Clifford Chance has advised global pharmaceutical company ESTEVE on the acquisition from self-care products provider Perrigo Company of HRA Pharma Rare Diseases, a France-based company specialised in rare and ultra-rare diseases.

The proposed acquisition contemplates a total consideration of up to EUR 275 million. Following the information and consultation process with HRA Pharma Works Council in France, Perrigo would be able to exercise the put option granted by ESTEVE and enter into a definitive agreement with ESTEVE for the sale of the Rare Diseases business. The proposed final transaction is expected to close during the third quarter of 2024, subject to the satisfaction of the HRA Works Council consultation and customary closing conditions, including receipt of regulatory approvals.

With this transaction, ESTEVE will increase its portfolio in rare and severe diseases therapeutic area, adding to its current portfolio three new medicines that address Cushing’s syndrome and Adrenocortical Carcinoma (Metopirone, Lysodren, and Ketoconazole HRA). The transaction represents a further step on ESTEVE’s international path and aim to cover unmet patient’s needs, including effective options for the long-term management of Cushing’s syndrome and Adrenocortical Carcinoma diseases.

The Clifford Chance core-team advising ESTEVE was led by Corporate / M&A partner Guillermo Guardia, together with senior associate José María Vilaseca and associates Estel Casas, María Viñas and Alex Jori. Counsels Fernando Escribano and Jorge Martín-Fernández advised on tax and employment-related matters. The wider Clifford Chance team consisted of lawyers in 11 Clifford Chance offices including partners Marianne Pezant (Paris), Thomas Krecek (Frankfurt), Gareth Camp (London), Thais García (New York), Umberto Penco Salvi (Milan) and Niek de Pauw (Brussels).