Cyril Amarchand Mangaldas advised Zydus Cadila on sale of its India-focussed animal healthcare business to Zenex Animal Health India Private Limited (Zenex), which is a special purpose vehicle set up by Multiples led consortium of investors, for INR 2921 crores (~US$ 398 million) on a cash-free debt-free basis.
As part of the Transaction, Cadila Healthcare Limited’s animal healthcare business subsidiary Zydus Animal Health and Investments Limited has entered into a Business Transfer Agreement, dated May 12, 2021, with Zenex for sale of its Animal Healthcare Established Markets Undertaking to Zenex, as a going concern, on slum sale basis.
The Private Equity, General Corporate, and Competition Law teams of Cyril Amarchand Mangaldas advised Zydus Cadila on the Transaction. The Transaction team was led by Cyril Shroff, Managing Partner; Ruetveij Pandya, Partner; and Ravi Shah, Partner; with support from Saurabh Sharma, Senior Associate; Dipti Bajaj, Associate; Avani Dalal, Associate; and Ravisha Seth, Associate.
The legal due diligence team was led by Ravi Shah, Partner; with support from Prashant Bakhru, Senior Associate; Arzoo Virmani, Senior Associate – Designation; Avani Dalal, Associate and Ravisha Seth, Associate.
Anshuman Sakle, Partner; assisted on the Competition Law aspects of the Transaction.
Other parties involved in the Transaction included Moelis (Investment bankers to Zydus Animal Health and Investment Limited); PwC (Financial advisors to Multiples Alternate Asset Management Private Limited).
The Transaction was signed on May 12, 2021.