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Niederer Kraft & Frey advises GlaxoSmithKline plc on its major three-part transaction with Novartis

May 2014

Niederer Kraft & Frey advises GlaxoSmithKline plc (GSK) on Swiss law matters in the GSK-Novartis asset swap (Vaccines, Oncology) and joint venture (Consumer Healthcare) transaction.

The transaction involves:

  • GSK and Novartis combining their respective Consumer Healthcare businesses to form a new world-leading Consumer Healthcare business with 2013 pro forma revenues of GBP 6.5 billion. GSK will have majority control with an equity interest of 63.5%;
  • GSK acquiring Novartis' global Vaccines business (excluding influenza vaccines) for an initial cash consideration of USD 5.25 billion with subsequent potential milestone payments of up to USD 1.8 billion and ongoing royalties;
  • GSK selling its marketed Oncology portfolio, related R&D activities and rights to its AKT inhibitor and also granting commercialization partner rights for future oncology products to Novartis for an aggregate cash consideration of USD 16 billion (of which up to USD 1.5 billion depends on the results of the COMBI-d trial).

The transaction is expected to complete during the first half of 2015 subject to approvals. Slaughter and May is supporting GSK's internal legal team as lead adviser, with NKF advising GSK as part of an integrated team of lawyers from other leading law firms.

The NKF team comprises Philipp Haas (Lead Partner - Corporate / M&A), Andreas Casutt (Partner - Corporate and Employment), Markus Kronauer (Partner - Tax), Andreas Voegeli (Partner - Real Estate), Laurence Uttinger (Senior Associate -Pension & Benefits), Bertrand Schott (Senior Associate - Corporate), Samuel Hochstrasser (Junior Associate - Corporate / M&A), Valerie Meyer-Bahar (Senior Associate - Employment) and René Fischer (Associate - Pensions and Benefits).

Legal Developments by:
Niederer Kraft Frey AG

  • GrenzĂĽberschreitende Finanzdienstleistungen

    Der Finanzbereich ist auch in der Schweiz einer der am stärksten regulierten Wirtschaftzweige. Sich darin zurechtzufinden ist nicht immer einfach. Nachfolgende Ausführungen sollen dazu einen Einstieg vermitteln. Sie zeigen, dass die Schweiz im Gegensatz zum Ausland und abgesehen vom Bereich der kollektiven Kapitalanlagen und der Versicherungsprodukte, was die Zulässigkeit von grenzüberschreitend angebotenen Finanzdienstleistungen anbelangt, ein sehr liberales Regime kennt.
    - Niederer Kraft & Frey

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