M&A 2019 Annual Review

TAISHO PHARMACEUTICAL Morrison & Foerster represented Taisho Pharmaceutical Co., Ltd., Japan’s largest over-the-counter pharmaceutical company, in its $1.6 billion acquisition of UPSA SAS, a France-based consumer health business and pharmaceutical products manufacturer, from Bristol-Myers Squibb Company as part of a focus on expanding its self-medication franchise internationally. Taisho is a leading presence in anti-inflammatory analgesic, cold and flu and hair-growth segments in Japan and Southeast Asia. UPSA develops consumer medicines and supplements for everyday ailments for patients across Europe and elsewhere. As a result of the agreement, Taisho Group will hold pain-relief medications Dafalgan and Efferalgan, as well as cold and flu relief treatment Fervex, among other top brands, and will benefit from established and growing lines of business in self-medication and other therapeutic classes. “BOTH UPSA (WITH SALES IN EUROPE) AND TAISHO (WITH SALES IN JAPAN AND SOUTHEAST ASIA) HAVE GEOGRAPHIC COMPLEMENTARITY WITH ONE ANOTHER, AND TOGETHER AIM TO ACHIEVE SUSTAINABLE GROWTH BY LEVERAGING AND INVESTING IN EXISTING TEAMS, ASSETS AND RESOURCES, INCLUDING BOTH ENTITIES’ STRENGTHS IN PRODUCT & BRAND DEVELOPMENT AND MARKETING KNOW-HOW.” TAISHO PHARMACEUTICAL PRESS RELEASE 25 MORRISON & FOERSTER 2019 M&A ANNUAL REVIEW