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Paul Hastings Advises Dong-A Pharmaceutical in Major Equity Investment from and Strategic Alliance with GlaxoSmithKline

May 14, 2010

Hong Kong - Paul, Hastings, Janofsky & Walker LLP, a leading global law firm, announced today that it has advised Dong-A Pharmaceutical Co., Ltd. (Dong-A), a leading Korean pharmaceutical company, in a major equity investment from and the formation of a strategic alliance and business collaboration with GlaxoSmithKline (GSK).

The partnership between Dong-A and GSK will involve collaboration in the marketing and co-promotion of a wide variety of current and future prescription drugs in Korea. The equity investment is valued at over KRW 143 billion (approximately US$125 million), which will result in GSK owning a 9.9% equity interest.

We are delighted to be involved in this landmark transaction which represents one of the largest and most comprehensive collaborations in the history of the Korean pharmaceutical industry, said Daniel Kim, a partner in the Paul Hastings Korea team who led the equity investment transaction. The strategic alliance and business collaboration between Dong-A and GSK is a major development in the Korean pharmaceutical industry.

Matthew Berger, a partner in the corporate practice of Paul Hastings who led the strategic alliance and business operation portion of the transaction, commented: This deal was very large and complex and involved a wide variety of industry, market and cross-border issues.  It required a team with the ability to handle complex pharmaceutical industry and strategic alliance issues as well as expertise across disciplines and borders to meet all of the clients needs. We are pleased to have been able to assist Dong-A on achieving such an important milestone for its business and development for its future."

The Paul Hastings team on the transaction was led by partners Matthew Berger and Daniel Kim and consisted of lawyers from across its offices in Asia and the United States including partner Lesli Ligorner and associates Tiffany Lee, Dongho Lee, Ingrid Vittanen, Angela Bernardi, Adam Young, Charles Kim and Peiyi Zhao.

Paul, Hastings, Janofsky & Walker LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.