Deals & Corporate Governance
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February 08, 2024
Dentists In $13B Delta Dental Suit Want Class Status
Dental providers claiming the nation's largest dental insurance system and its members engaged in a $13 billion scheme to restrict competition and lower reimbursement rates told an Illinois federal judge their claims deserve class treatment because common evidence will prove both the alleged conspiracy and its impact.
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February 08, 2024
Paul Hastings, Covington Guide Kyverna's Upsized $319M IPO
Cell therapy firm Kyverna Therapeutics Inc. soared 36% in debut trading Thursday after completing an upsized $319 million initial public offering above its price range, guided by Paul Hastings LLP and underwriters counsel Covington & Burling LLP, marking the latest life sciences company to go public.
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February 07, 2024
Life Sciences VC Scion Launches With $310M Fund
A new life sciences venture capital firm led by a trio of veteran healthcare investors publicly launched on Wednesday with $310 million in funding.
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February 07, 2024
Set Aside Time, Cash For Calif. Health M&A Regs, Experts Warn
Healthcare entities looking to close transactions in California should expect to set aside ample time and money to deal with new regulations that will require many of them to submit notice and potentially wait months for approval to close a deal, experts said Wednesday.
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February 07, 2024
REIT Raises $672M IPO At Low End While Insurer Pulls Plans
Senior housing real estate investment trust American Healthcare REIT Inc. rose in debut trading Wednesday after pricing a $672 million initial public offering at the bottom of its range, while insurer The Fortegra Group Inc. canceled its offering given market conditions, revealing mixed signals about the nascent IPO recovery.
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February 07, 2024
Pinsent Masons Guides Redx In $880M Cancer Drug Sale
Biotechnology company Redx Pharma PLC on Wednesday said that it has agreed to sell global rights for further development of a cancer-fighting program to Jazz Pharmaceuticals PLC for up to $880 million in a deal guided by Pinsent Masons LLP.
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February 06, 2024
Staffing Firm To Exit Pa. Nurse's Wage Action
One of two staffing firms accused of shorting Pennsylvania nurses for their overtime work will exit a proposed class action, as a nurse informed a Pennsylvania federal court that she had agreed to arbitrate her claims against the company.
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February 06, 2024
Cano Health DIP Gets Initial OK Without $23M Lender Fees
A Delaware bankruptcy judge on Tuesday delayed approving $22.5 million in fees payable to post-petition lenders in the Chapter 11 case of primary care group Cano Health Inc., saying the company didn't show the fees were required to induce lenders to participate in a $150 million debtor-in-possession loan package.
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February 06, 2024
Judge Accepts DHA's Course-Correct For $65B Tricare Deal
The U.S. Court of Federal Claims explained Tuesday why it cleared an embattled deal for healthcare services for the U.S. Department of Defense, saying the department appropriately handled claims challenging the winning company's small business participation plan.
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February 06, 2024
McDermott-Led 3 Boomerang Nabs $375M For Debut Fund
Healthcare-focused private equity firm 3 Boomerang said Tuesday that it had wrapped fundraising for its inaugural investment vehicle, 3 Boomerang Capital I LP, with over $375 million in capital commitments, led by McDermott Will & Emery LLP.
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February 06, 2024
Sheppard Mullin Adds Partner From Faegre Drinker In Chicago
Sheppard Mullin Richter & Hampton's Chicago office has gained a healthcare transactions partner from Faegre Drinker Biddle & Reath LLP, Sheppard announced Tuesday.
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February 06, 2024
AI Operating System Built For Healthcare Lands $70M
San Francisco-based Ambience Healthcare, a generative AI technology startup targeting the medical world, has raised $70 million in Series B funding, the company announced Tuesday.
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February 06, 2024
Freshfields Helps Novartis Buy German Pharma In €2.7B Deal
Swiss pharmaceutical giant Novartis AG has agreed to buy MorphoSys AG in a deal that values the German biopharmaceutical group at €2.7 billion ($2.9 billion) as it seeks to develop its oncology treatment options.
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February 05, 2024
Zymergen Ch. 11 Plan Confirmed After Investor Objection
Biotechnology company Zymergen received confirmation of its Chapter 11 plan Monday at a hearing in Delaware bankruptcy court after resolving an objection to the plan from a class of investors suing the company.
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February 05, 2024
Northwind, REIT Close $52M In Loans For Healthcare Facilities
Northwind Group and CareTrust REIT Inc. originated more than $52M in mezzanine loans that were secured with 26 healthcare properties in California, Missouri and Virginia, the companies announced Monday.
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February 05, 2024
Healthcare Group Cano Health Hits Ch. 11 With $1.3B Debt
Primary care group Cano Health Inc. has filed for Chapter 11 protection in Delaware bankruptcy court, saying it will be pursuing a prearranged double-track plan to either restructure its $1.26 billion in debt or seek a buyer.
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February 05, 2024
Novo Holdings Buying Biopharma Co. Catalent In $16.5B Deal
Novo Holdings, the controlling shareholder in Novo Nordisk Foundation, said Monday it has agreed to acquire Catalent in an all-cash transaction that values the pharmaceutical company at $16.5 billion, including debt, about five months after Catalent struck a deal with activist investor Elliott Investment Management to conduct a strategic review.
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February 02, 2024
Dinsmore Broadens Healthcare Capabilities With New Partner
Dinsmore & Shohl LLP has added a partner who specializes in healthcare transactions and counseling healthcare clients, allowing it to broaden services offered to the industry, the firm announced Friday.
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February 02, 2024
Staffing Firm Challenges $9M Classification Ruling At 4th Circ.
A Virginia federal court made several mistakes when it ordered a medical staffing company to pay $9 million to nurses in a misclassification suit, the company told the Fourth Circuit on Friday, saying the ruling would decimate the nursing industry.
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February 02, 2024
Morgan Lewis Accused Of Improperly Helping Health Biz CEO
A healthcare company with offices in New Jersey alleged this week that a Morgan Lewis & Bockius LLP partner committed malpractice during a deal to sell the company by aiding its then-CEO in negotiating a $9 million bonus for himself, at the expense of the business.
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February 01, 2024
Tenet Healthcare To Shed 4 Calif. Hospitals For $975M
Tenet Healthcare Corp. is selling four of its California hospitals in Orange County and Los Angeles County to UCI Health in an all-cash deal of around $975 million, the two announced Thursday.
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February 01, 2024
Bankrupt Pharma Co. Impel Gets OK For $17.5M Sale
Migraine-drug maker Impel Pharmaceuticals can proceed with its sale to JN Bidco LLC, which had made a $17.5 million stalking horse bid, U.S. Bankruptcy Judge Stacey G. Jernigan said at a hearing Thursday in a Texas bankruptcy court.
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February 01, 2024
Life Sciences VC Firm Seroba Closes $134M Fund
Seroba, a European life sciences venture capital firm, said Thursday it has closed a new fund focused on early-stage life sciences companies at €123 million ($134 million).
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January 31, 2024
Cooley-Led Vaxcyte Prices $750M Public Offering
Public vaccine developer Vaxcyte has priced a $750 million public offering of common stock and pre-funded warrants, represented by Cooley LLP, the company has announced.
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January 31, 2024
Cardinal Health Buys Specialty Networks In $1.2B Deal
Healthcare services company Cardinal Health announced Wednesday that it has entered into a deal to buy health platform Specialty Networks for $1.2 billion in cash.
Expert Analysis
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Congress Needs Better Health Care Fraud Data From DOD
The U.S. Department of Defense does not collect enough data to prevent health care and service contractor fraud and waste, so Congress should enact benchmarks that the DOD must meet when gathering and reporting data, enabling lawmakers to make better-informed decisions about defense appropriations, says Jessica Lehman at Verizon.
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The Pop Culture Docket: Judge Elrod On 'Jury Duty'
Though the mockumentary series “Jury Duty” features purposely outrageous characters, it offers a solemn lesson about the simple but brilliant design of the right to trial by jury, with an unwitting protagonist who even John Adams may have welcomed as an impartial foreperson, says Fifth Circuit Judge Jennifer Elrod.
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4 Business-Building Strategies For Introvert Attorneys
Excerpt from Practical Guidance
Introverted lawyers can build client bases to rival their extroverted peers’ by adapting time-tested strategies for business development that can work for any personality — such as claiming a niche, networking for maximum impact, drawing on existing contacts and more, says Ronald Levine at Herrick Feinstein.
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3 Ways Justices' Disclosure Defenses Miss The Ethical Point
The rule-bound interpretation of financial disclosures preferred by U.S. Supreme Court Justices Samuel Alito and Clarence Thomas — demonstrated in their respective statements defending their failure to disclose gifts from billionaires — show that they do not understand the ethical aspects of the public's concern, says Jim Moliterno at the Washington and Lee University School of Law.
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Caregiver Flexibility Is Crucial For Atty Engagement, Retention
As the battle for top talent continues post-pandemic, many firms are attempting to attract employees with progressive hybrid working environments — and supporting caregivers before, during and after an extended leave is a critically important way to retain top talent, says Manar Morales at The Diversity & Flexibility Alliance.
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No End In Sight For Pandemic Relief Fraud Enforcement
Congress' recent decision to extend the statute of limitations to 10 years for fraud related to pandemic relief means the era of enforcement actions brought under the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act has only just begun, say attorneys at Crowell & Moring.
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Hot OSHA Summer: Regulatory Activity In Full Swing
Recent actions by the Occupational Safety and Health Administration — including changes to its injury and illness reporting rule, its proposal to allow nonemployee union reps to accompany OSHA inspectors, and a hazard alert on extreme heat — show that the agency's regulatory and enforcement regime remains vigorous, says Heather MacDougall at Morgan Lewis.
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Nursing Homes Must Prepare For Ownership Scrutiny
Due to the Centers for Medicare & Medicaid Services' designation of nursing home ownership changes as a high risk category, and increased transparency and notice obligations for changes in skilled nursing facility ownership set to take effect in Pennsylvania in October, owners should anticipate a heightened level of review and delays, say Mark Mattioli and Paula Sanders at Post & Schell.
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In-Office Engagement Is Essential To Associate Development
As law firms develop return-to-office policies that allow hybrid work arrangements, they should incorporate the specific types of in-person engagement likely to help associates develop attributes common among successful firm leaders, says Liisa Thomas at Sheppard Mullin.
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Trends Emerge In High Court's Criminal Law Decisions
In its 2022-2023 term, the U.S. Supreme Court issued nine merits decisions in criminal cases covering a wide range of issues, and while each decision is independently important, when viewed together, key trends and takeaways appear that will affect defendants moving forward, says Kenneth Notter at MoloLamken.
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A Judge's Pitch To Revive The Jury Trial
Ohio state Judge Pierre Bergeron explains how the decline of the jury trial threatens public confidence in the judiciary and even democracy as a whole, and he offers ideas to restore this sacred right.
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Negotiating AI-Life Sciences Partnerships To Minimize IP Risk
When life sciences companies and AI companies form partnerships to foster innovation, the parties should align interests as well as mitigate intellectual property risks by strategically identifying and addressing the unique AI-related legal issues, such as training data, AI model and output, say attorneys at Finnegan.
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How To Recognize And Recover From Lawyer Loneliness
Law can be one of the loneliest professions, but there are practical steps that attorneys and their managers can take to help themselves and their peers improve their emotional health, strengthen their social bonds and protect their performance, says psychologist and attorney Traci Cipriano.