Through a successful business combination–or “de-SPACing”–with Union Acquisition Corp. II, previously family-owned Latin American pharmaceutical company Procaps has begun trading on the Nasdaq Global Market through the Luxembourg entity Procaps Group S.A. With the transaction encompassing multiple jurisdictions on three continents, Loyens & Loeff acted as Luxembourg legal counsel to Procaps’ shareholder International Finance Corporation, part of the World Bank Group.
Injecting approximately USD 160 million of new capital into the business, the combination with publicly traded Special Purpose Acquisition Company Union Acquisition Corp. II resulted in Procaps Group S.A.’s shares and warrants now trading as “PROC” and “PROCW”, respectively, on Nasdaq Global Market. Being part of a growing trend to enter stock markets through such de-SPAC business combinations, the transaction reinforces Luxembourg’s position as a European de-SPAC hub for listed holding companies.
Procaps develops pharmaceutical and nutraceutical solutions, medicines, and hospital supplies that reach more than 50 countries in five continents. With a direct presence in 13 countries in Latin America, the company has more than 4,700 employees as of December 31, 2020. Its offer includes over-the-counter and prescription drugs, nutritional supplements and high-potency clinical solutions.
Our involved Luxembourg team was lead by Partner Guy Palmaers, assisted by Associate Ana Taleska.
