The national law firm of Baker Donelson served as legal counsel to Cumberland Pharmaceuticals Inc., a U.S. specialty pharmaceutical company, in an agreement with an affiliate of Apotex Inc., the largest Canadian-based pharmaceutical company, to integrate their branded U.S. businesses.
Under the terms of the agreement, Apotex will acquire Cumberland's line of branded pharmaceuticals for cash consideration of $100 million, and create a platform to deliver specialty medicines that improve the quality of patient care. The transaction is subject to authorization and approval by Cumberland's shareholders.
The Baker Donelson team advising Cumberland Pharmaceuticals on this transaction was led by Tonya Mitchem Grindon, chair of the Firm's Business Department and shareholder in the Nashville office. Other members of the team included shareholders Nathan Kibler (Knoxville) and Charles W. "Chuck" Goldberg Jr. (Nashville); and Nashville associates Aaron S. Chaloner Ph.D., Tyler Dove, Paulluvi Henley, and Jack Ritossa.
Cumberland will retain its pipeline product candidates, which it intends to focus on developing following the closing of the transaction. It will also retain its majority ownership position in Cumberland Emerging Technologies Inc.
Apotex was represented by the firm of Kirkland & Ellis.
See the Cumberland Pharmaceuticals press release here.