Deals & Corporate Governance
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February 15, 2024
Invitae Can Use Cash Collateral For Speedy Ch. 11
Bankrupt genetic testing company Invitae Corp. on Thursday got the approval of a New Jersey bankruptcy court for routine first-day motions as it moves toward a planned April auction of its assets.
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February 15, 2024
Freenome Raises $254M For Early Cancer Detection Tests
Cancer-focused biotechnology company Freenome said Thursday it has raised $254 million from investors to advance cancer detection tests in its pipeline.
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February 15, 2024
Aurinia Refocusing After Failed Effort To Find A Buyer
Kidney-focused biotech Aurinia Pharmaceuticals is hitting pause on drug development, cutting jobs and initiating a $150 million stock buyback program, the company disclosed in its year-end financial report Thursday.
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February 15, 2024
Lawmakers Push PE Firm For Answers On Steward Health
A group of lawmakers demanded answers from private equity firm Cerberus Capital Management on Thursday over its relationship with financially troubled Steward Health Care-owned hospitals in Massachusetts, saying that Steward's recent collapse is a "textbook example" of the "grave risks" that come with private equity takeover of the healthcare system.
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February 15, 2024
FTC's Khan Calls Healthcare 'Key' To Fight For Competition
Federal Trade Commission Chair Lina Khan told a conference of physicians the agency is fighting corporate control at several levels of the healthcare industry, touting the sector as a key battleground in the administration's push for more competition across the economy.
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February 14, 2024
FTC Seeks Info On 'Powerful Middlemen' Amid Drug Shortages
The Department of Health and Human Services and the Federal Trade Commission announced Wednesday that they are seeking information on whether legal exemptions for "middlemen" in the generic pharmaceutical market are driving ongoing drug shortages.
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February 14, 2024
Adagio Medical Goes Public In $128M SPAC Merger
Adagio Medical, a catheter ablation tech maker, and Arya Sciences, a special purpose acquisition company, said on Wednesday that they would merge, taking the combined company public at a $128 million value, guided by respective legal adviser Reed Smith and Kirkland.
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February 14, 2024
Pharma Co. Humanigen Gets OK For Ch. 11 Sale
Drug researcher Humanigen Inc. can sell nearly all of its assets to a company formed by its CEO, a Delaware bankruptcy judge ruled Wednesday, after the debtor, the buyer and the official committee of unsecured creditors struck a deal resolving objections to the Chapter 11 sale.
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February 14, 2024
Settlements of 3 Drug Cos. Get Prelim OK In Price-Fixing MDL
A Pennsylvania federal judge granted preliminary approval Wednesday to settlements in which two makers and one distributor of generic drugs agreed to pay a combined $45 million to resolve allegations they colluded to fix the prices of medications, including those used to treat glaucoma, high blood pressure and high cholesterol.
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February 14, 2024
Biotech Nabs $200M Via Private Placement, Starts CEO Search
Public gene therapy company enGene Holdings Inc. announced Wednesday that it will sell 20 million of its common shares, raising an anticipated private placement of around $200 million, to fund the development of its lead compound EG-70.
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February 14, 2024
KKR Buys Stake In Health Tech Biz Cotiviti At $10.5B Valuation
Private equity firm KKR & Co. Inc. has agreed to acquire a stake in healthcare analytics company Cotiviti from Veritas Capital, Cotiviti announced Wednesday, in a deal valuing the target at about $10.5 billion.
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February 14, 2024
Genetic Testing Co. Invitae Files For Ch. 11 With $1.5B Debt
California-based genetic testing company Invitae Corp. has filed for Chapter 11 protection in New Jersey with nearly $1.5 billion in debt and what it said is an agreement with senior noteholders to seek a buyer.
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February 13, 2024
Insurers Must Pay Pharma Co. Defense Costs In SEC Probe
A drug development company formed by a merger is entitled to insurance payments for expenses it paid two of its former officers in connection with federal subpoenas because the insurer failed to show that an exclusion applied, a California federal judge ruled Monday.
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February 13, 2024
FDA, Creditors Oppose Drugmaker Humanigen's Ch. 11 Sale
Biopharmaceutical company Humanigen faced fire on multiple fronts Tuesday after it asked the Delaware bankruptcy court to approve a $2 million stalking horse credit bid from its debtor-in-possession lender, an entity founded by the debtor's chief executive, that is opposed by the FDA and certain creditors.
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February 13, 2024
Nava Health To Go Public Via $320M SPAC Merger
Health clinic chain Nava Health is planning on going public through a merger with blank-check company 99 Acquisition Group in a $320 million deal led by two law firms, the companies announced Tuesday.
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February 13, 2024
Mallinckrodt Guts IP Suit Amid Oxide Rival's New Drug App
A Delaware federal judge has dismissed 10 of the originally asserted 14 patents in pharmaceutical company Mallinckrodt's claims against a French industrial gas company over a generic version of its pediatric breathing disorder treatment, as Mallinckrodt filed an amended complaint adding two additional patents to the suit.
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February 13, 2024
Catholic Hospital's Religious Status Dooms Vaccine Bias Suit
A Missouri federal judge granted a win to a Catholic hospital in a former nurse's lawsuit alleging she was fired because her religious beliefs barred her from getting the COVID-19 vaccine, saying it's clearly a religious employer that's immune from her claims.
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February 13, 2024
Breast Implant Maker Sientra Hits Ch. 11 With $82M In Debt
Breast implant maker Sientra Inc. has filed for Chapter 11 protection in Delaware bankruptcy court with $82 million in debt, saying it is seeking a buyer for the business in the face of declining sales.
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February 12, 2024
Assure Buys Danam Health To Form $150M Business
Neurology services company Assure and wellness platform Danam Health said Monday that they will merge in a deal valuing the combined company at roughly $150 million, led by respective legal advisers Dorsey & Whitney LLP and Dykema & Gossett PLLC.
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February 12, 2024
Alys Pharmaceuticals Launches With $100M In Financing
A new immuno-dermatology company created as an amalgamation of six separate startups launched on Monday with $100 million in financing to target dermatological indications.
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February 12, 2024
Gilead Buying Liver Disease Drugmaker CymaBay For $4.3B
Gilead Sciences Inc. said Monday that it has agreed to purchase liver disease-focused clinical-stage biopharmaceutical company CymaBay Therapeutics Inc. for $4.3 billion in cash.
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February 09, 2024
Groups Claim NYC Hospital Closing To Liquidate Real Estate
A community group, tenants associations and other organizations claimed in New York state court that the Mount Sinai Health System's unapproved and "grossly deficient" closure and service reduction plans for Mount Sinai Beth Israel Hospital are attempts to profit from "very, very valuable" Manhattan real estate.
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February 09, 2024
FTC Clears AbbVie To Proceed With $10.1B ImmunoGen Buy
The 30-day waiting period for U.S. antitrust enforcers to review AbbVie's $10.1 billion purchase of ImmunoGen came and went without a move to deepen the investigation or challenge the deal, clearing the parties to close the agreement on or about Monday, ImmunoGen said on Thursday.
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February 09, 2024
Goodwin-Led Gene Editing Firm Metagenomi Raises $94M IPO
Preclinical biotech Metagenomi began trading publicly on Friday, raising $94 million by offering 6.25 million shares at $15, the low end of the $15 to $17 range it had set earlier in the week.
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February 09, 2024
What To Know About 'Novel' Johnson & Johnson ERISA Suit
A new lawsuit from a Johnson & Johnson worker claims the company violated federal law by letting pharmacy benefit manager Express Scripts overcharge health plan participants for drugs, potentially signaling that fee litigation under the Employee Retirement Income Security Act is shifting focus from retirement savings to health benefits, attorneys say.
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.