Prague law firm Brzobohaty Broz & Honsa (BBH) is advising Anthiarose on its takeover offer for pharmaceutical producer Zentiva in a deal valued at CZK36.2bn (€1.42bn).

 

Anthiarose, which is owned by PPF Group, launched the voluntary takeover bid last week. It is attempting to purchase all the shares and global depositary shares of Zentiva for a price of CZK950 (€38) per share. This makes the offer one of the largest M&A transactions in the Czech Republic this year.

 

Zentiva develops, manufactures and markets generic pharmaceutical products across Central and Eastern Europe, including the Czech Republic, Slovakia, Romania, Turkey, Poland, Russia, Bulgaria, Hungary, the Ukraine and the Baltic States. The company, which employs around 6,000 people, is listed on the Prague and London Stock Exchanges and its biggest single shareholders are Sanofi-Aventis (24.9%), Generali PPF Holding (19.1%) and Fervent Holdings Limited (7.6%).

 

BBH is working on Czech issues with partner Tomas Otruba heading up the team. It is another feather in the cap for the Prague firm which advised PPF Group on the creation of its insurance joint venture with Generali. The transaction was valued at €3.6bn, making it the largest M&A deal ever in the country. Otruba also handled that mandate.

 

Freshfields Bruckhaus Deringer is advising Anthiarose on the Dutch and English law aspects involved in the transaction. Zentiva is not thought to have chosen legal counsel yet.