Clifford Chance has advised Pfizer on the sale of its plant in Illertissen (Germany) to the Russian based R-Pharm Group. Pfizer and R-Pharm have also entered into a long-term contract regarding the continued manufacture of a number of Pfizer products by R-Pharm at the production site.
Pfizer employs in Illertissen about 400 employees, which is an highly automated facility using state of the art technologies.
The completion of the transaction is subject to several conditions precedent. Specific terms of the agreement, including price are confidential.
Pfizer is a worldwide pharmaceutical company with a turnover of USD 58 billion in 2012. Pfizer currently employs around 90,000 people worldwide and approximately 3,000 people in Germany.
The Clifford Chance team was led by partner Dr. Christoph Holstein (M&A) and comprised senior associates Dr. Werner Brickwedde (M&A) and Christian Hübner (M&A/Healthcare), partner Thomas Hey and senior associate Editha Beitze (both Employment) – all Düsseldorf –, partner Dr. David Elshorst (Real Estate, Frankfurt) and associate Philipp Schott (Real Estate, Düsseldorf) as well as partner Torsten Syrbe and senior associate Ekatarina Matveychuk (both M&A, Moscow).