The Firm is representing Barclays Bank PLC and HSBC Securities (USA) Inc. in connection with $4.35 billion of committed bridge financing to Perrigo Company in its announced $8.6 billion acquisition of Elan Corporation, PLC for $6.25 in cash plus 0.07636 shares of a newly formed Perrigo holding company for each Elan share, valuing each Elan share at $16.50 based on the closing price per Perrigo share on July 26, 2013. The proceeds of the bridge facilities will be available to finance a portion of the cash consideration for the acquisition, to repay certain indebtedness of Perrigo and to pay fees and expenses related thereto.
The Firm is also representing Barclays Capital Inc. as financial advisor to Perrigo in connection with the acquisition.
Based in Allegan, Michigan, Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes over-the-counter and generic prescription pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products. Perrigo is the world's largest manufacturer of over-the-counter pharmaceutical products for the store brand market. Elan is a biotechnology company, headquartered in Ireland, committed to making a difference in the lives of patients and their families by dedicating itself to bringing innovations in science to fill significant unmet medical needs that continue to exist around the world.
The Simpson Thacher team for the financing includes Patrick Ryan, Dan Kay, Jona Lundborg and Andrew Des Rault (Banking and Credit); Ken Wallach, Ryan Bekkerus, Allen Pan and Kim de Glossop (Capital Markets); Andrew Purcell (Tax); and Paul Koppel (Executive Compensation and Employee Benefits). The Simpson Thacher team for the M&A advisory engagement includes Maripat Alpuche, Michael Holick and Ravi Purushotham (M&A).