On December 8, 2005, GlaxoSmithKline Inc. and GlaxoSmithKline plc (GSK) completed the acquisition of the issued and outstanding securities of ID Biomedical Corp. (IDB) by way of a court-approved plan of arrangement under the British Columbia Business Corporations Act. The total value of the transaction was approximately C$1.7 billion (US$1.4 billion). GSK also assumed responsibility for IDB's net debt, which was US$77 million at June 30, 2005. In addition, GSK agreed to provide a credit facility to IDB of up to US$120 million to permit it to repay term debt and to finance its operations up to closing.
GSK was represented by Donald Parman, vice-president and associate general counsel of GSK, with assistance in Canada by Blake, Cassels & Graydon LLP with a team that included Jack Quinn (competition), Peter O'Callaghan, Eric Elvidge, Bob Wooder and Farhad Bayati (securities/corporate), Paul Tamaki (tax), David Zacks (financial services), Bill Kaplan and Jennifer Lynch (litigation) and Navin Joneja (competition) in Vancouver, Toronto and Ottawa, and assistance in the US by Cleary Gottlieb Steen & Hamilton LLP with a team that included David Gelfand and Kerri Chase (antitrust) and Victor Lewkow and Jonathan Barnett (corporate).
IDB was represented by Paul Pinsonnault, vice-president, legal affairs of IDB, with assistance in Canada by Borden Ladner Gervais LLP with a team that included Ian Webb, Warren Learmonth and Eric Doherty (securities/corporate), Donald Bird (financial services) and Jeffrey Thomas (competition), and by McCarthy Tétrault LLP as special counsel with a team that included Richard Balfour, Joseph Garcia, Orysia Semotiuk, Salman Manki, Chris Beardsmore and Nazma Lee (securities/corporate), Christopher Falk and Gabrielle Richards (tax), Roger Taplin (financial services), Lorne Salzman (competition), Earl Phillips (employment) and Warren Milman and Tim McCafferty (litigation); and in the US by Preston Gates & Ellis LLP with a team that included Chris Cunningham, Annette Becker, Chris Visser and Devin Stockfish (securities/corporate), Charles Purcell and Won-Han Cheng (tax), Doug Love (benefits), Lynn Du Bey (employment) and James Weiss and Brian McCalmon (competition).