Trilegal guides sale through during lockdown

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In General Electric’s (GE) sale of its biopharmaceutical business to Danaher for US$21 billion, the Trilegal team supporting the multinational worked on the closing process while the COVID-19 lockdown in India was in place.

“This led to various challenges in logistics, co-ordination and execution,” Trilegal senior associate Aditi Jain told India Business Law Journal.

The completion of the sale of the business occurred at the end of March, and Trilegal advised GE on the matter. “We had to ensure that each task was completed in a timely manner, as any delays could lead to difficulties in the timely and scheduled closing of the transaction,” said Jain.

“The structure of the deal involved multiple parts, including a fast-track demerger under the Companies Act, 2013, and various share transfers. It was interesting to synchronize these steps, taking into account the interests of the stakeholders involved.”

The firm’s role was to draft and negotiate the transaction documents, provide legal and regulatory advice and assist in completion of the deal. Along with Jain, the Trilegal team included partner Kunal Chandra and associate Chandni Ochani.

The team had to ensure consistency with globally agreed positions between GE and Danaher, and devise solutions to give effect to them in a manner that was compliant with Indian laws.

Danaher and GE Biopharma are both active in the manufacturing of products and services used in the bioprocessing industries. The companies had signed the definitive agreement in February 2019.

The business will be established as a standalone operating company within Danaher’s US$6.5 billion life sciences segment. It will join company brands Pall, Beckman Coulter Life Sciences, SCIEX, Leica Microsystems, Molecular Devices, Phenomenex and IDT.

J Sagar Associates advised Danaher in India, and the firm was represented by partner Sandeep Mehta and senior associate Sakshi Raut. DLA Piper Global advised GE and Danaher.