Davis Polk advised Biotoscana Investments S.A. and the selling shareholders in connection with an initial public offering of 44,550,000 common shares, including common shares in the form of Brazilian Depositary Receipts, for an aggregate amount of approximately $377.7 million. The common shares trade on the Luxembourg Stock Exchange and the BDRs trade on the São Paulo Stock Exchange. The securities sold in the international offering were placed under Rule 144A and Regulation S.

Headquartered in Montevideo, Uruguay, and with a presence in 10 countries throughout the region, Biotoscana is a Latin American integrated pharmaceutical company engaged primarily in the development, manufacturing and commercialization of branded specialty pharmaceutical products.

The Davis Polk corporate team included Maurice Blanco, Elliot M. de Carvalho and Adela Troconis. The tax team included Kathleen L. Ferrell and Dao Fu. Sijia Cai provided 1940 Act advice. Members of the Davis Polk team are based in the São Paulo and New York offices.

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