Milbank LLP, together with Eisenberger & Herzog and Rojs, Peljhan, Prelesnik & Partners, advised the Sartorius Group in an auction process on an agreement to integrate the purification specialist BIA Separations into its subgroup Sartorius Stedim Biotech. The transaction has a total value of €360 million, of which €240 million will be paid in cash and €120 million in Sartorius Stedim Biotech shares. Additionally, three tranches of earn-out payments based on performance over the next five calendar years were agreed. The acquisition is subject to customary closing conditions and is expected to close by the end of 2020.
Sartorius Group is a leading international partner of biopharmaceutical research and the industry. In fiscal 2019, the group earned sales revenue of some €1.83 billion with around 9.000 employees at approximately 60 manufacturing and sales sites globally.
BIA Separations develops and manufactures market-leading products for the purification and analysis of large biomolecules such as viruses, plasmids and mRNA which are used in cell and gene therapies and other advanced therapies. At its headquarters in Ajdovščina, Slovenia, BIA Separations employs approximately 120 people.
The Milbank team led by partner Michael Bernhardt advised the buyer on the corporate, tax and antitrust law aspects of the transaction.
The Eisenberger & Herzog team led by partner MMag. Josef Schmidt advised on issues of Austrian law.
The Rojs, Peljhan, Prelesnik & Partners team led by partner Bojan Šporar advised on issues of Slovenian law.
Advisor to Buyer:
Milbank LLP: Michael Bernhardt (lead, Corporate, Frankfurt); Matthias Schell (Tax, Munich); Alexander Rinne (Antitrust, Munich); Christoph Rothenfußer (Corporate, Munich); Leopold Riedl, Sarah-Maria Resch (both Corporate, Frankfurt).
Sartorius Inhouse: Jens Michael Artelt (lead, Head of Legal Affairs & Compliance).