Insights: Mergers & Acquisitions

Mergers & Acquisitions

Pfizer has filed two separate lawsuits against Metsera and Novo Nordisk (Novo). On October 31, Pfizer filed suit in the Delaware Court of Chancery (Chancery Court) alleging breaches of contract and fiduciary duty, as well as tortious interference in contracts. In its lawsuit, Pfizer alleges that Novo Nordisk's (Novo) offer cannot qualify as a...

Mergers & Acquisitions

Thoma Bravo (Calabrio)/Verint

The companies refiled HSR on 10/22. The HSR waiting period now expires November 21. While we acknowledge meaningful second-request risk, our expectation is that the deal will avoid such an outcome. The global WEM market for contact centers appears fairly consolidated–on a revenue basis, three firms hold as much as 75% of the market (dropping to...

Mergers & Acquisitions

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The U.K. CMA announced on October 20 that it had found the merger may cause harm to competition in the U.K. “editorial content” and global “stock content” markets. The companies have until October 27 to offer merger remedies to forestall a Phase 2 review. Separately, M&A trade publication Mlex reported on October 13 that the companies had...

Mergers & Acquisitions

Omnicom/Interpublic

The companies filed with the EC on October 20. We continue to expect the proposed merger will be cleared by the EC in Phase 1. The pre-notification stage of the EC’s review was longer than anticipated (~10.5 months), but we do not believe the deal has elicited substantial antitrust concern from the EC. Feedback from industry participants...

Mergers & Acquisitions

BioCryst Pharmaceuticals/Astria Therapeutics

The companies are set to file HSR by November 12. We anticipate that the FTC will clear the deal without a second request, but there is some risk of antitrust attention. BioCryst and Astria both possess drugs indicated for hereditary angioedema (HAE) prophylaxis. BioCryst markets and supplies Orladeyo, an FDA-approved oral drug, while Astria is...

Mergers & Acquisitions

Novo Nordisk/Akero Therapeutics

The companies are set to file HSR by November 7. We believe the proposed merger is likely to avoid a second request. Novo's Wegovy (FDA-approved) and Akero's efruxifermin (Phase III) have the same indication –MASH with moderate-to-advanced liver fibrosis (F2-F3). Wegovy is also only one of two FDA-approved drugs indicated for MASH with...