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Eversheds Sutherland advises Sinclair Pharma plc on £166m offer from Huadong Medicine Co., Limited

  • United Kingdom
  • Global

    02-10-2018

    Eversheds Sutherland has advised Sinclair Pharma plc (Sinclair) on its proposed cash acquisition by a subsidiary of China's Huadong Medicine Co (Huadong) which values Sinclair at £166.6m.

    Headquartered in London and quoted on AIM, Sinclair is a pure play aesthetics business directly operating in Western Europe, US, South Korea and Brazil, and via distributors around the world.

    It is proposed that the acquisition, which the independent directors of Sinclair intend to recommend to shareholders, will be implemented by way of a scheme of arrangement.

    The Eversheds Sutherland team advising Sinclair was led by corporate Partner Stephen Nash and comprised: Danny Blum, Partner (employee incentives), Mark Roe, Legal Director (corporate), Principal Associates Victoria Green (employee incentives) and Camilla Eliott Lockhart (restructuring), James Bridges, Senior Associate (corporate), and Lily Searle, Associate (corporate).

    The team provided advice on all key aspects of the deal including an innovative structure designed to align the rules of the UK Takeover Code with the requirements for Huadong to obtain the necessary Chinese regulatory approvals for the acquisition.

    A separate Eversheds Sutherland team comprising corporate Partners Robin Skelton and David Milne advised the executive directors of Sinclair in relation to a management incentive plan intended to be put in place on closing of the acquisition.

    Stephen Nash commented:

    “This was a particularly intricate transaction which was dependent upon the success of a number of moving parts which we are delighted to have been able to successfully advise Sinclair on.”

    Client Partner, Simon Masters commented:

    “Sinclair is a valued client and we’re very pleased to have supported it on this exciting next stage of its development.”

    Jayne Burrell, Group General Counsel and Company Secretary, commented:

    “This was a multifaceted transaction which involved a number of complex aspects. Eversheds Sutherland approached this with skill and expertise and addressed the matters in a commercial and pragmatic way. We are delighted with the result and look forward to continuing to work with the team going forward.”

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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