DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises Earlybird and Andera Partners on ImCheck Therapeutics Financing Round
June 20, 2022
Read time: 4 min
McDermott Will & Emery advised international funds Earlybird and Andera Partners on a new financing round for ImCheck Therapeutics in the aggregate amount of EUR 96 million. The financing includes a Series C round co-led by Earlybird and Andera Partners and the last outstanding tranche of Series B converted in Series C shares.
Invus and patient organization, the Leukemia and Lymphoma Society, also joined the round as new investors. Existing investors, including Kurma Partners’ Growth Opportunity Fund, Eurazeo, Gimv, Pfizer Ventures, Bpifrance, Wellington Partners, Pureos Bioventures, Agent Capital and Alexandria Venture, participated in the transaction. The company is in a very strong position of liquidity and is strengthening its leadership in the field of gamma-delta T-cells.
The proceeds will be used to support the Phase IIa expansion and completion of the randomized, double-blind, placebo-controlled part of the ongoing EVICTION clinical trial evaluating ImCheck’s lead candidate ICT01 as a both monotherapy and in combination with a PD-1 inhibitor for a broad range of cancers including solid tumors and hematologic malignancies. The company also will apply the capital to investigate ICT01 in combination with other therapeutic agents, including IL-2, in the forthcoming EVICTION-2 clinical trial. The funding will accelerate the further advancement toward the clinic of additional antibody candidates in immuno-oncology, auto-immune and infectious diseases. In addition, it will allow the company to achieve pivotal study readiness for ICT01 and expand its footprint through extended clinical operations and regulatory affairs in Europe and the US.
The McDermott team that advised Earlybird and Andera Partners comprised:
- Emmanuelle Trombe, partner, Lucie Martin, Ludivine Rabreau, Pascaline Sagot, associates, on corporate aspects;
- Antoine Vergnat, partner and Côme de Saint-Vincent, counsel, on tax aspects;
- Abdel Abdellah and Anne-Lorraine Méreaux, associates, on the social aspects.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Advises DBV Technologies on Private Placement Financing
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises DBV Technologies on Private Placement Financing
June 20, 2022
Read time: 3 min
McDermott Will & Emery advised DBV Technologies, a clinical-stage biopharmaceutical company, on a private placement financing (PIPE) for an aggregate amount of USD194 million from the issuance and subscription of ordinary shares and pre-funded warrants.
This financing is in line with previous fundraisings in recent years and more recently in May 2022 in connection with the implementation of an at-the-market programme (ATM programme), with which McDermott Will & Emery had also assisted the company.
Goldman Sachs Bank Europe SE and SVB Securities LLC acted as placement agents for the PIPE financing.
The McDermott team that advised DBV was composed of Bertrand Delafaye and Emmanuelle Trombe, partners, and Lucie Martin, Ludivine Rabreau and Claire Chabat, associates, on all legal aspects of the transaction and Côme de Saint-Vincent, Counsel, on tax aspects.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Advises TreeFrog Therapeutics on its Collaboration with Umoja Biopharma
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises TreeFrog Therapeutics on its Collaboration with Umoja Biopharma
June 17, 2022
Read time: 3 min
McDermott Will & Emery has advised TreeFrog Therapeutics, a French-based biotech company aiming to unlock access to cell therapies for millions of patients, on its collaboration with Umoja Biopharma, Inc. to evaluate Umoja’s iPSC platform within TreeFrog’s C-Stem™ technology for scalable expansion and immune cell differentiation in bioreactors for the mass-production of stem-cell derived therapies addressing hematologic and solid tumors.
The McDermott team that advised TreeFrog Therapeutics comprised:
- Emmanuelle Trombe, partner, and Edouard Becker, associate.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Represents Future Health in Acquisition of Excelera
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Represents Future Health in Acquisition of Excelera
June 16, 2022
Read time: 3 min
International law firm McDermott Will & Emery represented Future Health ESG Corp. (NASDAQ: FHLT), a special purpose acquisition company, in its acquisition of Excelera DCE, a leading Accountable Care Organization and AI Platform. This merger supports the expansion of Excelera’s science-driven approach to managing care for seniors and is expected to be listed on NASDAQ under “XLRA”.
- The transaction was announced on June 14, 2022.
- The deal values Excelera at $459 million, the companies said, adding it is expected to provide up to $282 million to accelerate expansion of Excelera’s network. Upon completion of the transaction, the combined company is expected to operate as Excelera Health, Inc. and Excelera’s existing management team will continue to lead the Company following the transaction.
- The McDermott team was led by Ari Edelman, Jeremy Earl and Sunyi Snow and included Matt Perreault, Jason Kramer, Caroline Samuelson, Yuxin Jin, Emily Curran, Ryan Houseal, Marchan Clark, Kwabena Yeboah, Cristell Fortune, Li Wang, Steve Hadjilogiou and Michelle Strowhiro.
- Read Future Health and Excelera’s combined press release.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Adds Partner Denise Burke and Senior Counsel Lester Perling to Prominent Healthcare Practice
PRESS RELEASE
McDermott Adds Partner Denise Burke and Senior Counsel Lester Perling to Prominent Healthcare Practice
June 16, 2022
Read time: 4 min
International law firm McDermott Will & Emery is pleased to announce Denise Burke as partner and Lester Perling as senior counsel to our globally recognized Healthcare Practice Group. Denise and Lester bring more than 70 years of combined experience advising healthcare companies on compliance with federal and state fraud and abuse laws including Stark Law, False Claims Act, anti-kickback laws and the variety of regulations governing Medicare and Medicaid reimbursement.
“Denise and Lester are two of the most seasoned and reputable regulatory healthcare lawyers in the country,” Jerry Sokol, global head of McDermott’s Healthcare Practice Group said. “Given McDermott’s unique position as the gold standard for healthcare law, any additions to our regulatory practice must satisfy our “best in class” standard. Lester and Denise clearly meet this standard. Adding these two preeminent regulatory powerhouses to our current stable of global regulatory partners makes us even more indispensable to our clients.”
“I’m excited to join McDermott’s second-to-none healthcare team and look forward to creating resilient compliance solutions and regulatory pathways for clients that will enable them to succeed in an increasingly complex market,” Denise said.
Denise has more three decades of experience counseling hospitals, post-acute care providers, physician practice management companies, private equity investors, venture capital funds, medical device manufacturers, and other healthcare clients on a wide range of healthcare regulatory matters. Her in-house experience in hospital, home health, durable medical equipment and physician practice management settings make her a trusted and enthusiastic strategic advisor on both day-to-day and long-term programs that sustain government scrutiny and meet organizational goals. She is certified in healthcare compliance by the Health Care Compliance Association. Prior to joining the Firm, Denise was a partner at Waller Lansden Dortch & Davis.
Lester notes, “The depth and breadth of McDermott’s healthcare practice offers countless opportunities for my experience to benefit current and prospective clients. I am thrilled to have joined this team.”
Lester counsels healthcare providers on a variety of regulatory, compliance, enforcement and reimbursement matters, with particular focus on fraud and abuse compliance and investigations. He leverages decades of health industry experience, including 10 years of experience as a healthcare executive, to develop creative approaches to complex legal concerns. He is board-certified in health law by The Florida Bar and certified in healthcare compliance by the Health Care Compliance Association. Lester joined McDermott from Nelson Mullins Riley & Scarborough LLP.
McDermott is the nation’s leading health law firm and is the only health practice to receive top national rankings from U.S. News – Best Lawyers “Best Law Firms,” Chambers USA, The Legal 500 US and Law360. The practice was also recognized by Chambers as “Healthcare Team of the Year” in 2010, 2013, 2017, 2019 and 2022. McDermott has also held the top spot in PitchBook’s League Tables as the most active firm for healthcare private equity since 2017.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Receives Three Recognitions at The M&A Advisor’s Turnaround Awards
AWARDS & RANKINGS / PRESS RELEASE
McDermott Receives Three Recognitions at The M&A Advisor’s Turnaround Awards
June 15, 2022
Read time: 3 min
International law firm McDermott Will & Emery is pleased to announce that it has received three recognitions as part of The M&A Advisor’s 16th Annual Turnaround Awards. The Firm’s Business Restructuring team was highlighted for their role in the following matters:
- Chapter 11 Reorganization of the Year ($250MM and $500MM) – Cred Inc.: McDermott partners Darren Azman and Joseph Evans represented the Official Committee of Unsecured Creditors in the Chapter 11 Cases of cryptocurrency financial services platform Cred Inc.
- Restructuring Deal of the Year ($10MM and $25MM) – Vitality Health: McDermott partners Christopher Jedrey, Patrick Healy and Darren Azman represented Commonwealth Care Alliance, Inc. (“CCA”) in connection with its winning bid to acquire a Medicare Advantage HMO in the chapter 11 bankruptcy case of Vitality Health Plan of California, Inc.
- Refinancing of the Year – Ocean Casino: McDermott partners John Hammond and Scott Weinberg represented OCR Investment, LLC in connection with the refinancing of senior loans to Ocean Casino Resort, a resort, hotel and casino in Atlantic City, New Jersey, which refinancing was effected in connection with OCR Investment, LLC’s acquisition of a 50% stake in Ocean Casino Resort from Luxor Capital. Thomas Ward, Thomas Conaghan and Griffin Doty represented OCR Investment, LLC in the acquisition transaction.
Since 2001, The M&A Advisor has been recognizing the world’s leading M&A, financing and restructuring professionals with our annual awards programs. Established in 2007, the annual Turnaround Awards has become the restructuring and distressed investing industry’s benchmark for excellence. View the list of honorees.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Adds Commercial Litigators in New York and Washington, DC
PRESS RELEASE
McDermott Adds Commercial Litigators in New York and Washington, DC
June 15, 2022
Read time: 4 min
International law firm McDermott Will & Emery is pleased to announce the addition of two partners to its Litigation Practice Group: Joel Haims in New York and Jonathan (Jon) Henry in Washington, DC. Joel is a highly respected litigator with vast experience handling securities and complex commercial cases, while Jon represents some of the largest accounting firms across the United States and has served as first-chair trial lawyer in many influential commercial disputes.
“We advise our clients through a wide variety of complex litigation, providing strategic counsel from investigations through trial,” Steven Scholes, global head of McDermott’s Litigation Practice Group, said. “Joel and Jon have achieved exceptional outcomes for their clients, and we look forward to their continued successes here at McDermott representing clients in the professional services, real estate and oil and gas industries.”
Joel focuses his practice on securities litigation, including class actions, shareholder derivative cases and corporate control litigation. He also adds depth to our capabilities representing clients in US Securities and Exchange Commission (SEC) enforcement proceedings and internal investigations. Joel also has extensive experience litigating complex commercial cases, including cases involving commercial real estate transactions, bankruptcies and religious rights.
Joel joins from Morrison & Foerster LLP where he served twice as the firm’s global co-chair of the Securities, Litigation, Enforcement and White-Collar Defense Group. He is recognized by both Chambers USA and Legal 500 for his work in securities litigation.
“I am excited to join McDermott because of its talented team of lawyers, its collaborative culture and its momentum,” Joel said. “I look forward to continued success representing my clients and to expanding the Firm’s existing capabilities.”
Jon brings deep trial experience representing large accounting firms and their professionals, successfully defending them in numerous high profile accounting cases. He also represents large accounting firms and their professionals in regulatory and financial investigations by the US Department of Justice and US regulatory agencies, including the Public Company Accounting Oversight Board and the SEC. He also represents clients in high-stakes, complex commercial litigation.
Jon joins from King & Spalding. He received his BA and JD from the University of Virginia.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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SRZ and Voting Rights Organizations Challenge Cobb County School Board Map Denying Equal Representation to Voters of Color
PRESS RELEASE
SRZ and Voting Rights Organizations Challenge Cobb County School Board Map Denying Equal Representation to Voters of Color
June 15, 2022
Read time: 3 min
Co-counsel Schulte Roth & Zabel and the Southern Poverty Law Center (SPLC), Southern Coalition for Social Justice (SCSJ), ACLU of Georgia and Lawyers’ Committee for Civil Rights Under Law (Lawyer’s Committee) filed litigation challenging the Cobb County School Board map for intentionally discriminating against communities of color, particularly Black and Latinx voters, by “packing” them into a small number of districts to dilute their voting power.
“The makeup of Cobb County’s Board of Education should reflect its community, but the racially gerrymandered map at issue in this case has made that impossible,” said Thomas Mott with Schulte Roth & Zabel LLP. “We’re honored to join a great team of civil rights advocates and to leverage our extensive experience in litigation to support the Black and Latinx voters of Cobb County.”
Read the SCSJ press release here.
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McDermott Secures Appeals Court Decision Affirming Dismissal of Class Action Against Trustpilot
PRESS RELEASE
McDermott Secures Appeals Court Decision Affirming Dismissal of Class Action Against Trustpilot
June 14, 2022
Read time: 4 min
International law firm McDermott Will & Emery represented Trustpilot, Inc., a leading online business review platform, in obtaining the affirmance of the dismissal of a class action complaint with prejudice by the United States Court of Appeals for the Second Circuit.
“We are gratified that the Second Circuit agreed with Judge Rakoff’s decision to dismiss the class action brought against our client, absolving Trustpilot of all deceptive business practice and related claims brought against them,” Andrew Kratenstein, McDermott’s lead partner in the case and who argued the appeal, said. “Trustpilot is a highly respected company, and we are delighted to have succeeded in achieving this complete victory for our client.”
Trustpilot is a digital platform that brings businesses and consumers together to foster trust and inspire collaboration, allowing users to post reviews of businesses on its website. Businesses are able to contract with Trustpilot to collect and manage information concerning the reviews, providing subscriptions that allow businesses to access consumer insight data and obtain consulting services concerning how reviews of the business are displayed online. Per the terms of the subscription agreement, Trustpilot automatically renews these subscriptions unless the subscriber notifies Trustpilot of its desire to cancel at least 30 days before the end of the subscription’s term.
Plaintiffs sued on behalf of a putative nationwide class of Trustpilot subscribers, asserting claims for deceptive business practices under New York law and other states’ unfair business practices statutes, as well as claims for breach of contract, breach of the implied covenant of good faith and fair dealing and unjust enrichment.
On June 29, 2021, Judge Jed Rakoff of the United States District Court for the Southern District of New York agreed with the McDermott team’s arguments and granted Trustpilot’s motion to dismiss the case with prejudice. The Plaintiffs then appealed. The Second Circuit agreed with McDermott’s argument that the Plaintiffs’ contractual claims failed because the parties’ valid and enforceable subscription agreements clearly disclosed Trustpilot’s auto-renewal policies and did not require Trustpilot to send renewal-reminders. The Second Circuit also agreed that the NYGBL §§ 349-50 claim was properly dismissed because Plaintiffs failed to allege that the conduct was deceptive. Finally, the Second Circuit held that Plaintiffs’ NYGOL § 5-903 claim failed because any connection to personal property was merely incidental to Trustpilot’s provision of consulting, analytical or administrative services and thus the statute did not apply.
The McDermott team was led by Andrew Kratenstein and William Donovan, Jr. and included Caroline Incledon and Kierstin Fowler. The full case name is Trustpilot Damages LLC, et al. v. Trustpilot Inc.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Advises Owkin on a Multi-Year Clinical Data Science Strategic Collaboration with Bristol Myers Squibb
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises Owkin on a Multi-Year Clinical Data Science Strategic Collaboration with Bristol Myers Squibb
June 14, 2022
Read time: 3 min
McDermott Will & Emery has advised French American startup Owkin, which develops artificial intelligence solutions for medical research, on a multi-year strategic collaboration agreement with US laboratory Bristol Myers Squibb (BMS).
The agreement aims to apply Owkin’s artificial intelligence (AI) capabilities to the design of potentially more accurate and efficient clinical trials for Bristol Myers Squibb. The collaboration will initially focus on cardiovascular disease, with the potential to expand to projects in other therapeutic areas.
This collaboration could prove transformative for patient outcomes and scientific progress, making machine learning solutions an integral part of the clinical trial process.
Owkin will use the equity investment to support its ambitious data generation strategy across multiple therapeutic areas, with a focus on rich, multimodal biological data, including the most advanced single-cell spatial omics technologies.
The McDermott team that advised Owkin included:
- Emmanuelle Trombe and Anne-France Moreau, partners, on the corporate and health law aspects
- Lorraine Maisnier-Boché, associate, on IT and personal data aspects
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.