Washington, D.C. – Paul Hastings, a leading global law firm, announced today that it has advised CDH Genetech Limited, part of the CDH Investments group, in obtaining clearance from the Committee on Foreign Investment in the United States (CFIUS) for the acquisition of Sirtex Medical Ltd., a medical device company specializing in treatments for liver cancer.
On March 11, 2019, CFIUS determined that there were no unresolved national security concerns with respect to the acquisition after receiving certain assurances from the parties. CDH, along with co-investor China Grand Pharmaceutical and Healthcare Holdings Ltd., had entered into an agreement to acquire Sirtex on June 14, 2018 with plans to invest in Sirtex and enhance its growth prospects globally in existing and new markets. CDH is one of Asia’s largest and most respected private equity firms.
The Paul Hastings team was led by partners Scott Flicker and Robert Silvers. Flicker is Chair of both the firm’s Washington, D.C. office and the firm’s Trade Controls practice. Silvers is a former Assistant Secretary of Homeland Security and was directly involved in CFIUS’s most consequential decisions while serving during the Obama administration. The team’s work was supported by associates Randall Johnston, Quinn Dang, Talya Hutchison, and Derek Turnbull.
Paul Hastings is at the very top of the market in terms of winning CFIUS approval of sophisticated deals, including those requiring negotiation of mitigation agreements with the U.S. government. The firm most recently represented COSCO SHIPPING Holdings, which completed a $6.3 billion acquisition of Orient Overseas Limited, including a landmark national security agreement with CFIUS. The firm has also secured several other CFIUS approvals for complex transactions, including Samsung’s $8 billion acquisition of Harman International Industries, Inc.; a clearance CJ Logistics’ acquisition of warehousing, transportation and logistics assets in the United States; and the acquisition of Smithfield Foods by Shuanghui International Holdings (now WH Group).
Paul Hastings also advised on the acquisition, which closed in September 2018 (prior to CFIUS clearance).
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