Luye Pharma makes strategic cross-border acquisition

Luye Pharma Hong Kong and AstraZeneca have entered into a US$546 million agreement on the acquisition of AstraZeneca’s antidepressant medicines – a complex transaction that required well co-ordinated cross-border legal efforts.

AstraZeneca agreed to transfer and license to Luye Pharma the assets and rights related to Seroquel and Seroquel XR – atypical anti-psychotic medicines with antidepressant properties – in 51 countries and regions including the UK, China, Brazil, Australia, Saudi Arabia, Mexico, South Korea, Thailand, Argentina, Malaysia and South Africa.

“Cross-border M&A requires lead counsel not only to have a wealth of experience and professional capability, but also to co-ordinate with counsel from different jurisdictions and practice areas,” Huang Jianwen, a partner at King & Wood Mallesons in Beijing, told China Business Law Journal.