Biotoscana Investments’ IPO

Cleary Gottlieb represented JP Morgan Securities LLC, Itau BBA USA Securities, Inc. and BTG Pactual US Capital, LLC as international placement agents in the primary and secondary equity offerings of Biotoscana Investments S.A. (GBT).

The IPO raised approximately R$1.2 billion (over $370 million) in gross proceeds and consisted of primary and secondary offerings of an aggregate of approximately 44.6 million common shares, including shares represented by Brazilian depositary receipts (BDRs).

The BDRs offered were priced at R$26.50 per share on July 21, 2017, and the offering closed on July 27, 2017. The offering was registered before the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM), and BDRs were listed on the Luxembourg Stock Exchange. The BDRs were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.

GBT is a Latin American pharmaceutical company engaged primarily in the development, manufacturing and commercialization of branded specialty pharmaceutical products throughout Latin America. GBT has an established presence in all major Latin American markets, with operations in Brazil, Argentina, Colombia, Bolivia, Chile, Ecuador, Mexico, Paraguay, Peru and Uruguay. GBT is controlled by the private equity firms Advent International and Essex Woodlands.