Baker McKenzie advises SPIMACO in Osmopharm acquisition
Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) has acquired the 68.0% of the shares in Swiss pharmaceutical company Osmopharm and has disinvested the 76.4% in Egyptian pharmaceutical manufacturer SPIMACO Misr for Pharmaceutical Industries. The Transaction, with a total value of SAR 16.1 million, involves a share swap supplemented with a cash consideration, and is expected to be completed in the first half of 2024, contingent on regulatory approvals in KSA and Egypt.
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 the company 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 its 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 (pictured left, from Geneva) and Alexander Wyss (pictured right, from Zurich), the team consisted also of associate Michael Zeller (M&A). From Cairo, partners Hani Nassef, Ghada El Ehwany, senior associate Ingy Elkady, associate Hala Mohamed and counsel Mohamed Elfar were also involved. And from Riyadh’s office, partners Karim Nassar, David Monnier and associate Waad Alnafisah.
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