Bird & Bird advises the European Bank for Reconstruction and Development on its provision of a $30 million loan to MS Pharma Ventures

06 March 2015

A team from Bird & Bird has advised the European Bank for Reconstruction and Development (EBRD) on its provision of a US$ 30 million loan to MS Pharma Ventures W.L.L. to finance the production of new generic pharmaceutical products.

Locally manufactured medicines are scarce in Jordan and in the wider region of the Middle East and North Africa (MENA). EBRD's investment will contribute to the commercialisation of these products and improve access to the latest generation of pharmaceutical products in the region.

The EBRD loan will help the company to upgrade and expand its manufacturing facilities, increase its capacity and produce specialised products for chronic illnesses such as cancer, or cardiovascular, central nervous system, and respiratory diseases.

Bird & Bird acted as lead counsel to the bank, co-ordinating teams covering English (Bird & Bird), Algerian (Ghellal & Co),  Bahranian (Zu'bi & Partners), Cayman Islands (Harneys) and Jordanian (El Khalil) law.

Andrew Hallgarth, lead partner, Bird & Bird, commented: "We have a long standing relationship with the EBRD and were pleased to have assisted them on this important transaction in a market that is increasingly important for the firm and our clients."

MS Pharma Group was advised by DLA Piper Middle East and Akef Al-Daoud .