Simpson Thacher Represents Jefferies and J.P. Morgan in US$370 Million Initial Equity Offering by CFR Pharmaceuticals S.A. of Chile
05.12.11
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Simpson Thacher represented Jefferies & Company, Inc. and J.P. Morgan Securities LLC, as placement facilitation agents, in connection with the offering and sale of 2,032,000,000 common shares, including 481,584,000 common shares in the form of American Depositary Shares (“ADSs”), of CFR Pharmaceuticals S.A. (the ”Company”). The common shares were sold pursuant to an auction process (subasta de libro de órdenes) on the Santiago Stock Exchange. The common shares were registered and offered to the public in Chile and were sold internationally, directly and in the form of ADSs to qualified institutional buyers in the United States in reliance on Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S.
The transaction raised approximately Ch$144 billion (approximately US$ 310 million) in proceeds for the Company and Ch$29 billion (approximately US$60 million) in proceeds for Fondo de Inversión Privado Sancata, the selling shareholder.
CFR Pharmaceuticals S.A. is a leading Latin American pharmaceutical company, based in Chile with operations in 15 countries across the region and certain other emerging markets.
The Simpson Thacher team for this transaction included S. Todd Crider, Juan Francisco Méndez and international associates Jorge Allende and Joaquín Idoyaga (Capital Markets); Jonathan Cantor and Chang Won Choi (Tax).