Davis Polk advised Laboratorios Farmacéuticos Rovi, S.A. on its Rule 144A/Regulation S follow-on offering of 5,517,241 of its ordinary shares to raise gross proceeds of approximately €80 million. Rovi may raise up to an additional €8 million if the over-allotment option under the placement and underwriting agreement is exercised in full. The global offering comprised an offering to institutional investors within and outside of Spain, including in the United States pursuant to Rule 144A. Rovi’s ordinary shares are listed on the Spanish Stock Exchanges.
Rovi is a pan-European pharmaceutical company specializing and engaging in the research, development, contract manufacturing and marketing of small molecules and biological specialties. Rovi has subsidiaries in Portugal, Germany, the United Kingdom, Italy and France and has a diversified portfolio of more than 40 marketed products, including its flagship product, Bemiparin, which is marketed in 56 countries globally. In 2017, Rovi commenced the marketing in Europe of its enoxaparin biosimilar, which was developed in-house. Rovi also continues to develop its ISM platform technology in the field of prolonged drug release.
The Davis Polk capital markets team included partner Michael J. Willisch and associates Thomas K. Wiesner II and Joshua S. Sills. The tax team included counsel Alon Gurfinkel and associate Veronica Davis. Partner Simon Witty and associates Jessica Hui and Marcelo Valenca provided English law advice. Associate Matthew R. Silver provided 1940 Act advice. Members of the Davis Polk team are based in the Madrid, London, Hong Kong and New York offices.