Slaughter and May is advising GlaxoSmithKline plc (GSK) on its conditional agreement to buy out Novartis AG’s (Novartis) 36.5% stake in their Consumer Healthcare Joint Venture (the JV) for cash consideration of $13 billion.

GSK has also entered into a committed facilities agreement to support the funding of the buyout.

The buyout is subject to shareholder approval and is expected to complete in the summer of 2018.

Slaughter and May is supporting GSK’s internal legal team, led by Chip Cale and Antony Braithwaite.

Contacts

Corporate: David Johnson (partner), Simon Nicholls (partner), Alex Dustan (associate), Edward Chapman (associate), Warwick Brennand (associate), Jack Wharton (associate); Financing: Guy O’Keefe (partner), Oliver Storey (partner), George Silber (associate), Louis de Ste Croix (associate), Oliver Ward (associate); Tax: Dominic Robertson (partner), Rose Swaffield (associate); Competition: Bertrand Louveaux (partner), Jordan Ellison (partner), Ying Wu (associate).