Deals & Corporate Governance

  • March 20, 2024

    Top Attorney For Bristol-Myers Squibb Earned $5.9M In '23

    The longtime general counsel for biopharma giant Bristol-Myers Squibb earned more than $5.9 million in compensation for last year, a figure that was down slightly from $6.1 million in 2022 but still buoyed by her work on its recent CEO transition and other matters.

  • March 20, 2024

    2 Biotechs Unveil Separate Fundings Totaling $325M

    Life sciences companies Clasp Therapeutics and Cooley-advised Capstan Therapeutics, which develop treatments for a range of health conditions including cancer and autoimmune diseases, separately announced funding rounds Wednesday that together total $325 million.

  • March 19, 2024

    Skin Care Drug Co. Can Ask Creditors To OK Ch. 11 Plan

    A Delaware bankruptcy judge said Tuesday she will give a debtor formerly known as Timber Pharmaceuticals Inc. permission to send its Chapter 11 plan out for a vote by the dermatology drug developer's creditors, after counsel for the company explained it had expanded the creditors' ability to opt out of the plan's claim releases.

  • 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.

Expert Analysis

  • ESG Around The World: European Union

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    As the EU makes ESG regulation a priority, companies — both those based in the EU and others just doing business there — need to keep abreast of myriad new legislation that has either already taken effect or will in the near future, as noncompliance could result in fines, damages and director liability, say attorneys at Steptoe & Johnson.

  • Avoiding The Ethical Pitfalls Of Crowdfunded Legal Fees

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    The crowdfunding of legal fees has become increasingly common, providing a new way for people to afford legal services, but attorneys who accept crowdsourced funds must remember several key ethical obligations to mitigate their risks, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • An Overview Of 6 PBM Bills Moving Through Congress

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    As legislators turn to pharmacy benefit manager reform as a potential next step in addressing the cost of prescription drugs, six congressional committees have recently advanced PBM-related legislation with generally high bipartisan support, suggesting that a final package is likely to advance through Congress, say Rachel Stauffer and Katie Waldo at McDermott+Consulting.

  • What Large Language Models Mean For Document Review

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    Courts often subject parties using technology assisted review to greater scrutiny than parties conducting linear, manual document review, so parties using large language models for document review should expect even more attention, along with a corresponding need for quality control and validation, say attorneys at Sidley.

  • Participating In Living History Makes Me A Better Lawyer

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    My role as a baron in a living history group, and my work as volunteer corporate counsel for a book series fan association, has provided me several opportunities to practice in unexpected areas of law — opening doors to experiences that have nurtured invaluable personal and professional skills, says Matthew Parker at the Nebraska Department of Health and Human Services.

  • Private Equity Owners Can Remedy Law Firms' Agency Issues

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    Nonlawyer, private-equity ownership of law firms can benefit shareholders and others vulnerable to governance issues such as disparate interests, and can in turn help resolve agency problems, says Michael Di Gennaro at The Law Practice Exchange.

  • How To Protect Atty-Client Privilege While Using Generative AI

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    When using generative artificial intelligence tools, attorneys should consider several safeguards to avoid breaches or complications in attorney-client privilege, say Antonious Sadek and Christopher Campbell at DLA Piper.

  • How New Lawyers Can Leverage Feedback For Growth

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    Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.

  • State Privacy Laws: Not As Comprehensive As You May Think

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    As more U.S. states enact privacy laws, companies must be aware that these laws vary in scope and content, meaning organizations should take a stringent approach to compliance by considering notice, choice and data security obligations, among other requirements, says Liisa Thomas at Sheppard Mullin.

  • ESG Around The World: Australia

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    Clive Cachia and Cathy Ma at K&L Gates detail ESG-reporting policies in Australia and explain how the country is starting to introduce mandatory requirements as ESG performance is increasingly seen as a key investment and corporate differentiator in the fight for global capital.

  • Address The Data Monopoly, Otherwise Tech Giants Control AI

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    It is likely that we will experience a severe monopoly on artificial intelligence systems and patents by the largest players in the tech industry, so the way we treat data needs to change, whether through the legislature, the courts or tech companies, says Pranav Katti at Barclay Damon.

  • Info Exchanges Must Stay Inside Now-Invisible Antitrust Lines

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    While the antitrust agencies recently withdrew long-standing enforcement policy statements for being "overly permissive" on information exchanges, we should not assume that all information exchanges are inherently suspect — they are still permissible if carefully constructed and vigorously managed, say attorneys at Nelson Mullins.

  • Twitter Legal Fees Suit Offers Crash Course In Billing Ethics

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    X Corp.'s suit alleging that Wachtell grossly inflated its fees in the final days of Elon Musk’s Twitter acquisition provides a case study in how firms should protect their reputations by hewing to ethical billing practices and the high standards for professional conduct that govern attorney-client relationships, says Lourdes Fuentes at Karta Legal.