Baker McKenzie advised Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) on the acquisition of 68.0% of the shares in Swiss pharmaceutical company Osmopharm S.A. (Osmopharm) and on divesting 76.4% in Egyptian pharmaceutical manufacturer SPIMACO Misr for Pharmaceutical Industries S.A.E. by way of a share swap and against a cash consideration to be paid by SPIMACO. SPIMACO announced the signing of sale and purchase agreements on 13 November 2023. The completion of the deal is subject to a number of preconditions, including obtaining regulatory approvals in KSA and Egypt.
Osmopharm is active in the growing extended release (XR) drugs market, which is seeing a growth rate of approximately 11% annually in the western oral XR sector. With the acquisition, SPIMACO plans to diversify its product offerings by integrating Osmopharm’s advanced modified release technology into its facilities in Saudi Arabia through technology transfer. Furthermore, the purchase streamlines SPIMACO’s access to Osmopharm’s Common Technical Document (CTD) capabilities, thus facilitating product registrations for entry into European and other international markets. This also presents the opportunity to manufacture SPIMACO’s products at Osmopharm’s EU Good Manufacturing Practice (GMP) certified unit in Switzerland.
Baker McKenzie advised SPIMACO on all legal aspects of the transaction. Led by M&A and Healthcare and Life Sciences partners Olha Demianiuk (Geneva) and Alexander Wyss (Zurich), the Baker McKenzie team consisted of the following members:
- Zurich: Michael Zeller (Associate, M&A)
- Cairo: Hani Nassef (Partner, M&A), Ghada El Ehwany (Partner, M&A/Healthcare and Life Sciences), Ingy Elkady (Senior Associate, M&A), Hala Mohamed (Associate, M&A) and Mohamed Elfar (Counsel, Antitrust & Competition).
- Riyadh: Karim Nassar (Partner, Corporate/M&A), David Monnier (Partner, Antitrust & Competition) and Waad Alnafisah (Associate, Corporate/M&A).
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