DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises Merck KGaA, Darmstadt, Germany on Out-Licensing of a Cancer Therapy Candidate in the Clinical Development Stage to Diaccurate
September 24, 2021
Read time: 3 min
FRANKFURT – SEPTEMBER 24, 2021 – McDermott Will & Emery has advised Merck KGaA, Darmstadt, Germany (“MRKDG”) on the out-licensing of a cancer therapy candidate to biotech company Diaccurate. As part of the transaction, MRKDG will take an equity stake in Diaccurate and remains fully committed to the success of the drug candidate, which is in the clinical development stage and has the rare ability to cross the blood-brain barrier. Phase II trials are planned to begin in the second half of 2022.
MRKDG is a leading science and technology company. Headquartered in Darmstadt, Germany, it specializes in the healthcare, life science and electronics sectors. The company has around 58,000 employees and generated sales of more than €17.5 billion in 2020.
Diaccurate is a biotech company developing drug candidates in oncology and immunotherapy. The French company was co-founded by Truffle Capital and partners with leading academic and industrial companies, including Institut Pasteur, Institut Paoli-Calmettes and now Merck KGaA, Darmstadt, Germany.
The McDermott team consisted of Dr. Monika Richter (Lead, Corporate/Transactions) in Frankfurt, Anthony Paronneau (Corporate/Transactions) and Bertrand Delafaye (Capital Markets), both in Paris.
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 Extends Hiring Spree with Six New Transactions Partners
PRESS RELEASE
McDermott Extends Hiring Spree with Six New Transactions Partners
September 23, 2021
Read time: 5 min
International law firm McDermott Will & Emery added six partners to its Transactions Practice Group in four cities across the United States: Matt Carter and Zena Ho in Los Angeles, David Huberman and Andrew Warmus in Chicago, Min Lee in New York and Andy Lehman in Houston. This added strength will help clients achieve the most beneficial outcomes and investments in a complicated and constantly evolving market.
“This news marks another step forward in our quest as the most sought-after firm that gets deals done while always putting the client first,” Harris Siskind, global head of McDermott’s transactions practice, said. “We continue to be a Firm that highly-skilled lawyers like those in this group seek to join and one whose incredible clients continue to trust most.”
“We’re seeing markets change shape rapidly, and we’re armed with incredible talent to navigate these changes alongside our clients,” Michael Poulos, McDermott’s Head of Strategy, said. “We’re in the midst of a hiring boom, and this new group is in addition to firepower added this year—99 lawyers globally just in the Transactions group itself.”
About the six new partners:
- Matt Carter (Los Angeles) advises private equity sponsors, institutional direct investors and strategic acquirers on a wide range of transactions, including leveraged buyouts, growth equity investments, joint ventures and restructurings. He counsels clients in an array of sectors, including technology, infrastructure, financial services and life sciences. Matt joins from O’Melveny & Myers.
- Zena Ho (Los Angeles) focuses her practice on real estate and real estate finance, representing lenders, real estate companies, real estate investment trusts and private equity funds. She advises borrowers and lenders on real estate financing transactions involving multifamily developments, office and industrial parks, retail centers, mixed-use projects and hospitality properties. She also represents lenders in the purchase, workout and restructuring of distressed loans, debt and equity financing and other intercreditor transactions. She joins from Bryan Cave Leighton Paisner.
- David Huberman (Chicago) represents issuers and underwriters on capital raising transactions, including private and public offerings. He advises several Israeli companies in their initial public offerings on US stock exchanges and ongoing compliance with US securities laws. David also regularly represents technology and pharmaceutical companies currently traded or on their way to the NASDAQ. David was most recently a partner at Sullivan & Worcester LLP.
- Min Lee (New York) counsels private fund clients in connection with the formation and operation of private investment funds as well as the legal, regulatory and compliance issues faced by their sponsors. He served as legal counsel to numerous institutional and boutique sponsors across a spectrum of investment strategies, including buyout, real estate, credit, growth equity and venture capital, co-investment, fund-of-funds and secondaries. Min rejoins McDermott from Mastercard.
- Andy Lehman (Houston) advises clients in complex mergers and acquisitions (M&A), joint ventures, structured equity transactions and management equity arrangements. He represents clients in conventional and renewable energy, information technology, healthcare, manufacturing, consumer products and financial and business services. Andy also has extensive experience advising private equity groups and infrastructure funds in the context of change of control transactions, structured equity investments and portfolio company management. Andy joins from Akin Gump Strauss Hauer & Feld LLP.
- Andrew Warmus (Chicago) focuses his practice on domestic and cross-border M&A, joint ventures and other strategic transactional matters. He has broad experience representing financial sponsors, multinational public companies and private companies in acquisitions and divestitures across multiple industries with significant experience in the healthcare and life sciences sectors. Andrew joins from Baker McKenzie.
McDermott recently announced additional strength to the Transactions group with three energy-focused dealmakers, a project finance team and six partners across the United States.
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 advises syndicate of Amolyt Pharma’s historical investors in €67.6 million Series B financing
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott advises syndicate of Amolyt Pharma’s historical investors in €67.6 million Series B financing
September 21, 2021
Read time: 3 min
PARIS (September 17, 2021) – McDermott Will & Emery advised a syndicate of Amolyt Pharma’s historical investors, including LSP, Novo and Kurma Partners, in a €67.6 million Series B financing led by Sectoral Asset Management and Andera Partners.
Amolyt Pharma is a global company specialized in developing therapeutic peptides for rare endocrine and related diseases.
The funds raised will be invested in the clinical development of AZP-3601 for the treatment of hypoparathyroidism, the preclinical development of AZP-3813 in acromegaly and ongoing research related to AZP-3404. In addition, the company continues to work to further expand its early-stage pipeline through both internal research and development activities and potential inlicensing opportunities.
The McDermott team that advised the existing investors comprised:
- Anthony Paronneau, partner, and Tess Souquet-Basiege, associate
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McDermott Advises GENUI on Sale of its Stake in Cherry AG
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises GENUI on Sale of its Stake in Cherry AG
September 21, 2021
Read time: 3 min
FRANKFURT – SEPTEMBER 21, 2021 – McDermott Will & Emery has advised GENUI Sechste Beteiligungsgesellschaft mbH, a subsidiary of German private equity firm GENUI Partners, on its successful exit from computer products manufacturer Cherry AG. GENUI sold its remaining 12.5% stake, placing roughly 3 million shares with institutional investors at €32.50 each for a €98.5m transaction.
GENUI was founded in 2014 and invests into medium-sized businesses in German-speaking countries. Cherry AG, headquartered in Germany, is a global manufacturer of computer input devices with a focus on office, gaming, industry, security, eHealth solutions and switches for mechanical keyboards. Hauck & Aufhäuser acted as sole global coordinator and sole bookrunner in the placement.
The McDermott team was led by Simon Weiß in Frankfurt (Capital Markets), and included partners Joseph Marx (US Capital Markets), Dr. Philipp Grenzebach (Corporate) as well as associate Christoph Schäfer (Capital Markets).
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 Adds Energy Sector Strength with International Arbitrator
PRESS RELEASE
McDermott Adds Energy Sector Strength with International Arbitrator
September 21, 2021
Read time: 4 min
International law firm McDermott Will & Emery is pleased to announce the addition of David Kiefer to its New York litigation practice. David is a respected dispute resolution lawyer in construction and infrastructure circles in New York, throughout the United States and worldwide.
“As the construction and energy industries grow at a rapid pace, we continue to add talent to stay ahead of our clients’ needs and to be ready to assist them—whether their needs are in the transactional space or for dispute resolution,” David Rosenbloom, global head of McDermott’s Litigation Practice Group, said. “David is an accomplished litigator and highly skilled international arbitrator working on some of the largest projects across the globe. We’re thrilled he’s chosen McDermott.”
David focuses his practice on litigation and arbitration matters arising out of construction and engineering disputes over large energy and infrastructure projects, including projects valued in the billions of dollars. He has deep, practical experience with the technical and commercial aspects of such complex projects, making him an effective and efficient advocate as soon as potential disputes arise.
For more than 20 years, David has successfully prosecuted and defended against large and complex claims before federal and state courts as well as domestic and international arbitration panels. He represents clients in arbitration cases before the International Chamber of Commerce, the International Centre for Dispute Resolution and the American Arbitration Association.
“McDermott has made incredible investments in its people and practices in recent years, notably for energy sector clients,” David said. “I am excited about the opportunities this platform provides and to be part of a team committed to first-in-class representation on clients’ energy-related legal matters.”
David received his JD from The George Washington University Law School and his BA from Lafayette College. David is also currently the co-chair of the New York City Region of the Society of Construction Law, North America.
McDermott continues its talent acquisition spree with strong hires in the energy space, including the addition of three energy dealmakers in August and Jack Langlois and his team in March.
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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IMServ Partners With Bluewater Announces Ambitious Plans For Growth
DEAL ANNOUNCEMENT / PRESS RELEASE
IMServ Partners With Bluewater Announces Ambitious Plans For Growth
September 20, 2021
Read time: 6 min
Law firm McDermott Will & Emery represented Bluewater with a team led by partner Aymen Mahmoud, supported by associates Nicholas Jupp, Giulia Venanzoni and Ryan Clarke.
IMSERV PARTNERS WITH BLUEWATER ANNOUNCES AMBITIOUS PLANS FOR GROWTH
- IMServ are pioneers in smart meter technology & data collection for the industrial, commercial & domestic electricity
- IMServ technology manages more than 25% of UK electricity consumption, accounting for £10bn of electricity sales per annum.
- IMServ is at the forefront of equipping businesses with the data they need for efficient energy management.
- Bluewater is a London-based growth investor and specialises in global energy.
- The partnership is a result of a successful carve-out from international company Schneider Electric providing energy and automation digital solutions for efficiency and sustainability.
- Steve Brown, Managing Director of IMServ: “Bluewater is the perfect partner as we help our clients manage the energy transition. If the UK is to meet its emission reduction targets, our smart meters and data collection technology will have a huge role to play. I’m delighted Bluewater has partnered with us and want to back us on this journey.”
LONDON, 15.09.2021, 0800 BST – IMServ, a UK pioneer in smart metering technology and data for the industrial, commercial, and domestic electricity sectors, has partnered with energy transition leader private equity firm Bluewater through a successful acquisition from international company Schneider Electric providing energy and automation digital solutions for efficiency and sustainability. The value of the transaction is undisclosed.
IMServ is a leading provider of electricity metering services (both installation and management of smart and advanced meters), data services (smart and advanced meters data analysis and management) and visualisation services. At the business’ core is a range of specialist electricity metering technologies, along with highly accurate energy data collection services. This is presented to suppliers and end-users in a seamless, intuitive online data management analysis and reporting platform.
IMServ is now one of the UK’s largest independent energy data management providers, and is enabling the decentralisation of power generation and digitalisation of the electricity market.
Its technology today is managing more than 25% of all the electricity that goes through the National Grid. The company has gone from strength to strength as smart meters have become a fundamental platform to deliver data that helps reduce carbon emissions.
IMServ will continue to be led by Managing Director Steve Brown, allowing the company to transition seamlessly and to continue offering best-in-class service to customers (including energy suppliers and end-users), employees, and other stakeholders.
Steve and the IMServ leadership team were attracted to Bluewater’s deep sector knowledge, supportive financial and business mindset, and the private equity firm’s drive to embrace the energy transition. Bluewater’s tried and tested approach to enabling rapid growth is a perfect fit with IMServ’s own ambitious growth strategy, which has responded to government-mandated demand for smart metering and more efficient management of energy use.
The IMServ strategy sees significant growth opportunities in several areas in the UK and internationally: the expanding data settlement market to support the needs of the flexible energy transition; organic growth through increased uptake of smart meters in the commercial and domestic electricity markets; and potential mergers and acquisitions nationally and overseas, with announcements of this kind expected within the next six months.
Steve Brown, Managing Director of IMServ, said: “Bluewater is the perfect partner for IMServ. Their energy transition expertise and financial strength will allow us to take advantage of the huge growth potential arising from energy transition. In addition, with capital to deploy, we are now looking at several acquisition options to drive our expansion in the UK and other European markets.”
Thomas Sikorski, Co-Founder of Bluewater, said: “We are delighted to have acquired what is already a market-leading company in IMServ. The company has been at the cutting edge of metering technology for twenty years and the team members are genuine pioneers in the sector.”
“Steve and his skilled management team are hungry for growth; they take a hands-on approach in the business and are supported by an experienced and knowledgeable 500-strong workforce. We’re really looking forward to working closely with IMServ and enabling its next stage of growth.”
“Our portfolio continues to seek out and invest in a range of companies that have genuinely important roles to play in the transition, and IMServ is a perfect example of that.”
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 Continues to Grow in the French Market and Expand International Client Offering with Heavyweight Competition Partner Hire Frédéric Pradelles
PRESS RELEASE
McDermott Continues to Grow in the French Market and Expand International Client Offering with Heavyweight Competition Partner Hire Frédéric Pradelles
September 17, 2021
Read time: 5 min
McDermott Will & Emery welcomes new partner Frédéric Pradelles. He joins our global antitrust practice and his arrival boosts our European competition team.
Frédéric is recognized for his strength in French and European competition law. He regularly counsels major French and international companies active in the banking/finance, services, transport, media, hospitality and information technology sectors on issues relating to abuse of dominance, cartels and distribution.
Frédéric also advises clients on merger control cases at the global, European and national levels, including in Phase II proceedings.
An outstanding litigator, Frédéric represents clients before the French Competition Authority, the DGCCRF, the European Commission and also before the French courts and the European courts in Luxembourg. Frédéric has extensive experience in summary proceedings in the field of competition law, and in interim measures and commitments proceedings before the French Competition Authority.
“In joining McDermott I am delighted to have become part of an exciting entrepreneurial project, both in terms of developing the firm’s competition law practice and participating in its growth. I am very happy to join this dynamic team, which combines a high level of technical expertise and quality of service in many areas of law, with a real capacity and willingness to work together“, says Frédéric Pradelles.
Frédéric joins a strong team of partners including Jacques Buhart, founding partner, Sabine Naugès and Laurent Ayache, both specialists in competition law applicable to the public sector, Nicolas Faguer, who focuses on complex litigation, and counsel Matthieu Adam. He will work closely with the Brussels office, led by managing partner Hendrik Viaene, who focuses on state aid, international cartels and litigation in Luxembourg.
“Frédéric Pradelles’ arrival represents a considerable coup for us in providing first class advice and service to our French and global clients. His in-depth knowledge of competition law and his experience in cases with an international dimension will enhance our full range of services. His appointment is in line with our strategy to provide connectivity across our practices and a global approach to the cases entrusted to us” said, Grégoire Andrieux, Managing Partner of the Paris Office.
About Frédéric Pradelles
Frédéric Pradelles, 48, began his career at Gide (1998-1999) and Freshfields (1999-2003) as an associate. He joined Latham & Watkins in 2003 and was promoted to partner in 2008.
Frédéric holds a Magistère-DJCE in business law and taxation from the University of Paris II Panthéon Assas and a DESS in European business law from the same university. He was admitted to the Paris Bar in 1999.
Frédéric is regularly listed in international rankings such as Chambers & Partners, Legal 500, or Best Lawyers. In 2019, he was listed in the “Top 10 Antitrust Lawyers in EMEA” by Mergerlinks.
About the Global Antitrust Team
McDermott’s global antitrust team is ranked among the best in the world. It has 18 partners and offices in Washington DC, New-York, Chicago, Brussels, Düsseldorf and Paris.
This is the fifth consecutive year that the firm has been listed in Global Competition Review’s “Global Elite” top competition law teams. The team’s global strength is recognized by leading industry and legal professional rating organizations, such as BTI Consulting Group, Chambers & Partners, and U.S. News – Best Lawyers, as well as by publications such as Benchmark Litigation, Legal 500, and The World’s Leading Competition and Antitrust Lawyers.
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 Figeac Aero on the acquisition of a stake by Ace Capital Partners (Tikehau)
PRESS RELEASE
McDermott advises Figeac Aero on the acquisition of a stake by Ace Capital Partners (Tikehau)
September 13, 2021
Read time: 3 min
McDermott Will & Emery has advised Figeac Aéro, a leading partner of major aerospace companies, in connection with the signing of an agreement under which Ace Capital Partners, a subsidiary of Tikéhau Capital, has agreed to subscribe for and acquire approximately 26% of the company’s share capital and to invest a minimum of €10 million in bonds.
In the context of the current crisis in the aeronautics sector, this agreement should contribute to strengthening Figeac Aéro’s equity capital and diversifying its shareholder structure.
These transactions are subjected to (i) FIGEAC AERO reaching an agreement with its creditors on the rescheduling of its main bank financing and the restructuring of the repayment profile of its convertible bonds (ORNANE) made necessary by the consequences of the crisis in the aeronautics sector and (ii) the Autorité des marchés financiers granting a waiver from the obligation to file a mandatory public offer in view of the conclusion of the planned transactions with Ace on the capital of FIGEAC AERO.
The McDermott team that advised Figeac Aero was composed of Guillaume Kellner, partner, Nicolas Lafont, partner, Sacha Frantz, and Akiko Simar, associates on the corporate 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 Receives Restructuring of the Year Recognition from M&A Advisor
AWARDS & RANKINGS / PRESS RELEASE
McDermott Receives Restructuring of the Year Recognition from M&A Advisor
September 16, 2021
Read time: 3 min
International law firm McDermott Will & Emery has been recognized with M&A Advisor’s Restructuring of the Year ($1B to $5B) award as part of the 15th Annual Turnaround Awards.
McDermott led a multidisciplinary team in representing Quorum Healthcare, one of the largest rural hospital systems in the United States with approximately two dozen hospitals in 14 states, in its pre-packaged plan of reorganization. This representation accounted for 50% of hospitals that filed for bankruptcy in 2020 in the United States.
Led by partners Felicia Gerber Perlman and Brad Giordano, the McDermott team handled restructuring preparation and successful negotiations between Quorum and its various stakeholders, ultimately resulting in a fully consensual prepackaged plan to restructure approximately $1.3 billion of funded debt – making Quorum’s reorganization the largest healthcare restructuring of 2020.
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 Represents Mailchimp Co-Founder in $12B Sale to Intuit
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Represents Mailchimp Co-Founder in $12B Sale to Intuit
September 13, 2021
Read time: 3 min
International law firm McDermott Will & Emery represented co-founder and co-owner of Mailchimp in its sale to Intuit. Subject to required regulatory approvals and other customary closing conditions, this transaction will make history as the largest sale of a self-funded technology company, largest sale of a private software company, largest sale of a SMB software company and largest sale of a marketing software company.
- This transaction was announced on September 13, 2021.
- McDermott Will & Emery acted as legal counsel to Mailchimp’s co-founder and co-owner.
- Read Intuit’s press release.
- The McDermott team was led by Richard Lang and Wilson Chu, with the M&A team including Joanna Lin, Diego Gomez-Cornejo, Eric Orsic, Lindsey Reighard, Matthew Chen and Elizabeth Hattrup. McDermott’s Private Client counsel included Neil Kawashima, Michael Rosen-Prinz, Arianne Plasencia, Agnieszka Kawecki and Greg Meints. Tax counsel included Dan Zucker, Patrick McCurry and Alex Farr.
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.