Equity (ex Fondo Strategico Italiano); FSI SGR S.p.A.; Kedrion; Marcucci Famiglia; Permira; Tiancheng Investment Management;

Martina Bellini

Author: Martina Bellini