Enobia
Managing Challenging Tax Matters
In 2011 Enobia Pharma Corp. hired VPTax to manage its increasingly complex tax affairs in the U.S. and internationally, and implemented an aggressive exit strategy aimed at taking the company public or selling it.
Results:
In February 2012, that strategy reached fruition when Alexion Pharmaceuticals acquired Enobia for up to $1.08 billion in cash and future contingent payments. In the period leading up to the acquisition, VPTax:
- Provided leadership on managing Enobia’s global tax activities
- Acted as internal “Tax Director,” creating a collaborative environment in which VPTax worked closely with and managed the activities of other technical tax experts, including Big Four advisors
- Evaluated compliance status in all jurisdictions and addressed any deficiencies
- Provided a wide range of scalable services on short notice including sales/use taxes, property taxes, and franchise/income taxes
- Managed tax due diligence efforts as part of preparations for the IPO/sale
- Provided independence so the spirit, as well as the letter of SOX compliance, was achieved
Jeff Mack, Enobia’s CFO says: “VPTax is scalable as to cost and function. They provide sales tax filings in multiple states at very affordable rates, and also provide high-level technical advice when that’s necessary.
“They showed particular skill in negotiating with, and forging consensus among, all our advisors.”
“VPTax Principal Tom Brehmer brought common sense leadership into a technical world. He not only met the technical requirements in all regards, he made it so I could understand and communicate the principal issues to others in a clear and understandable manner. “He is among an elite group of expert and balanced people in his profession.”
“VPTax offers a paradigm shift in taxes that will force people to think, and act, differently.”