Nerviano Medical Sciences in Debt Restructuring

October 16, 2013

Cleary Gottlieb assisted the pharmaceutical R&D group Nerviano Medical Sciences in the restructuring of its €200 million debt owed to Unicredit. The agreement was signed on October 16.

Nerviano Medical Sciences, formerly the largest Pfizer research center in Europe, is the largest pharmaceutical R&D facility in Italy and one of the largest oncology-focused, integrated discovery and development companies in Europe. Nerviano was donated by the Catholic Church to the Lombardy Region in 2012 and the transaction included the provision of rescue financing by the Region in the form of equity and subordinated debt as well as the undertaking by the Region to inject additional funds in consideration for research projects.