Covington & Burling

Bristol Myers Squibb Completes Acquisition of Karuna Therapeutics, Strengthening Neuroscience Portfolio

Retrieved on: 
Monday, March 18, 2024
Mental Health, Health, Neurology, Clinical Trials, Pharmaceutical, Biotechnology, BMY, Psychosis, Bristol Myers Squibb, Citigroup, Growth, Schizophrenia, Goldman Sachs, KarXT, EPS, Patient, Simpson Thacher & Bartlett, Acquisition, BMS, LLP, Therapy, GAAP, Covington & Burling, Bipolar I disorder, PDUFA, Pharmaceutical industry

Bristol Myers Squibb (NYSE: BMY) today announced that it has successfully completed its acquisition of Karuna Therapeutics, Inc. (“Karuna”).

Key Points: 
  • Bristol Myers Squibb (NYSE: BMY) today announced that it has successfully completed its acquisition of Karuna Therapeutics, Inc. (“Karuna”).
  • With the acquisition's completion, Karuna shares have ceased trading on the Nasdaq Global Select Market and Karuna is now a wholly owned subsidiary of Bristol Myers Squibb (“BMS”).
  • “We are excited to expand our neuroscience portfolio as we welcome Karuna to Bristol Myers Squibb,” said Chris Boerner, Ph.D., Chief Executive Officer, Bristol Myers Squibb.
  • Bristol Myers Squibb expects to offset the operational expenses of the transaction through continued disciplined resource allocation, cost efficiencies and portfolio prioritization.

Ronald Hewitt Joins Seward & Kissel’s Global Banking and Corporate Trust Group

Retrieved on: 
Monday, March 18, 2024
Finance, Consulting, Banking, Professional Services, Legal, Government, Russell Johnston, Private, Seward & Kissel, King & Spalding, University, Lawsuit, Kirkland & Ellis, Covington & Burling, Trustee, Multimedia, Kelley Drye & Warren

Seward & Kissel LLP announced today that Ronald A. Hewitt , formerly with Covington & Burling LLP, has joined the firm’s New York office as a partner in the Global Banking and Corporate Trust Group .

Key Points: 
  • Seward & Kissel LLP announced today that Ronald A. Hewitt , formerly with Covington & Burling LLP, has joined the firm’s New York office as a partner in the Global Banking and Corporate Trust Group .
  • View the full release here: https://www.businesswire.com/news/home/20240318527179/en/
    Ronald Hewitt Joins Seward & Kissel’s Global Banking and Corporate Trust Group (Photo: Business Wire)
    In a tenure spanning nearly two decades at Covington, Hewitt represented institutional clients in all aspects of finance, corporate restructuring, capital markets, and derivative transactions, as well as related regulatory compliance.
  • “Ron’s breadth of expertise in non-distressed and distressed financial transactions immediately strengthens our team in the Global Banking and Corporate Trust Group,” said Jim Cofer , managing partner of Seward & Kissel.
  • “Ron’s commercial approach to solving complex issues and his focus on delivering elite client service squarely align with the group’s core values,” added Gregg Bateman , head of Seward & Kissel’s Global Banking and Corporate Trust Group.

Bristol Myers Squibb Completes Acquisition of PureTech's Founded Entity Karuna Therapeutics for $14 Billion

Retrieved on: 
Monday, March 18, 2024
Mental Health, Health, Neurology, Clinical Trials, Pharmaceutical, Biotechnology, BMY, Psychosis, Bristol Myers Squibb, Citigroup, Growth, Schizophrenia, KarXT, Goldman Sachs, EPS, Patient, Neuroscience, Simpson Thacher & Bartlett, Acquisition, BMS, LLP, PRTC, Therapy, GAAP, Covington & Burling, Psychiatry, Bipolar I disorder, PDUFA, Pharmaceutical industry

The full text of the announcement from Bristol Myers Squibb is as follows:

Key Points: 
  • The full text of the announcement from Bristol Myers Squibb is as follows:
    Bristol Myers Squibb Completes Acquisition of Karuna Therapeutics, Strengthening Neuroscience
    PRINCETON, N.J.-- Bristol Myers Squibb (NYSE: BMY) today announced that it has successfully completed its acquisition of Karuna Therapeutics, Inc. (“Karuna”).
  • With the acquisition's completion, Karuna shares have ceased trading on the Nasdaq Global Select Market and Karuna is now a wholly owned subsidiary of Bristol Myers Squibb (“BMS”).
  • “We are excited to expand our neuroscience portfolio as we welcome Karuna to Bristol Myers Squibb,” said Chris Boerner, Ph.D., Chief Executive Officer, Bristol Myers Squibb.
  • Gordon Dyal & Co. and Citi are serving as financial advisors to Bristol Myers Squibb, and Covington & Burling LLP is serving as legal counsel.

Masdar to Acquire 50% Stake in Terra-Gen from Energy Capital Partners

Retrieved on: 
Tuesday, March 19, 2024
PJSC, Nicknames of Houston, ECP, Growth, White, Partnership, White & Case, JPMorgan Chase, LLP, Guggenheim, Wind, BMO Capital Markets, Covington & Burling, Latham & Watkins, Renewable energy

ECP, a leading investor across energy transition, electrification and decarbonization infrastructure assets, will fully exit its position in Terra-Gen in connection with the transaction.

Key Points: 
  • ECP, a leading investor across energy transition, electrification and decarbonization infrastructure assets, will fully exit its position in Terra-Gen in connection with the transaction.
  • Igneo Infrastructure Partners ("Igneo"), a global infrastructure investment manager, will retain its existing 50 percent stake in the company.
  • This transaction unites one of the largest independent renewable energy producers in the U.S. with Masdar – one of the fastest growing clean energy companies in the world.
  • John DiMarco, Managing Director at Igneo, said, "Igneo is excited to partner with Masdar on Terra-Gen's next phase of growth.

Reliance and Disney Announce Strategic Joint Venture to Bring Together the Most Compelling and Engaging Entertainment Brands in India

Retrieved on: 
Wednesday, February 28, 2024
Entertainment, Technology, Film & Motion Pictures, TV and Radio, Mobile Entertainment, Telecommunications, Licensing (Entertainment), Bodhi, Slate, Viacom, Television, Disney Star, AZB, Star Sports, Covington & Burling, Fairness opinion, Digital, Sport, Chairperson, Khaitan & Co, Reliance Industries, StarPlus, Digital India, RIL, JV, Ernst & Young, Citigroup, Goldman Sachs, BDO, HSBC, Film industry

Post completion of the above steps, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney.

Key Points: 
  • Post completion of the above steps, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney.
  • Disney may also contribute certain additional media assets to the JV, subject to regulatory and third-party approvals.
  • The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment (e.g.
  • Cleary Gottlieb served as lead outside counsel to Disney and Covington & Burling and AZB served as legal counsels to Disney on the transaction.

Bristol Myers Squibb Completes Acquisition of RayzeBio, Adding Differentiated Actinium-Based Radiopharmaceutical Platform

Retrieved on: 
Monday, February 26, 2024
Oncology, Health, Clinical Trials, Research, Science, Pharmaceutical, Biotechnology, Acquisition, BMY, Covington & Burling, Growth, RPT, Bristol Myers Squibb, Cooley LLP, Patient, SSTR2, BofA Securities, Tax, Eastern Time Zone, LLP, IND, Centerview Partners, Pharmaceutical industry

Bristol Myers Squibb (NYSE: BMY) announced today that it has successfully completed its acquisition of RayzeBio, Inc. (NASDAQ: RYZB).

Key Points: 
  • Bristol Myers Squibb (NYSE: BMY) announced today that it has successfully completed its acquisition of RayzeBio, Inc. (NASDAQ: RYZB).
  • With the completion of the acquisition, RayzeBio shares have ceased trading on the NASDAQ Global Market and RayzeBio is now a wholly owned subsidiary of Bristol Myers Squibb.
  • “We are excited to complete this transaction, which adds radiopharmaceutical therapeutics (RPTs), one of the fastest-growing new modalities for treating patients with solid tumors,” said Chris Boerner, Ph.D., Chief Executive Officer, Bristol Myers Squibb.
  • BofA Securities, Inc., is serving as financial advisor to Bristol Myers Squibb, and Covington & Burling LLP is serving as legal counsel.

Merck Animal Health to Acquire Elanco’s Aqua Business

Retrieved on: 
Monday, February 5, 2024
Biotechnology, Health, General Health, Pharmaceutical, Other Science, Research, Genetics, Fitness & Nutrition, Science, Veterinary, Clinical Trials, MSD, Schering-Plough, Elanco, PIT, Vaki, ELAN, MRK, Goldman Sachs, Covington & Burling, Water, Vaccine, Acquisition, Merck, Merck & Co., LLP, Aquaculture

Merck Animal Health, known as MSD Animal Health outside of the United States and Canada, a division of Merck & Co., Inc., Rahway, N.J., USA (NYSE:MRK), today announced that it has signed a definitive agreement to acquire the aqua business of Elanco Animal Health Incorporated (NYSE: ELAN) for $1.3 billion in cash, consisting of an innovative portfolio of medicines and vaccines, nutritionals and supplements for aquatic species; two related aqua manufacturing facilities in Canada and Vietnam; as well as a research facility in Chile.

Key Points: 
  • Merck Animal Health, known as MSD Animal Health outside of the United States and Canada, a division of Merck & Co., Inc., Rahway, N.J., USA (NYSE:MRK), today announced that it has signed a definitive agreement to acquire the aqua business of Elanco Animal Health Incorporated (NYSE: ELAN) for $1.3 billion in cash, consisting of an innovative portfolio of medicines and vaccines, nutritionals and supplements for aquatic species; two related aqua manufacturing facilities in Canada and Vietnam; as well as a research facility in Chile.
  • “We are excited for the acquisition of Elanco’s aqua products, solutions as well as the capabilities and expertise the team brings to our business,” said Rick DeLuca, president, Merck Animal Health.
  • The addition of this innovative portfolio of cold water and warm water aqua products across vaccines, anti-parasitic treatments, water supplements and nutrition, will establish Merck Animal Health as a leader in aqua.”
    Elanco Animal Health President and CEO Jeff Simmons said, “Following a robust process over the last year, Merck Animal Health emerged as the right strategic buyer for the aquaculture business.
  • In March 2019, Merck Animal Health acquired Scan Aqua AS, a fish health and fish welfare company based in Norway, focused on key aqua products.

Hotel Equities forms strategic partnership with PPC

Retrieved on: 
Monday, January 22, 2024
JV, Principal, Corporate services, Partnership, PPC, HE, Steroidal antiandrogen, Latham & Watkins, Covington & Burling, Organization, Exercise, Growth, Tourism

ATLANTA, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Hotel owner, operator, and developer Hotel Equities (“HE”) has formed a strategic partnership with private equity firm PPC Enterprises (“PPC”).

Key Points: 
  • ATLANTA, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Hotel owner, operator, and developer Hotel Equities (“HE”) has formed a strategic partnership with private equity firm PPC Enterprises (“PPC”).
  • “This partnership creates a uniquely powerful platform for Hotel Equities to further expand our footprint via strategic growth and meaningful investment into our industry leading talent, infrastructure, training and BI tools.
  • "Hotel Equities has demonstrated a commitment to excellence, innovation, shareholder returns and guest satisfaction," said Thomas Uger, Partner and Head of Business Services for PPC.
  • PPC’s support will further advance our efforts.”
    "This partnership isn't just about financial investment; it's about leveraging synergies, market insights, and strategic foresight to position Hotel Equities for strategic, sustained growth," Joe Reardon, Chief Development Officer for HE, added.

HPE to Acquire Juniper Networks to Accelerate AI-Driven Innovation

Retrieved on: 
Tuesday, January 9, 2024
Software, Networks, Internet, Hardware, Artificial Intelligence, Data Management, Consumer Electronics, Technology, Cloud, Slate, Record, Qatalyst Partners, JNPR, JPMorgan Chase, Architecture, LLP, Compulsion, AI, Investment, Goldman Sachs, EPS, Acquisition, HPE, Calendar, Webcast, Chase Bank, Covington & Burling, Mizuho Bank, Hewlett Packard Enterprise, Mist, Growth, Video game

Hewlett Packard Enterprise (NYSE: HPE) and Juniper Networks, Inc. (NYSE: JNPR), a leader in AI-native networks, today announced that the companies have entered a definitive agreement under which HPE will acquire Juniper in an all-cash transaction for $40.00 per share, representing an equity value of approximately $14 billion.

Key Points: 
  • Hewlett Packard Enterprise (NYSE: HPE) and Juniper Networks, Inc. (NYSE: JNPR), a leader in AI-native networks, today announced that the companies have entered a definitive agreement under which HPE will acquire Juniper in an all-cash transaction for $40.00 per share, representing an equity value of approximately $14 billion.
  • The combination of HPE and Juniper advances HPE’s portfolio mix shift toward higher-growth solutions and strengthens its high-margin networking business, accelerating HPE’s sustainable profitable growth strategy.
  • Upon completion of the transaction, Juniper CEO Rami Rahim will lead the combined HPE networking business, reporting to HPE President and CEO Antonio Neri.
  • HPE and Juniper will host a conference call tomorrow at 7:30 a.m. CT (8:30 a.m.

Merck to Acquire Harpoon Therapeutics, Further Diversifying Oncology Pipeline

Retrieved on: 
Monday, January 8, 2024
Research, FDA, Clinical Trials, Biotechnology, General Health, Pharmaceutical, Health, Science, Oncology, Other Science, MSD, Harpoon, Neoplasm, Construct, Multimedia, Physician, B-cell maturation antigen, Acquisition, Centerview Partners, Epithelial cell adhesion molecule, BCMA, Pharmacokinetics, Covington & Burling, Carcinoma, Merck & Co., SCLC, Patient, Safety, MRK, Creativity, DLL3, Glomus tumor, Pharmaceutical industry

“This agreement reflects the creativity and commitment of scientists and clinical development teams at Harpoon.

Key Points: 
  • “This agreement reflects the creativity and commitment of scientists and clinical development teams at Harpoon.
  • “At Harpoon, we have always been committed to advancing our cancer immunotherapy candidates to improve the lives of patients.
  • Under the terms of the agreement, Merck, through a subsidiary, will acquire all outstanding shares of Harpoon Therapeutics, Inc. for a price per share of $23.00 in cash.
  • Centerview Partners LLC acted as financial advisor to Harpoon and Goodwin Procter LLP acted as its legal advisor.