Deals & Corporate Governance
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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.
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February 29, 2024
Tenet To Sell 2 Calif. Hospitals To Adventist For $550M
Tenet Healthcare Corp. is selling two of its hospitals on the central California coast to health system Adventist Health for around $550 million, the two announced Thursday.
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February 29, 2024
BlossomHill Therapeutics Closes $100M Series B
Biotechnology company BlossomHill Therapeutics has raised a $100 million Series B financing round to advance its pipeline of cancer and autoimmune treatments, the company announced Thursday.
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February 29, 2024
Sandoz To Pay $265M To Resolve Claims In Price-Fixing MDL
Swiss generic drug and biosimilar manufacturer Sandoz announced Thursday that two of its subsidiaries have reached a $265 million settlement with the direct purchasers of generic medications to resolve allegations of federal antitrust violations.
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February 29, 2024
Epstein Becker Guides Conn. Hospital, NY Nonprofit Merger
Epstein Becker Green is steering Connecticut hospital owner Nuvance Health in its planned merger with Northwell Health, New York's largest healthcare provider, a union that will create a two-state system operating under the latter nonprofit's banner.
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February 28, 2024
Cravath Steers Viatris' $350M Collab With Swiss Co.
Healthcare company Viatris and Swiss pharmaceutical research company Idorsia are teaming up to develop two late-stage drugs, the companies announced Wednesday.
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February 28, 2024
Fish & Richardson Adds Ex-Jenner & Block Life Sciences Duo
Global intellectual property law firm Fish & Richardson PC announced on Wednesday that two Chicago-based litigators from Jenner & Block LLP have joined the firm's life sciences team as partners.
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February 28, 2024
AdaptHealth, Ex-CEO Cut $51M Deal To End Investor Fight
AdaptHealth and its former CEO have agreed to pay $51 million to resolve a shareholder suit alleging the medical equipment company misled investors by retroactively inflating growth numbers ahead of a merger with special acquisition firm DFB Healthcare Acquisitions Corp., according to court documents filed in Pennsylvania federal court Tuesday.
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February 28, 2024
Novant In-House Attys Want Access To Confidential FTC Info
Novant Health has asked to tweak a protective order in the Federal Trade Commission's merger challenge regarding its $320 million plan to buy two hospitals in North Carolina, saying the current order designates nearly the entire investigative file confidential and is "unworkable."
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February 28, 2024
Gov't Contracts Of The Month: AI, $1.2B Submarine Upkeep
In February, the U.S. Patent and Trademark Office announced a deal to expand its artificial intelligence capabilities, the U.S. Navy gave a shipbuilder $1.2 billion to begin its overdue overhaul of the USS Boise, and the U.S. Defense Health Agency expanded its contractor pool for a $2.5 billion information technology deal, after being accused of unfairly evaluating bidders' proposals. These are Law360's top government contracts for February.
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February 27, 2024
NY Hospital Says PE-Owned Anesthesia Co. Monopolizes Care
A hospital based in New York state says a private equity company that manages anesthesia services is exercising monopoly power and putting the hospital at risk of facing a "crippling shortage" of anesthesia providers, according to a suit filed in federal court.
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February 27, 2024
Judge Trims Medical Device Royalty Fight
A Minnesota federal judge has held that Security Bank & Trust Co. failed to prove jurisdiction against various entities related to an Indiana-based medical device manufacturer in a suit over royalty contracts.
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February 27, 2024
Veradigm To Acquire ScienceIO, Face Potential Nasdaq Delisting
Healthcare technology company Veradigm announced Tuesday that it would acquire language model startup ScienceIO in a $140 million deal that would help it extract more insights from its data and launch new features across its business.
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February 27, 2024
DC Circ. Rejects Hospital's NLRB 'Successor Bar' Challenge
The D.C. Circuit on Tuesday upheld a National Labor Relations Board decision finding a Puerto Rico hospital unlawfully withdrew recognition from a union after inheriting five bargaining units, rejecting the company's challenge to a board standard blocking employers from withdrawing recognition after acquiring a unionized company's operations.
Expert Analysis
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Unpacking OMB's Proposed Uniform Guidance Rewrite
Affected organizations, including state and local governments, should carefully review the Office of Management and Budget's proposed overhaul of uniform rules for administering over $1 trillion in federal funding distributed each year, and take the opportunity to submit comments before the December deadline, says Dismas Locaria at Venable.
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Judicial Independence Needs Defense Amid Political Threats
Amid recent and historic challenges to the judiciary from political forces, safeguarding judicial independence and maintaining the integrity of the legal system is increasingly urgent, says Robert Peck at the Center for Constitutional Litigation.
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FDI Considerations For UK Venture Capital Transactions
With the U.K. National Security and Investment Act highlighting foreign direct investment matters for venture capital transactions, investors dealing with companies connected to the U.K. should be alive to how the act's requirements can affect deal timelines, structures and terms, say lawyers at Covington.
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How Law Firms Can Use Account-Based Marketing Strategies
Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.
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A Reminder For Drug Cos. To Confirm Orange Book Listings
A recent policy statement from the Federal Trade Commission highlights the legal danger that pharmaceutical companies can face for improperly listing patents in the U.S. Food and Drug Administration's Orange Book, which is also an issue in the context of Hatch-Waxman litigation, say attorneys at Kirkland.
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Strategic Succession Planning At Law Firms Is Crucial
Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.
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FTC's Health Co. Suit Indicates Agency's Private Equity Focus
The Federal Trade Commission's latest lawsuit against an anesthesia company and its private equity investor highlights the agency's willingness to regulate the health care industry even when relevant acquisitions are relatively dated or when the controlling entity's economic interest is under 50%, say attorneys at Simpson Thacher.
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Top 4 Antitrust Enforcement Issues In Health Care Today
The Federal Trade Commission's recent lawsuit against U.S. Anesthesia Partners exemplifies antitrust enforcement authorities' efforts to aggressively reshape the health care industry, ranging from new proposed rules to withdrawals of previous guidance, say attorneys at Fried Frank.
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Calif. Climate Disclosure Bills Promise Challenges For Cos.
Two novel climate disclosure bills recently passed by the California Legislature will pose challenges for many businesses — especially private companies that are less familiar with climate-related reporting obligations — and will require investments of significant time and effort in processes, procedures and personnel, say John Rousakis and Chris Bowman at O'Melveny.
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Maximizing Law Firm Profitability In Uncertain Times
As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.
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7 Common Compliance Pitfalls For Multistate Pharmacies
In light of a California bill recently introduced to prevent medication errors at understaffed chain pharmacies — which could add yet another regulatory hurdle for certain establishments operating across the U.S. — pharmacies operating in multistate capacities must proactively mitigate operational risks, say attorneys at Troutman Pepper.
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5th Circ. Ruling Reminds Attys That CBP Can Search Devices
The Fifth Circuit’s recent Malik v. Department of Homeland Security decision adds to the chorus of federal courts holding that border agents don’t need a warrant to search travelers’ electronic devices, so attorneys should consider certain special precautions to secure privileged information when reentering the U.S., says Jennifer Freel at Jackson Walker.
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ESG Around The World: European Union
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.