Christina Zhang

Johnson Controls' $7.5 billion joint venture with Yanfeng Automotive Systems was recognized by China Business Law Journal as a 2014 "Deal of the Year."

Cooley advised Johnson Controls on the transaction. Corporate partner Christina Zhang in the Shanghai office and M&A partner Kevin Mills in the DC office led the transaction with critical support from members of Cooley's antitrust team – partner Howard Morse and associate Tanisha James, its CFIUS team – partner Kevin King and associate Christopher Kimball, and the firm's tax department – partner Aaron Pomeroy.

The joint venture will form the largest automotive interiors company in the world with revenues reaching approximately $7.5 billion. Yanfeng will hold a 70 percent share in the joint venture, and Johnson Controls will hold a 30 percent share. The joint venture will be headquartered in Shanghai with global engineering, development and customer centers in the United States, Europe, China, Japan and India. It will have more than 90 plants located across China, Europe and North America.

This transaction represents a new mode of overseas acquisitions by state-owned enterprises. Unlike the common modes of offshore mergers and acquisitions previously adopted under the "go global" strategy, this transaction explores a new route whereby a joint venture controlled by the Chinese Party is established in China by means of equity contribution to integrate global resources.

"It is a great honor to be recognized by such a well-respected legal publication for our work on one of our largest deals in China in 2014," said Zhang. "This commendation is not only reflective of our work on this unique transaction, but is further validation of Cooley's continuing growth and capabilities in China."

Update: In July 2015, the joint venture Yanfeng Global Automotive Interior Systems announced its closing. It is the largest manufacturer of auto interior products in the world, with annual revenue of $8.5 billion.

Cooley is advising FibroGen on its $167.7 million initial public offering. With a $1.04 billion valuation, this is the largest biotech IPO by market cap since 2002.

FibroGen is a biotechnology company focused on the discovery, development, and commercialization of therapeutic agents for treatment of anemia, fibrosis, cancer and other serious unmet medical needs. The company now trades on the Nasdaq Global Market under the symbol "FGEN."

Cooley advised Uber on the negotiating and closing of its multi-billion dollar investment from a consortium of investors led by SoftBank, including a tender offer for secondary shares and a primary investment at Uber's prior valuation.

Shanghai – Cooley advised Johnson Controls on the formation of a global automotive interiors joint venture with Yanfeng Automotive Trim Systems.

Johnson Controls is a global diversified technology and industrial leader, creating quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles.

Yanfeng Automotive Trim Systems is a wholly owned subsidiary of Huayu Automotive Systems, the component group of Shanghai Automotive Industry Corp., which is China's largest state-owned automaker.

The joint venture, which has not yet been named, will form the largest automotive interiors company in the world with revenues reaching approximately $7.5 billion. Yanfeng will hold a 70 percent share in the joint venture and Johnson Controls will hold a 30 percent share. The company will be headquartered in Shanghai with global engineering, development and customer centers in the United States, Europe, China, Japan and India. It will have more than 90 plants located across China, Europe and North America.

The joint venture will be incorporated in the new Shanghai Free Trade Zone and will be the largest manufacturing enterprise to be established in the zone. The venture also signifies a major step by Huayu Automotive Systems, Yanfeng's parent, as part of its globalization strategy in the context of a new round in China's restructuring of its state-owned business.

Cooley advised GENFIT SA in its licensing and collaboration agreement with Terns Pharmaceuticals. Terns will have the rights to develop and commercialize elafibranor, GENFIT’s proprietary compound, in Greater China. Under the terms of the agreement, GENFIT received an upfront payment from Terns of $35 million and will be eligible to receive up to $193 million in potential clinical, regulatory and commercial milestone payments.