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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...

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,...