Simmons & Simmons has advised the selling shareholders of Specifar Pharmaceuticals SA, a generic drug developer, on the US$562 million acquisition of the company by Watson Pharmaceuticals Inc.

Specifar is a multi-national generic pharmaceutical company with its headquarters in Greece and representative offices in Europe. Watson Pharmaceuticals (NYSE) is a US headquartered, multi-national pharmaceutical company selling generic, brand and biologic pharmaceuticals, and its acquisition of Specifar broadens Watson’s generic drug sales in Europe.

The Simmons & Simmons team advising the shareholders of Specifar was led by Corporate partner Jeremy Sivyer, supported by Corporate partner and life sciences expert, Charles Mayo. Tax partner, Darren Oswick, and managing associate, Zoe Feller, advised on tax issues. IP advice was provided by managing associate Michael Gavey. Simmons & Simmons advised alongside with the Greek law firms, Kallimopoulos Loukopoulos & Chiotellis (KLC) and Karatzas & Partners.

Commenting on the deal, Jeremy Sivyer said: “This is a significant and welcome transaction in Greece, indicative of the opportunities in Greece and the Balkan region for multi-national companies in the life sciences and other sectors. We were very pleased to work with Karatzas & Partners and KLC (with whom we have worked extensively over the years) on this transaction and to use a blend of civil law and common law solutions which suited the circumstances of the transaction.”