Exhibit 5.2
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| United States | ||||
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March 9, 2023
Teva Pharmaceutical Industries Limited
124 Dvora Hanevia Street
Tel Aviv, 6944020 Israel
Ladies and Gentlemen:
We are issuing this opinion letter in our capacity as special counsel for and at the request of Teva Pharmaceutical Finance Netherlands II B.V. (the Euro Issuer) and Teva Pharmaceutical Finance Netherlands III B.V. (the USD Issuer), each a Dutch private limited liability company (together, the Issuers), and Teva Pharmaceutical Industries Limited, an Israeli corporation (the Guarantor), in connection with the issuance and sale by the Euro Issuer of 800,000,000 aggregate principal amount of its 7.375% Sustainability-Linked Senior Notes due 2029 (the 2029 Euro Notes) and of 500,000,000 aggregate principal amount of its 7.875% Sustainability-Linked Senior Notes due 2031 (the 2031 Euro Notes and, together with the 2029 Euro Notes, the Euro Notes) and the issuance and sale by the USD Issuer of $600,000,000 aggregate principal amount of its 7.875% Sustainability-Linked Senior Notes due 2029 (the 2029 USD Notes) and $500,000,000 aggregate principal amount of its 8.125% Sustainability-Linked Senior Notes due 2031 (the 2031 USD Notes and, together with the 2029 USD Notes, the USD Notes and, together with the Euro Notes, the Notes) under the Securities Act of 1933, as amended (the Securities Act), which are guaranteed by the Guarantor (the Guarantee). The Notes are being issued pursuant to a registration statement on Form S-3ASR (No. 333-213290) (the Registration Statement) filed by the Issuers, the Guarantor and certain other finance subsidiaries of the Guarantor with the Securities and Exchange Commission (the Commission) on October 27, 2021, including a base prospectus dated October 27, 2021 (the Base Prospectus), a preliminary prospectus supplement dated February 27, 2023 (the Preliminary Prospectus Supplement) and a final prospectus supplement dated March 1, 2023 (together with the Base Prospectus and the Preliminary Prospectus Supplement, the Prospectus).
In that connection, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments as we have deemed necessary for the purposes of this opinion, including (i) the Registration Statement and the exhibits thereto and the Prospectus, (ii) the indenture, dated as of March 14, 2018 (the Euro Notes Base Indenture), by and among the Euro Issuer, the Guarantor and The Bank of New York Mellon, as trustee (in such capacity, the Trustee), as supplemented by the Fourth
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Teva Pharmaceutical Industries Limited
March 9, 2023
Page 2
Supplemental Indenture relating to the Euro Notes, dated as of March 9, 2023 (the Euro Notes Supplemental Indenture and, together with the Euro Notes Base Indenture, the Euro Notes Indenture), by and among the Euro Issuer, the Guarantor, the Trustee and The Bank of New York Mellon, London Branch, as paying agent, (iii) the indenture, dated as of March 14, 2018 (the USD Notes Base Indenture), by and among the USD Issuer, the Guarantor and the Trustee, as supplemented by the Fourth Supplemental Indenture relating to the USD Notes, dated as of March 9, 2023 (the USD Notes Supplemental Indenture and, together with the USD Notes Base Indenture, the USD Notes Indenture), by and among the USD Issuer, the Guarantor, and the Trustee, and (iv) copies of the Notes.
For purposes of this opinion, we have assumed the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of all documents submitted to us as copies. We have also assumed the genuineness of the signatures of persons signing all documents in connection with which this opinion is rendered, the authority of such persons signing on behalf of the parties thereto, and the due authorization, execution and delivery of all documents by the parties thereto. As to any facts material to the opinions expressed herein that we have not independently established or verified, we have relied upon statements and representations of officers and other representatives of the Issuers and the Guarantor.
Our opinion expressed below is subject to the qualifications that we express no opinion as to the applicability of, compliance with, or effect of (i) any bankruptcy, insolvency, reorganization, fraudulent transfer, fraudulent conveyance, moratorium or other similar law affecting the enforcement of creditors rights generally, (ii) general principals of equity (regardless of whether enforcement is considered in a proceeding in equity or at law), and (iii) public policy considerations that may limit the rights of parties to obtain certain remedies.
Based upon and subject to the foregoing qualifications, assumptions and limitations and the further limitations set forth below, we are of the opinion that the Notes are binding obligations of the Issuers and the Guarantor, as applicable.
We hereby consent to the filing of this opinion as Exhibit 5.2 to the Guarantors Current Report on Form 8-K in connection with the sale of the Notes and to its incorporation into the Registration Statement. We also consent to the reference to our firm under the heading Legal Matters in the Prospectus with respect to the Notes constituting part of the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.
Teva Pharmaceutical Industries Limited
March 9, 2023
Page 3
Our advice on every legal issue addressed in this letter is based exclusively on the internal law of the State of New York and represents our opinion as to how that issue would be resolved were it to be considered by the highest court in the jurisdiction which enacted such law. The manner in which any particular issue relating to the opinions would be treated in any actual court case would depend in part on facts and circumstances particular to the case and would also depend on how the court involved chose to exercise the wide discretionary authority generally available to it. None of the opinions or other advice contained in this letter considers or covers any foreign or state securities (or blue sky) laws or regulations.
This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. This opinion speaks only as of the date hereof and we assume no obligation to revise or supplement this opinion.
We have also assumed that the execution and delivery of the Euro Notes Indenture, the USD Notes Indenture, the Notes and the Guarantee and the performance by the Issuers and the Guarantor of their obligations thereunder do not and will not violate, conflict with or constitute a default under any agreement or instrument to which either of the Issuers or the Guarantor are bound.
This opinion is furnished to you in connection with the filing of the Guarantors Current Report on Form 8-K, which is incorporated into the Registration Statement and in accordance with the requirements of Item 601(b)(5) of Regulation S-K promulgated under the Securities Act, and is not to be used, circulated, quoted or otherwise relied upon for any other purposes.
| Sincerely, |
| /s/ KIRKLAND & ELLIS LLP |
| KIRKLAND & ELLIS LLP |