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November 7, 2014
NEW YORK, NY, November 7, 2014 — Covington & Burling represented UCB in connection with its agreement to sell Kremers Urban Pharmaceuticals Inc., a U.S.-based subsidiary, to Advent International and Avista Capital Partners. UCB will receive gross cash proceeds of $1.525 billion upon closing. This transaction has been unanimously approved by the board of directors of UCB and is expected to close by the first quarter 2015. UCB plans to use the proceeds from this divestiture to reduce indebtedness and increase the company's capacity for strategic investments, to further accelerate growth and/or to further strengthen its innovative medicines' pipeline. The Covington team was led by J. D. Weinberg, Kyle Rabe and Daniel Alterbaum.