Deals & Corporate Governance
-
March 19, 2024
J&J Says Former Exec Stole Thousands Of Files In Move To Pfizer
Johnson & Johnson has sued a former competitive strategy director in New Jersey federal court, claiming he illegally downloaded thousands of confidential files on his way out the door to work for direct competitor Pfizer.
-
March 19, 2024
IFF Selling Pharma Unit To French Co. Roquette In $2.85B Deal
IFF, a maker of ingredients and additives for food, health and home-based products, said Tuesday it has agreed to sell its Pharma Solutions business to French plant-based ingredient maker Roquette at an enterprise value of up to $2.85 billion.
-
March 18, 2024
Patent Suit Over AstraZeneca's Tagrisso Heads To Jury
A Delaware federal judge said Monday that there are too many "genuine factual disputes" to end a lawsuit from a Pfizer brand claiming it developed a cancer treatment that's being infringed by a drug that has racked up billions in sales for rival AstraZeneca.
-
March 18, 2024
2nd Circ. Rejects 'New Standard' Of Patent Monopolies
A Second Circuit panel on Monday revived antitrust allegations accusing Novartis of concealing the true history of an eye syringe treatment's development from the U.S. Patent and Trademark Office to edge Regeneron out of the market, faulting a district court for holding that antitrust markets can't be "coextensive" with the patent.
-
March 18, 2024
Conn. Pharmacy, FDA Say They've Settled Suit Over Probe
Medication compounding firm SCA Pharmaceuticals and the U.S. Food and Drug Administration together have asked a Connecticut federal judge to dissolve an emergency temporary restraining order blocking the agency from publishing comments related to its contested investigation of the pharmacy, with the parties saying they have executed a settlement.
-
March 18, 2024
Biotech Ardelyx Beats Shareholder Suit Over Kidney Drug
Biotechnology company Ardelyx Inc. has for now beaten a shareholder class action alleging the company and its top brass made false and misleading statements about regulatory approval of Ardelyx's drug for patients with chronic kidney disease.
-
March 18, 2024
Leerink Enticed Goldman Exec With False Promises, Suit Says
An investment banker says she was lured away from a senior position at Goldman Sachs to Boston-based Leerink Partners with what turned out to be a meaningless job title and false promises of guaranteed bonuses, according to a lawsuit filed Monday in Massachusetts state court.
-
March 18, 2024
Pfizer To Reduce Stake In Haleon To 24% Through Share Sale
Haleon PLC said Monday that U.S. pharmaceutical titan Pfizer Inc. will reduce its stake in the British consumer healthcare company to 24%.
-
March 15, 2024
'Cobra Venom' Painkiller Co. Inks Deal To Settle SEC Claims
A penny stock company that previously held itself out as a maker of cobra venom-infused pain drugs has agreed to resolve U.S. Securities and Exchange Commission fraud claims, according to court filings that note the company's two principals have also reached a settlement.
-
March 15, 2024
Hospitals Say Constitutional Defenses Valid In FTC Merger Row
Two North Carolina hospital systems shot back at the Federal Trade Commission's contention that constitutional defenses are immaterial to the agency's challenge of a $320 million merger plan, arguing that case law shows that striking the positions would be premature.
-
March 14, 2024
Clinicians May Continue Kickback Suit Vs. Mental Health Co.
A mental healthcare company can't dodge a suit claiming that it implemented a kickback scheme to pay its clinicians that led to unpaid wages, an Arizona federal judge ruled, saying the workers suing the organization supported their claims.
-
March 14, 2024
PE-Backed Latin American Healthcare Firm Prices $420M IPO
Private equity-backed Latin American hospital operator Auna SA on Thursday set a price range on an estimated $420 million U.S. initial public offering, with plans to use the proceeds to repay debt and financing agreements.
-
March 14, 2024
Drug Wholesalers Want Preliminary OK On $265M Sandoz Deal
A group of direct purchasers of generic drugs has asked a Pennsylvania federal court for approval of a $265 million settlement with Swiss drugmaker Sandoz over allegations of federal antitrust violations.
-
March 13, 2024
TriZetto's $200M Jury Awards Thrown Out In Syntel Dispute
A New York federal judge on Wednesday vacated roughly $200 million in damages awards Cognizant affiliate TriZetto won in a trade secret misappropriation and copyright infringement suit against Syntel, ruling that the awards were improperly calculated.
-
March 13, 2024
Hospital Operator Defends Releases In Ch. 11 Plan
California-based hospital operator Alecto Healthcare Services LLC asked a Delaware bankruptcy judge Wednesday to approve its small business Chapter 11 reorganization, saying it is not leaving money on the table by releasing potential clawback claims.
-
March 13, 2024
Moderna's CLO Saw Growth In 2023 Compensation
Moderna Inc.'s top attorney earned about $4.3 million in total compensation last year, an increase compared to 2022 but a steep drop from the near $11.5 million she saw in 2021, according to a recent securities filing.
-
March 12, 2024
Breast Implant Co.'s $90M DIP OK'd With Creditor Protections
Bankrupt breast implant maker Sientra Inc. received final court approval in Delaware bankruptcy court for its $90 million debtor-in-possession financing after adding in lien challenge protections for unsecured creditors.
-
March 12, 2024
UnitedHealth Can't Get Early Win In Workers' ERISA Suit
A Minnesota federal court denied most of UnitedHealth Group Inc.'s bid for a pretrial win in a lawsuit alleging mismanagement of an employee 401(k) plan, finding Tuesday that allegations the company refused to ax underperforming funds to preserve a business relationship with Wells Fargo should go to trial.
-
March 11, 2024
Acadia Investors Get Class Cert. In Suit Over Parkinson's Drug
A California federal judge on Monday certified a class of Acadia Pharmaceuticals investors in a lawsuit accusing the company of making false and misleading statements regarding the likelihood that its Parkinson's psychosis drug would also be approved for the broader use of dementia-related psychosis.
-
March 11, 2024
Illumina Brass Faces Shareholder Suit Over Grail Deal Debacle
Current and former directors and executives of Illumina, including former U.S. Food and Drug Administration Commissioner Scott Gottlieb, have been hit with a shareholder derivative suit in California federal court over their role in the biotech company's failed $8 billion deal to reacquire its cancer-detection company Grail Inc.
-
March 11, 2024
Judge OKs Eye Care Tech Co.'s $8M DIP Request
A Texas bankruptcy judge on Monday approved optometry software company Eye Care Leaders Portfolio Holdings LLC's request to draw on the remainder of its $8 million in debtor-in-possession funds for its Chapter 11 case, saying the company had given good reason to believe it was poised for a rewarding auction.
-
March 11, 2024
Walmart Fails To Sink Feds' Opioid Crisis Lawsuit
A Delaware federal judge on Monday kept alive a government lawsuit accusing Walmart of fueling the nation's opioid crisis, ruling that the company could be held liable for filling illegitimate prescriptions its compliance officers allegedly failed to flag for unwitting pharmacists.
-
March 08, 2024
Deadline Drama Briefly Threatens Suit Against Insurer VSP
A California federal judge threatened Thursday to toss Total Vision's antitrust claims accusing eye care insurance giant VSP of hamstringing it, in what appears to be a misreading of the schedule over missed deadlines that were actually pushed back, prompting the threat's retraction the next day.
-
March 08, 2024
UK Enforcers To Appeal Nixed £100M Hydrocortisone Fine
Britain's competition enforcer is planning to appeal a tribunal's ruling that upended more than £100 million ($128.6 million) in fines against several drug companies for allegedly reaching agreements that increased the price of hydrocortisone tablets.
-
March 08, 2024
Sorrento Gets OK For $2M Ch. 11 Funding Infusion, Asset Sale
A Texas bankruptcy judge on Friday approved drug developer Sorrento Therapeutics Inc.'s bid for an asset sale and $2 million in funds to fuel its Chapter 11 case, saying they represented the only option outside of a transition to Chapter 7.
Expert Analysis
-
How CMS Proposal Would Change PE Deal Transparency
The Centers for Medicare and Medicaid Services recently proposed a new rule that would require the disclosure of additional ownership regarding Medicare and Medicaid nursing facilities, an approach that many states have started to take and reflects the Biden administration's scrutiny on private equity deals, say attorneys at Kirkland.
-
Workers, Labor Take Center Stage At ABA Antitrust Meeting
The American Bar Association’s antitrust spring meeting had a heavy emphasis on upstream markets affecting employees and talent, and prosecutors sent a clear message that they view no-solicitation, no-poach and no-hire agreements as criminal violations, even in the face of several jury trial setbacks, say attorneys at Perkins Coie.
-
Federal Judge's Amici Invitation Is A Good Idea, With Caveats
An Arkansas federal judge’s recent order — inviting amicus briefs in every civil case before him — has merit, but its implementation may raise practical questions about the role of junior attorneys, economic considerations and other issues, says Lawrence Ebner at the Atlantic Legal Foundation.
-
Fox Ex-Producer Case Is A Lesson In Joint Representation
A former Fox News producer's allegations that the network's lawyers pressured her to give misleading testimony in Fox's defamation battle with Dominion Voting Systems should remind lawyers representing a nonparty witness that the rules of joint representation apply, says Jared Marx at HWG.
-
Cannabis Cos. Must Heed Growing Federal Investigatory Risks
As state-regulated cannabis markets expand rapidly, so too does government oversight, and industry participants must plan ahead to avoid potential liabilities related to workplace health and safety requirements, tax audits, securities regulations and foreign bribery laws, say Alicia Corona and Amy Rubenstein at Dentons.
-
Employee COVID Protocols After National Emergency Ends
Now that the Biden administration has announced its plan to officially end the COVID-19 national emergency and public health emergency in May, employers must carefully consider how to proceed with their mandatory vaccine policies and other responses to the pandemic, say Elisabeth Hall and Olubusola Olanrewaju at Miles & Stockbridge.
-
Recent Growth Factors Driving Life Sciences Transactions
In view of challenges posed by last year's economic downturn, life sciences companies have increasingly turned to collaboration and licensing arrangements, with a focus on deal activity in artificial intelligence, digital health and gene therapy, say attorneys at Ropes & Gray.
-
Stanford Law Protest Highlights Rise Of Incivility In Discourse
The recent Stanford Law School incident, where students disrupted a speech by U.S. Circuit Judge Kyle Duncan, should be a reminder to teach law students how to be effective advocates without endangering physical and mental health, says Nancy Rapoport at the University of Nevada.
-
Dispute Prevention Strategies To Halt Strife Before It Starts
With geopolitical turbulence presenting increased risks of business disputes amid court backlogs and ballooning costs, companies should consider building mechanisms for dispute prevention into newly established partnerships to constructively resolve conflicts before they do costly damage, say Ellen Waldman and Allen Waxman at the International Institute for Conflict Prevention and Resolution.
-
Practical Skills Young Attorneys Must Master To Be Happier
For young lawyers, finding happiness on the job — with its competitive nature and high expectations for billable hours — is complicated, but three skills can help them gain confidence, reduce stress and demonstrate their professional value in ways they never imagined, says career counselor Susan Smith Blakely.
-
4 Ways State Oversight May Change Nationwide Health Deals
With California soon to become the most recent state to increase its oversight of health care mergers, acquisitions and investments, attorneys should consider how these updated state regulations may increase the costs, timelines and disclosure requirements for national deals, say John Saran and Jaclyn Freshman at Ropes & Gray.
-
Could The Supreme Court Legalize Marijuana Federally?
Amid slow legislative and executive movement on cannabis reform, it’s worth examining whether the U.S. Supreme Court could provide a pathway to federal cannabis legalization — a decision that would surely require strange bedfellows given the court’s current ideological makeup, say Whitt Steineker and Mason Kruse at Bradley Arant.
-
Establishing A Record Of Good Faith In Mediation
Viacom v. U.S. Specialty Insurance, and other recent cases, highlight the developing criteria for determining good faith participation in mediation, as well as several practical tips to establish such a record, says Richard Mason at MasonADR.