Deals & Corporate Governance
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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.
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January 31, 2024
8 Firms Lead $3.7B Sale Of Cigna Medicare Businesses
The Cigna Group will sell multiple health benefits and Medicare units to Health Care Service Corp., the companies said Wednesday in an announcement detailing a deal valued at around $3.7 billion and steered by Wachtell Lipton Rosen & Katz, Rule Garza Howley LLP, Mintz Levin Cohn Ferris Glovsky and Popeo PC and Sidley Austin LLP.
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January 30, 2024
NC Federal Judge OKs Temporary Halt In Novant Hospital Deal
Novant Health's push to buy two North Carolina hospitals is on hold after a federal judge granted a temporary restraining order Monday pausing the $320 million transaction, a step each party agreed to amid the antitrust challenge.
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January 30, 2024
Minority USPS Workers Lack Access To Counseling, Suit Says
The U.S. Postal Service violates federal law by making an anonymous counseling program available for postal inspectors, who are predominantly white, while not doing the same for its largely Black and Hispanic postal police officers, a proposed collective action told a California federal court.
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January 29, 2024
Don't Keep Us Out Of ITC, Startup Says In Apple Watch Row
A Silicon Valley medical device startup that wants the U.S. International Trade Commission to ban certain health-related features from being employed by new Apple Watches is arguing that this dispute is important to ensure that other startups that don't make products can litigate their grievances with tech giants at the Washington, D.C.-based commission.
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January 29, 2024
2 Biotech Firms Join IPO Fray With Plans To Raise $211M
Two drug developers, metabolism-focused Fractyl Health Inc. and psychiatry-focused Alto NeuroScience Inc., joined a growing pipeline of initial public offerings Monday by unveiling plans for IPOs that could net $211 million combined, guided by three law firms.
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January 29, 2024
Imperative Care Names O'Melveny Deals Partner As CLO
Silicon Valley's Imperative Care announced Monday that an O'Melveny deals partner will take over as chief legal officer, joining a revamped leadership team at the medical tech company.
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January 26, 2024
$298M Contract Row Can't Stay In Federal Court, Sellers Say
The sellers of a $257 million portfolio of 17 North and South Carolina skilled nursing and assisted living facilities urged a North Carolina federal court to dismiss the portfolio buyers' suit over a deal that had a total value of more than $298 million, arguing on Friday that the asset purchase agreement for the soured deal has a forum selection clause that forces them to litigate in North Carolina state court.
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January 26, 2024
NJ Health Network Accused Of Poaching Docs Amid JV Talks
A major Garden State healthcare provider "decimated" a private orthopedic surgery practice when it abruptly scuttled talks on a potential joint venture and poached 10 physicians, a suit filed in New Jersey state court claims.
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January 26, 2024
Ex-Goodwin Procter Life Sciences Atty Joins DLA Piper In NY
DLA Piper announced it has hired an experienced life sciences transactional attorney from Goodwin Procter LLP as a New York-based partner in its corporate practice.
Expert Analysis
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Litigation Funding Disclosure Should Be Mandatory
Despite the Appellate Rules Committee's recent deferral of the issue of requiring third-party litigation funding disclosure, such a mandate is necessary to ensure the even-handed administration of justice across all cases, says David Levitt at Hinshaw.
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Recalling USWNT's Legal PR Playbook Amid World Cup Bid
As the U.S. Women's National Soccer Team strives to take home another World Cup trophy, their 2022 pay equity settlement with the U.S. Soccer Federation serves as a good reminder that winning in the court of public opinion can be more powerful than a victory inside the courtroom, says Hector Valle at Vianovo.
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Revalidation Unlikely To End NIH Tech-Deal Bid Protest Saga
Recent U.S. Government Accountability Office decisions requiring the National Institutes of Health to again rework a $50 billion information technology contract probably won't result in an award for many protesters, and the corrective action will likely be followed by more protests, say James Tucker and Damien Specht at MoFo.
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Colorado Antitrust Reform Carries Broad State Impact
Colorado recently became the latest state to update and expand its antitrust laws, and the new act may significantly affect enforcement and private litigation, particularly when it comes to workers and consumers, says Diane Hazel at Foley & Lardner.
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Parsing Through The FTC's Proposed Health Privacy Updates
The Federal Trade Commission's recently proposed updates to its Health Breach Notification Rule contain subtle but significant changes to key terms that help modernize the agency's health app regulation and provide stakeholders an important opportunity to help shape the future of virtual health care, say attorneys at Arnold & Porter.
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Regulating AI: An Overview Of Federal Efforts
The U.S. has been carefully managing a national policy and regulatory ecosystem toward artificial intelligence, but as AI technology continues to expand into our everyday lives, so too has its risks and the need for regulation, says Jennifer Maisel at Rothwell Figg.
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Merger Guidelines Should Provide For Competition Trustees
Following the U.S. antitrust agencies' release of draft merger guidelines, retired U.S. Court of Federal Claims Chief Judge Susan Braden suggests a court-appointed competition trustee would help ensure U.S. competition without impairing economic prosperity.
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Indivior Ruling May Affect Rebate Wall Litigation
A New Jersey federal court's recent decision in Indivior v. Alvogen, in which a claim that an alleged rebate wall anti-competitively blocked generic competition survived summary judgment, may provide a blueprint for successfully challenging other drug rebating practices, say Peter Herrick and Monsura Sirajee at O'Melveny.
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Merger Guidelines' Broad Tack Ignores Recent Precedent
The U.S. Justice Department and Federal Trade Commission's new proposed merger guidelines are consistent with the Biden administration's expansive approach to antitrust enforcement, but they fail to grapple meaningfully with much of modern economic precedent and court decisions requiring greater agency rigor in merger analysis, say attorneys at Freshfields.
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Mallory Gives Plaintiffs A Better Shot At Justice
Critics of the U.S. Supreme Court's recent decision in Mallory v. Norfolk Southern claim it opens the door to litigation tourism, but the ruling simply gives plaintiffs more options — enabling them to seek justice against major corporations in the best possible court, say Rayna Kessler and Ethan Seidenberg at Robins Kaplan.
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Courts Can Overturn Deficient State Regulations, Too
While suits challenging federal regulations have become commonplace, such cases against state agencies are virtually nonexistent, but many states have provisions that allow litigants to bring suit for regulations with inadequate cost-benefit analyses, says Reeve Bull at the Virginia Office of Regulatory Management.
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Tales From The Trenches Of Remote Depositions
As practitioners continue to conduct depositions remotely in the post-pandemic world, these virtual environments are rife with opportunities for improper behavior such as witness coaching, scripted testimony and a general lack of civility — but there are methods to prevent and combat these behaviors, say Jennifer Gibbs and Bennett Moss at Zelle.
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What's New In The DOJ-FTC Proposed Merger Guidelines
While this week's merger guidelines proposal from the Federal Trade Commission and U.S. Department of Justice initially appears to reflect well-established principles of antitrust law, a closer examination reveals a stark departure from the last 40 years of antitrust enforcement, say attorneys at Skadden.