Deals & Corporate Governance
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January 25, 2024
Danaher Execs Face Investor Suit Over Post-Pandemic Slump
Shareholders of global science and technology company Danaher claim its top brass misled them about increased revenue growth during the onset of the COVID-19 pandemic and failed to inform them that it was not sustainable as the virus entered an "endemic" state.
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January 25, 2024
Colo. REIT Overpaid For $21B Merger, Investor Says
A shareholder of a Colorado-based real estate investment trust alleged in a Denver court Thursday the company misled investors about a $21 billion merger, overpaid for the acquisition by at least $1 billion and watered down the value of stock held by its existing investors.
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January 25, 2024
PE-Backed BrightSpring Prices $693M IPO Below Range
Private equity-backed healthcare platform BrightSpring Health Services Inc. on Thursday priced a $693 million initial public offering below its range, represented by Simpson Thacher & Bartlett LLP and underwriters counsel Latham & Watkins LLP.
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January 25, 2024
FTC Sues To Stop NC Healthcare Systems' $320M Deal
The Federal Trade Commission announced Thursday it has sued to block a $320 million deal between health network Novant Health and publicly traded healthcare company Community Health Systems.
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January 25, 2024
Service Snag Delays Hospital Operator's Ch. 11 Confirmation
California-based hospital operator Alecto Healthcare Services LLC will wait until March to seek confirmation of its proposed Chapter 11 plan as a small-business debtor, after attorneys told a Delaware bankruptcy judge Thursday it hadn't served notice of the proposal to roughly 700 creditors.
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January 25, 2024
Kirkland Reps Arlington Capital On $3.8B Fund VI
Kirkland & Ellis LLP-advised Arlington Capital Partners on Thursday announced that it closed its sixth fund at its hard cap with $3.8 billion in commitments, making the fund the largest in the Washington, D.C.-area-based firm's 25-year history.
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January 24, 2024
J&J Agrees To $150M Deal Ending Wash. Opioid Litigation
Johnson & Johnson will pay almost $150 million to end Washington's lawsuit accusing it of pushing opioid painkillers and understating the risk of addiction, according to a settlement filed in state court on Wednesday, adding to the tally of states that have gotten a payout from the pharmaceutical giant for its alleged role in the opioid epidemic.
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January 24, 2024
Latham, Cooley Steer CG Oncology's Upsized $380M IPO
Bladder-cancer therapy company CG Oncology is set to begin trading on Thursday after pricing an upsized $380 million initial public offering, represented by Latham & Watkins LLP and underwriters counsel Cooley LLP.
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January 24, 2024
M&A Off To Strong Start In 2024 Amid Flurry Of US Megadeals
The month of January is providing exactly the jolt of activity those betting on a 2024 mergers and acquisitions rebound have been hoping for, with a flurry of announced U.S. deals collectively worth $136.6 billion as of Wednesday, data provided by Dealogic shows.
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January 24, 2024
Hospital's $55M Deal To End 16-Year Antitrust Case Gets OK
An Illinois federal judge granted initial approval Wednesday to a $55 million settlement by NorthShore University HealthSystem, resolving a 16-year-old antitrust class action over alleged price hikes the health system instituted following a merger in 2000 with Highland Park Hospital.
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January 24, 2024
Cannabist Co. Says Suit Over $25M Deal Came Too Late
Cannabist Company Holdings Inc. said this week an associate's lawsuit in New York federal court claiming he was never paid for his work expanding the company into Florida and securing one of the state's few medical marijuana licenses was filed too late, dooming all of his claims.
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January 23, 2024
Wash. Firm Must Face Suit Over Lost $1M Escrow Fund
A Spokane, Washington, firm must face claims that it mishandled $1 million of investor funds, a federal judge in the Evergreen State has determined, saying that although the investors were not law firm clients, "pleadings are sufficient to establish that plaintiffs' injury plausibly would not have occurred but for the acts and omissions of defendants."
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January 23, 2024
Teva Can't Escape Insurers' Copaxone Generic Delay Case
A Vermont federal court has refused to toss a proposed class action from insurers accusing Teva Pharmaceuticals of delaying generic versions of multiple sclerosis treatment Copaxone but trimmed several claims under various state laws.
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January 23, 2024
Upsized CG Oncology IPO Could Raise As Much As $306M
Bladder-cancer therapy company CG Oncology on Tuesday increased the amount of shares it will offer in its upcoming initial public offering to 17 million, meaning it could raise as much as $306 million if priced at the high point compared to $212 million when it set terms last week.
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January 23, 2024
Former Police Chief Cops To Insider Trading Charges In NY
A Massachusetts town's former police chief told a Manhattan federal judge Tuesday that he unlawfully profited from secret information about a healthcare-sector merger provided to him by a "lifelong friend," pleading guilty to insider trading charges.
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January 23, 2024
2nd Circ. Backs Shkreli Lifetime Pharma Industry Ban
The Second Circuit on Tuesday backed a ruling banning former pharmaceutical executive and convicted securities fraudster Martin Shkreli from the drug industry for life, saying a repeat of his past misconduct would be "life-threatening."
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January 23, 2024
Weil Helps Sanofi Buy Rare Diseases Co. For Up To $2.2B
French healthcare giant Sanofi SA said Tuesday that it will buy a U.S. company that creates therapies for so-called orphan diseases for approximately $2.2 billion in cash as it seeks to expand its rare diseases products.
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January 22, 2024
Claims Review Nurses Say Work Should've Garnered OT
Nurses who review appeals of denied medical procedure authorizations for healthcare providers are misclassified as overtime-exempt, a nurse told an Ohio federal court Monday in a proposed collective action.
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January 22, 2024
Mallinckrodt Trust Can Pursue Covidien Clawback Claims
A litigation trust formed when Mallinckrodt PLC left Chapter 11 bankruptcy can continue pursuing some clawback claims against Covidien Unlimited Co. alleging Covidien committed actual fraud when it spun Mallinckrodt off in 2013, a Delaware bankruptcy judge ruled.
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January 22, 2024
FTC Fights Bids To Toss Texas Anesthesia Roll-Up Case
The Federal Trade Commission urged a Texas federal court not to toss the agency's antitrust case against Welsh Carson Anderson & Stowe and U.S. Anesthesia Partners, saying the private equity firm orchestrated a "roll up" strategy to create a dominant anesthesiology practice.
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January 22, 2024
Cancer-Focused Arrivent Biopharma Eyes $150M IPO
Lung cancer-focused Arrivent Biopharma Inc. set a price range for its planned initial public offering Monday, saying it plans to offer 8.3 million shares at a price range of $17 to $19, meaning it could raise an estimated $150 million through its IPO.
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January 22, 2024
Skin Care Drug Co. Timber Gets OK For Ch. 11 Sale To Lender
A Delaware bankruptcy judge on Monday approved dermatology drug developer Timber Pharmaceuticals' plan for a Chapter 11 sale of its assets, with the debtor telling the court it intended to close the deal with a post-petition lender by the end of the day.
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January 22, 2024
Sandoz To Acquire Retinal Disease Biosimilar For $170M
Sandoz Group AG said on Monday that it will buy a therapy for retinal diseases from U.S. biopharmaceutical company Coherus BioSciences Inc. for $170 million in cash, as the Swiss-German generic drugs business seeks to strengthen its ophthalmology portfolio.
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January 19, 2024
Law360 Names Firms Of The Year
Eight law firms have earned spots as Law360's Firms of the Year, with 55 Practice Group of the Year awards among them, steering some of the largest deals of 2023 and securing high-profile litigation wins, including at the U.S. Supreme Court.
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January 19, 2024
Law360 Names Practice Groups Of The Year
Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2023, which honor the attorney teams behind litigation wins and major deals that resonated throughout the legal industry this past year.
Expert Analysis
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Tide May Be Turning On Texas Two-Step Bankruptcy Strategy
Recent developments in several high-profile bankruptcy cases suggest that the use of the Texas Two-Step to shield solvent companies from tort claims may be falling out of favor, but until the U.S. Supreme Court hears one of these cases the strategy will remain divisive and the subject of increased scrutiny, say attorneys at Rivkin Radler.
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Ways To Balance ESG Initiatives And Antitrust Risks
Since ESG policies often concern systemic issues that require collective action for meaningful results, there are potential antitrust issues that require safeguards to help mitigate risk, say attorneys at Faegre Drinker.
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Level Up Lawyers' Business Development With Gamification
With employee engagement at a 10-year low in the U.S., there are several gamification techniques marketing and business development teams at law firms can use to make generating new clients and matters more appealing to lawyers, says Heather McCullough at Society 54.
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Mallory Ruling Leaves Personal Jurisdiction Deeply Unsettled
In Mallory v. Norfolk Southern Railway, a closely divided U.S. Supreme Court recently rolled back key aspects of its 2017 opinion in Daimler AG v. Bauman that limited personal jurisdiction, leaving as many questions for businesses as it answers, say John Cerreta and James Rotondo at Day Pitney.
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Recent Provider Relief Fund Audits Are Just The Beginning
Though the Health Resources and Services Administration's initial audits of the Provider Relief Fund program appear to be limited in scope, fund recipients should prepare for additional oversight, scrutiny and disallowances as the HRSA ramps up its efforts, say Brian Lee and Christopher Frisina at Alston & Bird.
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5 Ways Firms Can Rethink Office Design In A Hybrid World
As workplaces across the country adapt to flexible work, law firms must prioritize individuality, amenities and technology in office design, says Kristin Cerutti at Nelson Worldwide.
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Bar Score Is Best Hiring Metric Post-Affirmative Action
After the U.S. Supreme Court's ruling striking down affirmative action admissions policies, law firms looking to foster diversity in hiring should view an applicant's Multistate Bar Examination score as the best metric of legal ability — over law school name or GPA, says attorney Alice Griffin.
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Joint Ventures Given More Edge In Set-Aside Contract Awards
The recent Court of Federal Claims decision in SH Synergy prompted the General Services Administration to remold proposal evaluation schemes to favor mentor-protégé joint ventures, a business structure that has taken over the world of set-aside governmentwide acquisition contracts, say Roger Abbott and Stephen Ramaley at Miles & Stockbridge.
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New Health Data Compliance Considerations For Pa. Lawyers
Given the regularity with which attorneys handle private health information, it is important for Pennsylvania firms to understand recent significant amendments to the state's data breach law, which address information not currently covered by federal law, says Mark Mattioli at Post & Schell.
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Ghosting In BigLaw: How To Come Back From Lack Of Feedback
Junior associates can feel powerless when senior colleagues cut off contact instead of providing useful feedback, but young attorneys can get back on track by focusing on practical professional development and reexamining their career priorities, says Rachel Patterson at Orrick.
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Conn. Certificate-Of-Need Law Will Bring Greater Efficiency
A new Connecticut law benefits health care organizations by establishing more concrete deadlines and requirements for the state's certificate-of-need law enforcer, and allows the enforcement agency to carry out its duties more efficiently, say attorneys at Robinson & Cole.
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Steps To Success For Senior Associates
Excerpt from Practical Guidance
Adriana Paris at Rissman Barrett discusses the increased responsibilities and opportunities that becoming a senior associate brings and what attorneys in this role should prioritize to flourish in this stressful but rewarding next level in their careers.
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Legal Profession Must Do More For Lawyers With Disabilities
At the start of Disability Pride month, Rosalyn Richter at Arnold & Porter looks at why lawyers with disabilities are significantly underrepresented in private practice, asserting that law firms and other employers must do more to conquer the implicit bias that deters attorneys from seeking accommodations.