Cleary Gottlieb represented D.E. Shaw, one of the world’s largest hedge funds, in its investment in Eastpharma Ltd., a newly established holding company that will own a controlling stake in Deva Holding A.S., a Turkish pharmaceutical company listed on the Istanbul Stock Exchange. The transaction closed on November 27.
The formation of Eastpharma brings together Deva’s largest shareholders, who along with D.E. Shaw also include private equity group GEM Global Equities Management S.A. and hedge fund Mellon HBV. Following the closing, Eastpharma will conduct a mandatory tender offer on the Istanbul Stock Exchange for all Deva shares it doesn’t already own.
Established in 1958, Deva Holding A.S. is one of the leading branded generic players in the Turkish pharmaceutical market, with a 4.5% market share in terms of boxes sold as of June 2006.