Debevoise & Plimpton has represented Japan’s Sawai Pharmaceutical in a $1.05 billion to purchase the generic-drug unit of Minnesota-based Upsher-Smith Laboratories, which turned to U.S. firm Lindquist & Vennum for advice. 

Osaka-based Sawai is buying Upsher-Smith from Acova, a business owned by the Evenstad family. After the deal, which is expected to close in June, Upsher-Smith’s president Rusty Field will continue to run the company and its business management team will stay in place. 

According to Reuters, Osaka-based Sawai said it is making the deal – its first overseas acquisition – to boost its presence in the U.S., the world’s largest market for generic medicines. The move also comes amid sluggish growth in Japan’s overall generic-drugs market.  

Founded in 1919, Upsher-Smith has a diverse portfolio of more than 30 pharmaceutical products that treat various conditions, including epilepsy.

The Debevoise team was led by partner Andrew Bab, with support from partners Gary Friedman, Sean Hecker, Elizabeth Pagel Serebransky and Scott Selinger.