Freshfields advises Cinven on its sale of a majority stake in Partner in Pet Food

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised international pharmaceutical company Klocke Holding GmbH (‘Klocke Group’) and its subsidiary IDT Biologika (‘IDT Biologika’) on entering a strategic partnership with Korean SK bioscience (‘SK bioscience’).

IDT Biologika is a leading contract development and manufacturing organization (CDMO) specialized in viral vaccines, viral vectors for cell and gene therapy as well as oncolytic viruses and other biologics. SK bioscience is a global innovative vaccine and biotech company with headquarters in South Korea and listed on the Korea Exchange.

As part of the overall transaction, SK bioscience will acquire a 60% stake in IDT Biologika through a combination of share sale and issuance of new shares while Klocke Group remains as second largest shareholder retaining a 40% stake. The financial terms of the strategic partnership are based on an enterprise value of approximately €440m. As part of the consideration, Klocke Group will also become a shareholder in SK bioscience.

Further information on the deal can be found in the press releases of IDT Biologika (here) and SK bioscience (here).

The Freshfields team was led by Partner Arend von Riegen and Associate David Anschütz (both M&A, Frankfurt) and also included:

• Partners: Michael Ramb (Life Sciences/Regulatory, Düsseldorf), Vanessa van Weelden (Antitrust, Brussels), Frank Schaer (Employment, Frankfurt), David Beutel (Tax, Munich)
• Counsel: Philipp Lehmann (Life Sciences/IP, Hamburg)
• Principal Associates: Stephan Reemts, Anna Dominke (both M&A, Frankfurt), Katharina Reinhardt (Life Sciences/Regulatory, Berlin), Moritz Lehmann (Tax, Munich)
• Associates: Alexander Schramm (M&A, Berlin), Benedikt Grosch (M&A, Frankfurt), Asta von Kienitz (Life Sciences/IP, Hamburg), Marie von Armansperg (Life Sciences/Regulatory, Berlin), Marta Powolny (Antitrust, Brussels), Lorena Faggioli (Employment, Frankfurt)