Axcan Pharma Acquires Abbott Laboratories Product Line

Mont-Saint-Hilaire, Quebec-headquartered Axcan Pharma Inc., acquired a pancreatic enzyme line of products from Abbott Laboratories for a cash purchase price of approximately $70 million. The deal closed on November 29, 2002.

The transaction was structured as an asset purchase whereby marketing authorizations and intellectual property rights, including patents and trademarks to the PANZYTRAT product line, were purchased by Axcan. Under the agreement Abbott is to provide transitional assistance to Axcan pending staged local closings, which are to occur once regulatory approvals required to effect the transfer of marketing authorizations are obtained in the various jurisdictions where the product is currently marketed.

The Axcan legal team was led by Richard Tarte, general counsel, and assisted by Latham & Watkins LLP with a team that included Ted Keim, Jr., and Michael Levin in Chicago, Claus Gerber (corporate) in Frankfurt and Carel Maske (antitrust) in Brussels. French advice was provided by Christophe Gassiat (tax) and Sylvie Tavé (corporate) of Amyot Juridique et Fiscal in Paris.

Abbott was represented by Baker & McKenzie in Chicago, with a team led by Pablo Garcia-Moreno, and assisted by Mark Swords and Carolyn Frazier (corporate). The Abbott in-house team was led by Daniel Lawton, senior counsel; assisted by Mateen Husami, counsel; and Jens Boeck, counsel-in-charge, Germany. Mark Powell of White & Case in Brussels advised Abbott on antitrust matters.