The Firm is representing J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. in connection with £13.5 billion (approximately $23 billion) of committed bridge financing to AbbVie Inc. in its announced £32 billion (approximately $54.7 billion) acquisition of Shire plc for £24.44 in cash and 0.8960 shares of a newly formed AbbVie holding company for each Shire share. The proceeds of the bridge facility will be available to finance a portion of cash consideration for the acquisition, to pay fees and expenses related thereto and for dividends and distributions.
AbbVie is a global, research-based biopharmaceutical company formed in January 2013 following separation from Abbott Laboratories. AbbVie employs approximately 25,000 people worldwide and markets medicines in more than 170 countries.
Shire is a leading global specialty biopharmaceutical company that focuses on developing and marketing innovative specialty medicines. Shire employs over 5,000 people in 29 countries.
The Simpson Thacher team for the transaction includes William Sheehan, Dan Kay and William Allen (Banking and Credit – New York); Euan Gorrie and Linn Mayhew (Banking and Credit – London); Art Robinson and Patrick Baron (Capital Markets); Adam Signy and Jamie Rowles (M&A – London); Rob Holo and Devin Heckman (Tax); David Rubinsky (Executive Compensation and Employee Benefits); Michael Isby (Environmental); and Abram Ellis (Regulatory).
