DLA Piper is advising Ascendis Health Limited, the Johannesburg Stock Exchange listed healthcare company, in connection with its proposed acquisition of Remedica Holdings Limited for consideration of up to EUR335 million.

The transaction represents a category 1 transaction for Ascendis and is conditional upon, amongst other things, the approval of Ascendis shareholders.  Remedica, based in Limassol and established over 50 years ago, is Cyprus' leading pharmaceutical company and specialises in the development, production and sale of a wide range of pharmaceutical products and drugs in over 100 countries globally. The transaction will create a new platform for Ascendis, allowing it to significantly grow its European footprint, which is currently serviced by Farmalider, a Spanish pharmaceutical business acquired in August 2015.

Simultaneously with its announcement of the proposed Remedica acquisition, Ascendis announced the proposed acquisition of Scitec International S.à r.l., a European sports nutrition company, for consideration of EUR170 million, the entry into of a new EUR90 million debt facility, a ZAR1.2 billion vendor consideration placing and a ZAR1.2 billion rights issue.

DLA Piper Corporate partner Elia Montorio said: "It's been a pleasure to play a central role in helping Ascendis to realise its international growth aspirations."

The DLA Piper team was led by Corporate partner Elia Montorio (Manchester), and included partners Sarah Day (Finance & Projects, Leeds) and David Thompson (Tax, Manchester), senior associates Louise Barber (Corporate, Manchester), Mike Hudson (Corporate, Liverpool), Johannes Poon (Corporate, London), and Mike Ford (Tax, Leeds).