Cleary Gottlieb Steen & Hamilton and Swedish law firm Gernandt & Danielsson Advokatbyrå are advising Japan’s Asahi Kasei on its $1.1 billion offer to buy Swedish drugmaker Calliditas Therapeutics, which is being counselled by DLA Piper.
Reuters reported that Asahi Kasei—a maker of specialised chemicals, including those used in batteries—is best known in Japan for its building materials, such as insulation used in housing. It has a pharma division but is not a heavyweight in the industry.
A number of Japanese firms have been bulking up in healthcare, Reuters added. Last year, drink giant Kirin Holdings acquired Australian vitamin maker Blackmores Ltd in a $1.2 billion deal, while Olympus Corp is now a medical equipment maker known for endoscopes used in medical exams.
The DLA Piper team is being led by Josh Kaufman, co-chair of the firm’s capital markets and public companies advisory practice, along with partners Sanjay Shirodkar and Jonathan Klein. It also includes partners Rita Patel, Keith Ranta, Jamie Knox, Paolo Morante, Semin O, and Ting Xiao.
The Cleary team is led by partners Kim Spoerri, Adam Brenneman, and Benet O'Reilly.
