LONDON – LAWFUEL – Press Release Service – Allen & Overy is advising OTC Direct Limited, part of Alliance Boots group, on the acquisition of the UK short-line pharmaceutical wholesale business of the Cardinal Health group for approximately £43 million. The business operates under a number of trading names, generated sales of £205m in the year ended 30 June 2005 and employs around 440 people.
The transaction, which is conditional upon receiving regulatory approval, was signed in late July and is expected to be completed by the end of 2006.
Corporate partner Stephen Mathews is leading the Allen & Overy team, assisted by associates Seth Jones and Sofia Tornroth, together with partners Mark Friend and Antonio Bavasso and associate Kirsty McCarroll in relation to the antitrust aspects.
Commenting, Stephen Mathews said: “We’re delighted to build on our existing relationship with Alliance UniChem by advising on this transaction which represents a strategic acquisition for Alliance Boots in the UK wholesale market. This follows our advice to Alliance UniChem on its recently completed merger with Boots”.
The £8 billion merger of Alliance UniChem and Boots to create Alliance Boots, a new international pharmacy-led health and beauty group, was completed on 31 July 2006. Allen & Overy advised Alliance UniChem on the merger.
For further information, please contact Sarah Fitzpatrick ([email protected]) on +44 (0)20 7330 2395.