4 billion dollars: Amarchand, Crawford, Luthra & 2 foreigns help troubled Ranbaxy sell out to Sun Pharma

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Monday, 7 April 2014 By Legally India Corporate M&A

Generics: Cheap, big business
Generics: Cheap, big business

Sun Pharma bought debt-ridden pharmaceutical giant Ranbaxy for $4bn from Daiichi Sankyo.

Luthra & Luthra advised Ranbaxy and its senior management and independent directors, led by managing partner Rajiv Luthra and partners Bobby Chandiok, Sameer Dudoria, Sandeep Dudeja, Damini Bhalla and Vaibhav Kakkar.

Ranbaxy co-counsel was Amarchand Mangaldas, led by Mumbai managing partner Cyril Shroff, and partners Nivedita Rao and Gurpreet Asher, who also acted for Ranbaxy majority-owner Daiichi.

Davis Polk & Wardwell New York partner Michael Davis and associate Brian Friedman advised Daiichi and Ranbaxy as international legal counsel.

Crawford Bayley partner Sanjay Asher acted for Sun Pharma with Shearman & Sterling partner Peter Lyons.

In the all stock transaction, Sun Pharma is buying Ranbaxy equity for around $3.2bn, while Ranbaxy shareholders will get 0.8 shares in Sun Pharma for every share of Ranbaxy, reported Moneycontrol.

Daiichi owned 63.4 per cent in India’s top drug manufacturer by sales, according to Reuters, has been struck by a US export ban on its drug ingredients.

Photo by Open Knowledge Foundation

Luthra & LuthraAmarchand MangaldasCrawford BayleyShearman SterlingDavis PolkDavis Polk & WardwellL&L Partners

Comments

Interesting 7 Apr 2014, 06:44
+9 -9
No can deny the fact that Amarchand is involved in all major big ticket deals, India has seen in the last year or so. Amazing to pull it off deal after deal. Mr. Shroff, respect !
Wow 7 Apr 2014, 13:52
+0 -0
Luthra & Luthra advised Ranbaxy and its senior management and independent directors, led by managing partner Rajiv Luthra and partners Bobby Chandiok, Sameer Dudoria, Sandeep Dudeja, Damini Bhalla and Vaibhav Kakkar.

Ranbaxy co-counsel was Amarchand Mangaldas, led by Mumbai managing partner Cyril Shroff, and partners Nivedita Rao and Gurpreet Asher, who also acted for Ranbaxy majority-owner Daiichi.
Luthra & Luthra 7 Apr 2014, 07:22
+4 -4
Good to see Luthra picking up speed...AZB, JSA, Khaico, Trilegal...watch out!!
One off 7 Apr 2014, 08:54
+4 -4
This one was one off as Mr. Luthra has personal relationship with ranbaxy. Still Luthra couldnt do alone they needed AMSS as co-counsel. Luthra is nowhere in M&A.
anon 7 Apr 2014, 09:14
+7 -0
and L&L used 6 M&A partners !!
Sanjay 7 Apr 2014, 09:38
+12 -0
Sanjay Asher is not to be forgotten...
WR 7 Apr 2014, 09:38
+3 -0
CB is in action, back to back two big tickets...
guest 7 Apr 2014, 10:05
+7 -1
In such a deal,the real meat is with the buyer's counsel and then whosoever is advising the majority equity holder in the seller. Advise to the Independent directors counts for nothing and that too sounds weird if the number of partners advising is more than the number of such directors. Amarchand didn't advise Daichi on its investment in Ranbaxy. Is it a slap for them who did the DD during the acquisition process which is now the subject of much mutual allegations between Daichi and the Singh brothers ? In the list of advisory partners Mohit Saraf is missing from the extra long list. What is brewing in Luthra?
Cycle-wala 7 Apr 2014, 11:34
+1 -0
PA-PA toh band bajaye !!!
BIG 7 Apr 2014, 12:11
+6 -0
[quote name="guest"]In such a deal,the real meat is with the buyer's counsel and then whosoever is advising the majority equity holder in the seller. Advise to the Independent directors counts for nothing and that too sounds weird if the number of partners advising is more than the number of such directors. Amarchand didn't advise Daichi on its investment in Ranbaxy. Is it a slap for them who did the DD during the acquisition process which is now the subject of much mutual allegations between Daichi and the Singh brothers ? In the list of advisory partners Mohit Saraf is missing from the extra long list. What is brewing in Luthra?[/quote]

Looks like whatever had to brew has already spilt over in that tons of people left. Looks like Big Man RKL is now back in charge and showing who, in the end, is the BOSS!
Banker 7 Apr 2014, 17:05
+3 -4
The sheer consistency with which Amss is leading large deals. Is stunning . And across all practice areas . Clearly mr, Cyril Shroff is the king of. M and a . A lead that zia can never catch up on. The Amss model is really working. Stupendous .
Blue water 8 Apr 2014, 19:46
+2 -2
[quote name="Banker"]The sheer consistency with which Amss is leading large deals. Is stunning . And across all practice areas . Clearly mr, Cyril Shroff is the king of. M and a . A lead that zia can never catch up on. The Amss model is really working. Stupendous .[/quote]


Big banker you clearly are not big enough to work with the queen ZIA. Grow up. How is the AMSS model working when partners are treated like junior associates. They get no freedom. The partners are Not allowed any press interaction or quotes . The press profile is only for family. the partners even fly cattle class. The average AMSS Pa or partner hopes for a job with AZB or Khaitan.
Scooters 10 Apr 2014, 07:35
+0 -0
LOL! You are a funny man/woman. Autograph please?
Lawyer in London 7 Apr 2014, 17:09
+2 -3
Hearty congratulations mr. Shroff. And your team. A really world class deal. . Amarchand continues to put clear blue water between itself and the rest . Azb j sa have apparently lost the plot. Good luck to Amss for many more such deals.
Dilliwala 7 Apr 2014, 17:13
+5 -0
If its a delhi company why did Amarchand delhi not play a role ? Clearly it's Cyril's star power that brings such work to the firm . Hope he involves the delhi team too. . This deal will be watched all over the world . Great for the Amarchand brand. Once again. And for Luthra too.
Insider 8 Apr 2014, 12:25
+0 -0
Deal is over Sir...
7 and 9 8 Apr 2014, 14:54
+1 -0
Are written by the same person sitting in Mumbai.
And 8 8 Apr 2014, 19:39
+0 -0
[quote name="7 and 9"]Are written by the same person sitting in Mumbai.[/quote]

C..eriously.
Curious 8 Apr 2014, 18:47
+0 -0
why did Daichi or Ranbaxy not hire P&A Law offices? They did the first deal for Daichi few years back!!!
Inked 8 Apr 2014, 19:17
+0 -0
Deal only signed. Fipb, sebi and CCI to go surely?
Dazed 8 Apr 2014, 19:38
+3 -0
Why is star corporate partner ashwath Rao not on any of AMss big deals.
Hmm 9 Apr 2014, 21:14
+2 -0
Cos Cyril is a bigger star :-)
Sun 9 Apr 2014, 03:11
+0 -3
Finsec was co counsel for the buyer Sun Pharma.
Commenting is closed for this article.