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September 3, 2015
NEW YORK, September 3, 2015 — UCB and Lannett Company, Inc. announced they have entered into a definitive agreement providing for the acquisition of UCB’s U.S. specialty generics subsidiary, Kremers Urban Pharmaceuticals Inc., by Lannett. UCB will receive upfront cash proceeds of US $1.23 billion upon closing, which is subject to regulatory approval and other customary closing conditions. In addition, UCB is eligible to receive contingent payments for methylphenidate HCI ER in the event that the product’s AB-rating is restored, allowing UCB to participate in potential upside in the product. Covington acted as legal counsel to UCB.
UCB, headquartered in Brussels, is a global biopharmaceutical company focused on the discovery and development of innovative medicines and solutions to transform the lives of people living with severe diseases of the immune system or of the central nervous system.
Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications.
The Covington corporate team was led by J. D. Weinberg, Kyle Rabe and Dan Alterbaum.