Insights: Clients

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...

House/Senate 2026 Midterms

Democrats are marginally likely (55% probability) to win the net three+ seats required for a majority in the House. The primary arguments for Democrats winning a House majority are the strong historical trend against the President’s party in midterm elections; President Trump’s low approval rating, particularly on his handling of the economy; and...

Healthcare, Macro

Government Shutdown, ACA, HSAs

There have been virtually no indications in the last couple of days that either side is feeling pressure to shift positions on the government shutdown and there are no major inflection points this week that would create an incentive for it to end. However, there are a number next week that create a notable incentive to re-open the government,...

Mergers & Acquisitions

The companies are due to file HSR on October 28. The MA contains a provision that if the filing deadline falls on a date that the Premerger Notification Office (PNO) is not accepting filings, the HSR deadline will be extended to the business day after the PNO begins accepting filings again. While the PNO remains open during the government...

Mergers & Acquisitions

The transaction received a second request from the FTC on September 17. There is substantial risk this deal could be challenged by the FTC. According to industry participants (who are not involved in the deal) 365 Retail (365) and Cantaloupe are the largest players in three unattended retail market segments: micro-markets, smart markets, and...