Molecular Partners AG, a Swiss biopharmaceutical company, closed its Initial Public Offering (IPO) on 7 November 2014. The shares were first listed and traded on SIX Swiss Exchange on 5 November 2014. It was the first IPO in this industry at the SIX Swiss Exchange in five years.
J.P. Morgan Securities plc acted as Global Coordinator and together with UBS AG as Joint Bookrunner. Cowen and Company and Bank am Bellevue AG acted as Co-Managers.
Houthoff Buruma represented ING Bank in a Supreme Court case concerning the termination of a credit line. The Supreme Court confirmed that a bank can invoke a contractual termination clause, unless this would be unacceptable according to the standards of reasonableness and fairness. This test is more strict than the more open ended 'balance of interests'-test that has been applied by lower courts for many years.
Eversheds has advised a consortium consisting of Tunisie Leasing, Amen Bank, Proparco and two funds managed by responsAbility on an agreement with AfricInvest, FMO, FinnFund, Bank of Africa Group, and Gras Savoye entered into with a view to acquiring a controlling interest in the Alios Finance group. Scemla Loizon Veverka & de Fontmichel (SLVF) advised AfricInvest, FMO, FinnFund, Bank of Africa Group, and Gras Savoye.
Ashurst advised the senior lenders to JOA group (formerly Moliflor Loisirs), the third largest French casino operator and an online gambling operator, on its financial restructuring.
The transaction involved the restructuring of JOA group's capital and debt structure. This was achieved by reducing the debt incurred by JOA group as a result of financing its existing LBO, and providing new money, thus allowing JOA group to finance external growth.
Some of the senior lenders are now the new shareholders of the JOA group.
A Debevoise team from the Hong Kong, New York and London offices of Debevoise & Plimpton LLP is advising AXA in its agreement with The Principal Financial Group (“The Principal”) to sell AXA’s Mandatory Provident Fund (MPF) and Occupational Retirement Schemes Ordinance (ORSO) business in Hong Kong.
In conjunction, The Principal will enter into a 15-year exclusive distribution agreement with AXA proprietary networks in Hong Kong for relevant MPF and ORSO mandatory schemes. The total cash consideration is approximately $335 million.
Davis Polk is advising China International Capital Corporation Hong Kong Securities Limited and Merrill Lynch Far East Limited as joint placing agents on the HK$3.139 billion (approximately US$405 million) placing of H shares by Huaneng Power International, Inc.
Davis Polk advised Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC as representatives of the several underwriters in connection with an SEC-registered offering by Textron Inc. of $350 million aggregate principal amount of its 3.875% notes due 2025.
Davis Polk advised Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC as representatives of the underwriters in connection with the $2.3 billion secondary offering of 90,000,000 shares of common stock of Hilton Worldwide Holdings Inc. by certain selling stockholders affiliated with The Blackstone Group L.P. Hilton’s common stock is traded on the New York Stock Exchange under the symbol “HLT.”
Davis Polk advised J.P. Morgan Securities LLC as underwriter in connection with a public offering by International Business Machines Corporation of $1.1 billion principal amount of its floating-rate notes due 2021.
The Davis Polk team included partner John B. Meade and associates Roshni S. Banker and Courtney Collins. Partner Michael Mollerus and associate Ethan R. Goldman provided tax advice. All members of the Davis Polk team are based in the New York office.
Davis Polk advised Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC as joint book-running managers of the several underwriters in connection with the SEC-registered primary offering of 4,197,500 shares of common stock of Chimerix, Inc. The total gross proceeds to Chimerix, Inc. totaled approximately $121.7 million. The common stock is listed on the NASDAQ Global Market under the symbol “CMRX.”