Deals & Corporate Governance
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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.
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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.
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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.
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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.
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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.
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March 08, 2024
Pa. Court Grants Seizure Of Nursing Homes In 'Dire' Condition
A Pennsylvania federal court has granted an emergency request for a receiver to take control of six nursing homes in the state that Revere Tactical Opportunities REIT LLC claims were left in a "dire financial condition" by the properties' owners, who had also allegedly defaulted on a $30 million loan.
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March 07, 2024
Harpoon Shareholder Sues For Records On $680M Merck Buy
A shareholder of Harpoon Therapeutics Inc. sued in Delaware's Court of Chancery Thursday for corporate documents related to the company's proposed $680 million cash buyout by Merck, saying the proposed deal appears to unfairly "lock in a windfall for select Harpoon investors."
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March 07, 2024
Activist Caligan Sets Sights On Anika Therapeutics Again
New York-based activist investor Caligan Partners LP disclosed a nearly 10% stake in Anika Therapeutics and nominated two director candidates, a move that comes a year after the hedge fund urged the biotech company to consider "urgent changes" to its operations and structure.
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March 06, 2024
J&J Seeks Exit From Suit Over Stelara Exclusivity
Johnson & Johnson told a Virginia federal court Tuesday it shouldn't have to face a proposed class action claiming it has been trying to stifle competition in the market for the immunosuppressive drug Stelara, saying there was no "scheme" to enforce its patents as the suit alleges.
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March 06, 2024
FTC Can Depose Hospitals' Execs In Merger Challenge
A North Carolina federal magistrate judge has overruled two hospital systems' objections to the depositions of six Novant Health employees by the Federal Trade Commission in its antitrust action against a proposed $320 million merger, rejecting the healthcare providers' arguments that such depositions would be duplicative.
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March 06, 2024
Biopharmaceutical Biz Closes $259M Upsized Funding Round
South San Francisco, California-based clinical-stage biopharmaceutical company Alumis Inc. on Wednesday announced that it closed its upsized Series C funding round after securing $259 million from venture capital investors.
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March 06, 2024
Rite Aid Aims To Divest Most Of Its Health Dialog Business
Bankrupt drugstore chain Rite Aid Corp. said Wednesday that it will sell most of its Health Dialog business, which provides personalized health services, to Carenet Health for an undisclosed amount.
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March 05, 2024
FTC Chair Decries PE's Healthcare Impacts As Probe Starts
Federal Trade Commission Chair Lina Khan on Tuesday lamented what she deemed the "financialization" of healthcare resulting from private equity buyouts, in remarks coinciding with the launch of a multijurisdictional request for public comment on PE and other companies' growing control over the healthcare system.
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March 05, 2024
DocGo Hit With Investor Suit Over 'Limitless' Charter Clause
A mobile-healthcare company under scrutiny after being awarded a $432 million contract to provide services for migrants in New York City has been hit with a stockholder suit in Delaware's Court of Chancery alleging that the company's charter contains "broad and limitless" provisions that run afoul of state corporate law.
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March 05, 2024
Rite Aid Process To Break Leases, Close Stores In Ch. 11 OK'd
A New Jersey bankruptcy judge on Tuesday signed off on procedures for bankrupt retail pharmacy chain Rite Aid Corp. to potentially shutter 210 rented stores with fast-approaching lease rejection deadlines, overruling objections from two landlords.
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March 05, 2024
EQT Lands $3.3B For Climate And Health Investments
Swedish private equity giant EQT, advised by Kirkland & Ellis LLP, on Tuesday announced that it clinched its EQT Future Fund after securing €3 billion ($3.3 billion) in commitments, which will be used to invest across the climate and nature and health and well-being sectors.
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March 04, 2024
Novant Rival Fights Bid To Access Confidential FTC Docs
Novant Health can't unshield information given to regulators challenging its $320 million merger with two hospitals in North Carolina, a competitor hospital has told a federal court, saying it turned over those sensitive documents believing they would always be kept under wraps.
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March 04, 2024
Hospital Operator Pushes For Ch. 11 Plan Confirmation
California-based hospital operator Alecto Healthcare Services LLC defended its Chapter 11 plan proposal Monday in Delaware bankruptcy court, saying opposition from creditors is based on a faulty belief that there are valuable claims that can be asserted for the benefit of creditors.
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March 04, 2024
Bayer Pays $310M For European Rights To Heart Drug
German pharmaceutical giant Bayer and public biopharmaceutical company BridgeBio announced Monday that they would form a $310 million partnership centered on the experimental heart drug acoramidis.
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March 04, 2024
Sorrento Creditors Fight To Keep Ch. 11 In Texas
Creditors for drug developer Sorrento Therapeutics Inc. have asked a Texas bankruptcy judge to keep the company's Chapter 11 case in the Lone Star State, saying the U.S. trustee's bid to move it comes too late and wouldn't help those hoping for recoveries.
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March 04, 2024
REIT Adds Board Posts To End Contest With Activist Investor
Healthcare real estate investment trust Ventas Inc. has agreed to add two new board members in a one-year deal to end a campaign for changes at the firm from an activist investor hedge fund that has accused the REIT of lagging behind its industry peers.
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March 01, 2024
NY Judge Tosses $6.4B BMS Investor Action For Good
Celgene Corp. investors could not convince a New York federal judge that Bristol-Myers Squibb Co. was intentionally trying to flout securities law by delaying the U.S. Food and Drug Administration's approval of a cancer treatment in order to avoid giving them a $6.4 billion payout.
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March 01, 2024
Plaintiffs Blast Prison Health Co.'s 'Potemkin Village' Case
An attorney for plaintiffs seeking the dismissal of prison health care company Tehum Care Services Inc.'s "Texas Two-Step" bankruptcy case assailed on Friday what he called the "Potemkin village" nature of the debtor during the first day of a trial unfolding in Texas bankruptcy court.
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March 01, 2024
FTC Attacks Constitutional Defenses In Hospital Merger Fight
The Federal Trade Commission has urged a federal court to trim Novant Health's defenses in the agency's challenge of a $320 million plan to buy two North Carolina hospitals, citing case law holding that constitutional arguments are immaterial to the court's consideration of an antitrust injunction bid.
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March 01, 2024
Avista Capital Partners Closes $1.5B Healthcare Fund
Private equity firm Avista Capital Partners announced Friday that it had closed a $1.5 billion fund advised by Kirkland & Ellis focused on investments in the healthcare industry.
Expert Analysis
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Some Client Speculations On AI And The Law Firm Biz Model
Generative artificial intelligence technologies will put pressure on the business of law as it is structured currently, but clients may end up with more price certainty for legal services, and lawyers may spend more time being lawyers, says Jonathan Cole at Melody Capital.
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A Lawyer's Guide To Approaching Digital Assets In Discovery
The booming growth of cryptocurrency and non-fungible tokens has made digital assets relevant in many legal disputes but also poses several challenges for discovery, so lawyers must garner an understanding of the technology behind these assets, the way they function, and how they're held, says Brett Sager at Ehrenstein Sager.
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High Court's Ethics Statement Places Justices Above The Law
The U.S. Supreme Court justices' disappointing statement on the court's ethics principles and practices reveals that not only are they satisfied with a status quo in which they are bound by fewer ethics rules than other federal judges, but also that they've twisted the few rules that do apply to them, says David Janovsky at the Project on Government Oversight.
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Time For Law Schools To Rethink Unsung Role Of Adjuncts
As law schools prepare for the fall 2023 semester, administrators should reevaluate the role of the underappreciated, indispensable adjunct, and consider 16 concrete actions to improve the adjuncts' teaching experience, overall happiness and feeling of belonging, say T. Markus Funk at Perkins Coie, Andrew Boutros at Dechert and Eugene Volokh at UCLA.
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Tips For In-House Legal Leaders In A Challenging Economy
Amid today's economic and geopolitical uncertainty, in-house legal teams are running lean and facing increased scrutiny and unique issues, but can step up and find innovative ways to manage outcomes and capitalize on good business opportunities, says Tim Parilla at LinkSquares.
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What Associates Need To Know Before Switching Law Firms
Excerpt from Practical Guidance
The days of staying at the same firm for the duration of one's career are mostly a thing of the past as lateral moves by lawyers are commonplace, but there are several obstacles that associates should consider before making a move, say attorneys at HWG.
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A Case For Sharing Mediation Statements With Counterparties
In light of a potential growing mediation trend of only submitting statements to the mediator, litigants should think critically about the pros and cons of exchanging statements with opposing parties as it could boost the chances of reaching a settlement, says Arthur Eidelhoch at Eidelhoch Mediation.
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Tackling Long-Tail Legacy Liability Risk: A Defendant's Toolkit
Johnson & Johnson was recently rebuffed in its efforts to employ the "Texas Two-Step," which is likely to affect this increasingly popular method to isolate and spin off large asbestos and talc liabilities, but companies have multiple options to reduce long-tail legacy liability risk, says Stephen Hoke at Hoke LLC.
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Challenging Standing In Antitrust Class Actions: Injury-In-Fact
As demonstrated in recent cases, the classic injury-in-fact requirement for Article III standing claimed in most antitrust suits is economic harm — and while concrete harm satisfies the requirement, litigants may still be able to challenge whether economic injury has occurred, say Michael Hamburger and Holly Tao at White & Case.
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Preparing For Legal Scrutiny Of Data Retention Policies
Two recent cases involving Google and Meta should serve as a call to action for companies to ensure their data retention policies are updated and properly implemented to the degree of being able to withstand judicial scrutiny, especially as more data is generated by emerging technologies, say Jack Kallus and Labeed Choudhry at Kaufman Dolowich.
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Congress Must Reform PBMs To Lower The Cost Of Insulin
When the U.S. Senate Committee on Health, Education, Labor and Pensions meets Wednesday to ask why insulin prices are increasing, they should follow the money, and work on curtailing the practices of pharmacy benefit managers that inflate drug prices, says David Balto, a former policy director at the Federal Trade Commission.
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Attorneys Should Have An Ethical Duty To Advance DEI
National and state bar associations are encouraging attorneys to apply diversity, equity and inclusion practices in the legal profession and beyond, and these associations should take it one step further by formally recognizing ethical duties for attorneys to promote DEI, which could better the legal profession and society, says Elena Mitchell at Moore & Van Allen.
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Data-Driven Insights Are Key To Attracting Today's Clients
As law firm growth slows and competition for clients increases, modern firms must rely on robust data analytics to develop the sector-based expertise and industry insights that clients increasingly prioritize in relationships with counsel, says Lavinia Calvert at Intapp.