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COVER STORY

Navigating climate compliance challenges

Companies are increasingly encouraged or obliged to report on their sustainability efforts, but a lack of harmonised expectations across jurisdictions creates a challenge.

FEATURES

Reshaping Chapter 11: unpacking Harrington v. Purdue Pharma

As well as settling a longstanding dispute in the bankruptcy world, the Supreme Court’s decision is likely to have a major influence on how Chapter 11 reorganisations will be prosecuted in future.

Security through innovation: defence tech resilience

With 35 exits completed in 2024 to date, defence tech is on track for an upswing compared to other languishing sectors.

Slavery no more? – EU adopts the FLR

Provisions of the Forced Labour Regulation require companies to ensure they have adequate procedures in place to identify, monitor and address any instances of forced labour in their supply chains.

Bridging gaps: FEPA boosts US anti-bribery options

Under the Foreign Extortion Prevention Act, those found responsible for demanding bribes can be prosecuted in the US.

‘Friendshoring’ – evolving US and Mexico trade relations

Rising in popularity is ‘friendshoring’ – the tendency to move production and trade away from countries considered to be political rivals or national security risks, and toward allies instead.

WORLDWATCH

ESG in 2024

Whether a fad or the future, the issues at the heart of ESG remain critical and essential to resilience and long-term recovery, especially as the climate crisis worsens and social justice issues remain in the spotlight. FW moderates a discussion between Jill Shaw at A&L Goodbody LLP, Antoine Peter at Arendt Regulatory & Consulting, Junbo Song at DeHeng (Jinan) Law Offices, Clint Vince at Dentons US LLP, Valérie Menoud at Lenz & Staehelin, Bruno Caron at Miller Thomson LLP, Radhika M Dudhat at Shardul Amarchand Mangaldas & Co, and Heather Gagen at Travers Smith.

SPECIAL REPORT

Healthcare & life sciences

Q&A: Private equity and M&A in the healthcare sector

The multibillion-dollar deals over the last year or so clearly demonstrate private equity’s appetite for the healthcare space. FW discusses private equity and M&A in the healthcare sector with Frank Aquilla at Sullivan & Cromwell LLP.

Recent and upcoming trends in life sciences M&A and R&D

Sheppard Mullin Richter & Hampton LLP Converging trends have put pressure on companies traditionally focused on R&D to invest in M&A activity and new technologies in an effort to innovate in the face of new challenges.

IP and business: two sides of the same strategy

Symbiosis IP Understanding the value of IP is crucial in order to explore how this may complement, or even drive, commercial strategy and future research.

Recent judgments from the EU’s top court narrow the scope for patent settlement agreements

Skadden, Arps, Slate, Meagher & Flom LLP The Court of Justice of the European Union’s ruling expands the scope of what constitutes a problematic patent settlement agreement under European Union competition law.

Smallest saleable patent-practicing unit in life sciences disputes

Charles River Associates The smallest saleable patent-practicing unit is often at issue in patent disputes relating to electronic devices and may, increasingly, be applicable to the calculation of patent damages relating to combination products in the life sciences sector.

Mitigating counterparty bankruptcy risk in partnering transactions

Davis Polk & Wardwell LLP It has never been more important to address counterparty bankruptcy risk when engaging in a partnering transaction with a pharmaceutical or biotechnology company.

Competition issues arising from AI in the life sciences sector

Norton Rose Fulbright LLP Competition authorities are monitoring developments and seeking to understand the dynamics of new AI-related markets, to ensure that they are able to intervene when appropriate, if competition concerns develop.

TALKINGpoint

Tackling non-performing loans

Releasing value from distressed portfolios requires a combination of strategic approaches tailored to the specific circumstances of the assets involved. FW discusses how to tackle non-performing loans with Stacey Bairner, Alan Sheeley, Jennifer Craven, Michael Reading and Faisal Attia at Pinsent Masons.

Machine learning and AI in financial crime

These technologies offer several key benefits, including improved accuracy in detecting financial crime, reduced false positives and enhanced efficiency in compliance processes. FW discusses machine learning and AI in financial crime with Corey Dunar at BDO USA, P.C.

DEALfront

mergers & acquisitions

Verizon agrees $20bn Frontier deal

As part of a programme to grow its subscriber base, US telecommunications company Verizon Communications Inc is to acquire fibre-optic internet provider Frontier Communications in an all-cash transaction valued at $20bn.

Segro to acquire Tritax EuroBox for $1.44bn

Segro Plc has agreed to acquire Tritax EuroBox in an all-share offer valuing the European logistics real estate firm at about $1.44bn, including debt.

private equity & venture capital

Carlyle to acquire Vantive for $3.8bn

In a move designed reduce its debt pile, US multinational healthcare company Baxter International is to divest its standalone kidney-care unit Vantive to global investment firm Carlyle in a transaction valued at $3.8bn.

Carlyle Group to acquire Worldpac unit for $1.5bn

Private equity giant Carlyle Group has announced it is to acquire Advance Auto Parts Inc.’s Worldpac unit for $1.5bn. The deal is the firm’s first major industrial investment in more than two years.

bankruptcy & corporate restructuring

Hoonigan files for Chapter 11

Aiming to both discharge its debts and restructure operations, aftermarket vehicle enhancements provider Hoonigan and certain of its North American-based affiliates has filed for Chapter 11 bankruptcy in order to implement a restructuring support agreement.

Big Lots enters bankruptcy protection

In September, discount retailer Big Lots Inc filed for Chapter 11 bankruptcy protection from its debts, citing inflation and high interest rates as hurting its business.

SPOTlight

The importance of institutional ownership intelligence in M&A transactions

Alliance Advisors By utilising cutting-edge institutional ownership intelligence to understand exactly which investors are active, leaders can significantly increase success rates on even complex M&A transactions.

Shareholders versus directors – who wins?

Norton Rose Fulbright LLP The balance of power between shareholders and directors in a company is an area that has seen an abundance of legal and jurisprudential commentary over the years, yet it remains an area that generates litigation.

Mitigating political risk in an uncertain world through insurance

Hogan Lovells International LLP There is no escaping that in the current geopolitical climate, political risk is on the rise. One way of mitigating political risk is through purchasing political risk insurance.

Capital and climate – a fast-paced race is on

Baker Botts LLP Carbon capture and storage and electricity grids are two specific areas where the pace of change has been rapid over the past year and will continue to accelerate. Governments are playing a large role in both areas.

Contractual interpretation of adjectives: guidance from the Court of Appeal

CMS This decision is a reminder of the importance of careful, clear, precise drafting, especially where the parties intend to cover a range of possible scenarios and outcomes.

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CONTRIBUTORS

A&L Goodbody LLP

Alliance Advisors

Arendt Regulatory & Consulting

Baker Botts LLP

BDO USA, P.C.

Charles River Associates

CMS

Davis Polk & Wardwell LLP

DeHeng (Jinan) Law Offices

Dentons US LLP

Hogan Lovells International LLP

Lenz & Staehelin

Miller Thomson LLP

Norton Rose Fulbright LLP

Pinsent Masons

Shardul Amarchand Mangaldas & Co

Sheppard Mullin Richter & Hampton LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Sullivan & Cromwell LLP

Symbiosis IP

Travers Smith