PRESS RELEASE
McDermott’s Aymen Mahmoud to Lead the Firm’s Next Stage of Growth in London
May 2, 2024
Read time: 4 min
International law firm McDermott Will & Emery announced today that Aymen Mahmoud will take over from Hamid Yunis as the new office managing partner in London, effective 1 June 2024, with Graham White as senior partner.
‘I would like to extend our deepest gratitude to Hamid,’ said McDermott Chairman Ira Coleman. ‘Since taking on the role of office managing partner more than five and a half years ago, Hamid has overseen one of the most dramatic growth stories in our Firm, accelerating performance across all dimensions. As he returns to serving clients full time, he will remain an active champion and ambassador for our London team and the wider Firm.’
Over the last five years, McDermott has experienced exceptional growth, particularly in New York and in London, where the team moved into fantastic new offices at 22 Bishopsgate; expanded into new practice areas including litigation, white collar, finance, restructuring and employee benefits; and reinforced capabilities in private equity and M&A, as well as launching a thriving China practice. The last few months have seen the hire of seven lateral partners, and the Firm expects to announce more market-leading hires in the near future.
As McDermott’s global financial performance hits an all-time high, the Firm’s London revenue has also reached year-on-year record levels even in difficult market conditions, providing a solid springboard for further dynamic expansion.
‘It’s been an absolute honour to have served as the office managing partner and to have driven McDermott’s growth in London,’ said Hamid. ‘I am grateful to the Firm’s global leadership for entrusting me with this mission and, above all, to my fantastic colleagues for their passion, dedication and support in executing our vision. I could not be prouder of what we have achieved together but, as I’ve always said, we need to “go again.” I am excited for Aymen to further propel us on our growth journey.’
‘Ambition is at the core of the McDermott DNA,’ said Aymen. ‘I am beyond thrilled to be trusted with the leadership of what is an already fantastic office and can’t wait to drive us to new heights. Drawing on the superb experience, network and strategic nous of Graham White will be invaluable as our Firm and our office focus on recruiting, retaining and accelerating the careers of the best talent in the market. There are no limits to where we want to go.’
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 1,400 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 REInvest on the Acquisition of the “Helmholtz” Property in Munich
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises REInvest on the Acquisition of the “Helmholtz” Property in Munich
May 2, 2024
Read time: 3 min
Frankfurt, May 2, 2024 – McDermott Will & Emery has advised Luxembourg real estate investment company REInvest Asset Management on the acquisition of the “Helmholtz” office building in Munich’s Arnulfpark. REInvest is acquiring the property for the DRED SICAV-FIS fund from a UK asset manager.
The listed “Helmholtz” office palace was built in the 1920s as the administrative center of the Krauss locomotive factory. The total rental space is around 6,600 square meters. The main tenant is BGW-Berufsgenossenschaft für Gesundheitsdienst und Wohlfahrtspflege.
REInvest Asset Management S.A. was founded in 2017 in Luxembourg and today manages and develops real estate assets worth more than €2.3 billion in 13 European countries. To date, the company has completed over 210 real estate transactions with a volume of more than €4.85 billion.
The McDermott team advising REInvest was led by partner Maximilian Clostermeyer and comprised partner Heiko Kermer as well as associate Tina Happ.
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McDermott Appoints New Life Sciences Industry Group Leadership
PRESS RELEASE
McDermott Appoints New Life Sciences Industry Group Leadership
May 1, 2024
Read time: 4 min
International law firm McDermott Will & Emery is pleased to appoint two new leaders to serve alongside Doug Carsten as co-heads of the global Life Sciences Industry Group. McDermott life sciences lawyers counsel clients worldwide at all stages of development, with demonstrated success across intellectual property, regulatory, transactional, employment, tax and litigation law. The group is composed of lawyers in offices across North America and Europe who work with most of the world’s top 20 biopharma and medical technology companies.
The leadership group now consists of:
- Douglas “Doug” H. Carsten, co-head of McDermott’s global life sciences industry practice
Doug focuses his practice on complex patent litigation disputes and counsels clients across various industries, including pharmaceuticals, biologics, medical devices and diagnostic products. He has substantial first-chair trial experience that includes litigating high-profile and billion-dollar patent cases.
- Emmanuelle Trombe, Paris, co-head of McDermott’s global life sciences industry practice
Emmanuelle represents pharmaceutical, medical device and bio-pharmaceutical companies globally in transactional matters in relation to M&A and divestitures, joint ventures and strategic partnerships, large-scale projects, outsourcing projects, product development, licensing agreements and regulatory matters. She also advises venture capital funds and biopharmaceutical companies in connection with a broad range of financing activities.
- James “Jamie” Ravitz, Washington, DC, co-head of McDermott’s global life sciences industry practice and head of McDermott’s FDA practice
Jamie works alongside clients across the entire spectrum of life sciences and healthcare law, including regulatory counsel, compliance, and investigations and government enforcement. He is particularly focused on Food and Drug Administration (FDA) regulatory counseling and works in partnership with companies and investors across the complete ecosystem of FDA-regulated products – drugs, devices, health technologies, biologics, food, cosmetics and cannabis – to help them achieve their business goals.
“Doug, Emmanuelle and Jamie make a powerhouse leadership trio, and together they provide best-in-class knowledge and counsel across three of the key pillars of our global life sciences capabilities – IP, transactions and regulatory,” said Jerry Sokol, global head of the healthcare practice. “We’ve built a group uniquely designed to service companies at the forefront of biotech, pharmaceuticals, medical devices, diagnostics and digital health, and Emmanuelle’s European focus further increases our representation in key markets for the life sciences industry.”
McDermott’s global Life Sciences Group operates as a cross-border, interdisciplinary team, drawing upon lawyers from the top-ranked healthcare law practice to work at the juncture of health, technology and life sciences. Among the team’s recent notable work, after three years of hard-fought litigation over foundational cancer testing patents, McDermott secured back-to-back wins on behalf of Natera, a global leader in cell-free DNA testing. A Delaware jury awarded the company $19.35 million. The team has also represented an array of clients globally with respect to FDA regulatory due diligence in the context of a variety of cross-border transactions, including Life Science Outsourcing’s acquisition of J-Pac Medical.
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 1,400 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 Licensing Agreement and Collaboration with Vertex
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises TreeFrog Therapeutics on Licensing Agreement and Collaboration with Vertex
April 29, 2024
Read time: 3 min
McDermott Will & Emery has advised TreeFrog Therapeutics, a French biotech company aiming to unlock access to cell therapies for millions of patients, on a licensing agreement and collaboration with Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX), an international biotech laboratory specializing in the scientific research and development of innovative drugs for severe diseases.
As part of this transaction, Vertex has obtained an exclusive license to TreeFrog’s patented cell manufacturing technology, C-StemTM, to optimize the production of Vertex’s cell-based therapies for type 1 diabetes (T1D). TreeFrog and Vertex will collaborate to develop TreeFrog’s process for producing and amplifying cells for Vertex’s type 1 diabetes therapies.
The McDermott team advising TreeFrog Therapeutics included:
- Rich B. Smith, counsel in Boston, Emmanuelle Trombe, partner and Katya Ascher, counsel in healthcare law and Edouard Becker.
- Other members of the team were Sabine Nauges, partner, on regulatory aspects, and Côme de Saint Vincent, counsel, on tax law.
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 1,400 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 Recognized in Global Arbitration Review’s GAR 100 2024
AWARDS & RANKINGS / PRESS RELEASE
McDermott Recognized in Global Arbitration Review’s GAR 100 2024
April 25, 2024
Read time: 3 min
April 25, 2024 – International law firm McDermott Will & Emery has been recognized by Global Arbitration Review in the GAR 100 – 17th Edition, a guide to the international arbitration capabilities of law firms. McDermott is among the elite list of firms recommended for know-how and credibility in the international arbitration arena. The Firm’s recommended lawyers are Fabio Cozzi, Michael Darowski, David Kiefer, Lisa Richman and Andrew Savage.
McDermott’s team received outstanding client commentary and was praised for its “exceptional level of expertise” and “tremendous insight into the international arbitration process.” The team was also singled out for having “exceptional strategic advisers who were well prepared to outmanoeuvre opposing counsel at every turn.”
The Firm is noted for its international scope and deep experience representing major clients in highly complex, high-value international commercial arbitrations worldwide, as well as its track record of achieving successful results for clients.
The law firms and lawyers selected for the list are evaluated on their reputation, amount of work undertaken and experience, and they are recommended as “approved” in international arbitration discipline.
View the full GAR 100 2024 rankings and editorial.
ABOUT GAR 100
The GAR 100, which is in its 17th edition, is a guide to the international arbitration capabilities of law firms and assists clients in finding the experienced counsel they seek. GAR is one of the leading publications for private and public arbitration.
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 1,400 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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Sarah Bro Recognized as Common Threads 2024 Golden Heart Honoree
AWARDS & RANKINGS / PRESS RELEASE
Sarah Bro Recognized as Common Threads 2024 Golden Heart Honoree
April 25, 2024
Read time: 3 min
April 24, 2024 – International law firm McDermott Will & Emery is pleased to share that Partner Sarah Bro has been recognized as a 2024 Golden Heart Honoree as part of Common Threads’ 20th Anniversary Celebration: Los Angeles Edition. The nonprofit organization is a national leader in enhancing community health through the power of nutrition and food.
Sarah has handled pro bono work for Common Threads since 2016, focusing on intellectual property agreements, IP policy, licensing, and trademark and copyright enforcement work. McDermott is a longstanding law firm partner of the nonprofit, with lawyers across offices acting as outside counsel on various matters related to corporate governance, employment, real estate and intellectual property.
Operating in-person and digitally, Common Threads has partnerships with more than 2,200 schools. With that access, it has provided more than five million meals and has positively impacted the long-term nutritional health of more than one million people. The organization’s widespread efforts benefit the nation’s largest public school districts in New York City, Los Angeles, Miami and Chicago, along with various community organizations and medical institutions.
Learn more about Common Threads’ 20th anniversary event here.
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 1,400 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 London Arbitration Team Secures Victory in Enforcing US$2.4 billion Arbitration Award against Central London Commercial Property
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott London Arbitration Team Secures Victory in Enforcing US$2.4 billion Arbitration Award against Central London Commercial Property
April 23, 2024
Read time: 4 min
International law firm McDermott Will & Emery has achieved a significant milestone in enforcing a US$2.4 billion arbitration award in favour of its clients, UAE-based Crescent Petroleum and Crescent Gas Corporation Limited (Crescent), against the National Iranian Oil Company (NIOC). In a judgment issued on 15 April, the English High Court ruled in Crescent’s favour and ordered a transfer of a high-value London property linked to NIOC to Crescent to partially satisfy the award.
In September 2021, Crescent secured an arbitral award ordering NIOC to pay US$2.4 billion in damages in relation to NIOC’s breach of a long-term gas supply agreement. Crescent sought to enforce the award in England, and obtained an enforcement order against a prime London commercial property, known as “NIOC House”, valued at approximately £100 million. Six days later and before the enforcement order became final and effective, NIOC transferred ownership to a closely-related Iranian pension fund. Crescent applied to the Court under s. 423 of the Insolvency Act 1986, seeking to unwind the transfer as a transaction defrauding creditors.
Last week, the High Court ruled in Crescent’s favour and ordered the transfer of the property to Crescent. The Court dismissed NIOC’s argument that the property had been held on trust for the pension fund and that the likely only explanation for the urgency with which NIOC effected the transfer was to put the property beyond Crescent’s reach before enforcement action could be taken. The Court thus held that the transaction was at an undervalue and that the property should be transferred to Crescent in partial satisfaction of the award debt.
This ruling sends a strong message that the English courts will assist award creditors by taking a robust approach against attempts to dissipate assets to frustrate enforcement, and the success showcases McDermott’s expertise in devising and executing innovative strategies to enforce high-value arbitral awards, even in the face of determined opposition from award debtors.
The McDermott team, comprised of London Partner Michael Darowski, assisted by Campbell Herbert and Jannika Glendon, acted alongside a team of barristers comprising Joe Smouha KC, Ricky Diwan KC of Essex Court Chambers, Tariq Baloch of 3VB, Moeiz Farhan of 36 Stone and Luka Krsljanin of Blackstone Chambers.
McDermott also acted for Crescent in its successful defence of challenges to the award before the English High Court and Court of Appeal.
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 1,400 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 Eurazeo on the Signing of an Agreement to Acquire Eres Group
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises Eurazeo on the Signing of an Agreement to Acquire Eres Group
April 23, 2024
Read time: 3 min
McDermott Will & Emery has advised Eurazeo on the signing of an agreement to acquire a majority stake in Eres Group alongside Eres Group’s management team and employees.
Eres Group, France’s leading independent player in consulting and structuring, asset management and distribution of employee savings plans (PEE, PERECO), pension plans (PER) and employee share ownership plans, is being sold by IK Partners.
Completion of the transaction is subjected to regulatory approvals.
The McDermott team advising Eurazeo comprised:
- Grégoire Andrieux, Herschel Guez (partners) and Julien-Pierre Tannoury (associate) on the corporate aspects of the transaction
- Antoine Vergnat (partner) and Fanny Le Pogam (associate) on tax law
- Laurent Ayache (partner) Charlotte Michellet (counsel) and Benoit Féroldi (associate) on regulatory aspects
McDermott Will &a 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 1,400 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 Cross-Practice Team Recovers $445 Million for Voyager Following Favorable Settlement with FTX Debtors
PRESS RELEASE
McDermott Cross-Practice Team Recovers $445 Million for Voyager Following Favorable Settlement with FTX Debtors
April 22, 2024
Read time: 5 min
International law firm McDermott Will & Emery secured a favorable agreement on behalf of the bankruptcy estates of Voyager Digital Holdings Inc. (Voyager). The claims were settled between Voyager and FTX Trading Ltd. (FTX) and its affiliated debtors and debtors-in-possession, resulting in $445 million in creditor recovery.
Voyager filed for chapter 11 bankruptcy on July 5, 2022, and FTX filed for bankruptcy on November 11, 2022. During its business, Voyager regularly provided cryptocurrency loans to an FTX entity, Alameda Research, Ltd. (Alameda). Before FTX filed for bankruptcy (but while Voyager was undergoing its own bankruptcy), Alameda paid the balance of its outstanding crypto loans to Voyager, totaling approximately $445 million.
Following Voyager’s chapter 11 filing, it entered into an asset purchase agreement with a different FTX entity, West Realm Shires Inc. (WRS). WRS agreed to purchase all of Voyager’s assets, but the deal was left dormant, as FTX filed for bankruptcy less than two months later.
On January 30, 2023, FTX filed an adversary proceeding in its own bankruptcy proceedings against Voyager seeking to avoid and recover the $445 million it repaid to Voyager as alleged preferential transfers. Following the filing, Voyager was required to hold $445 million in reserve to cover a potential judgment in favor of FTX.
On June 30, 2023, Voyager filed proofs of claim in the FTX bankruptcy proceedings against various FTX entities for damages arising from fraudulent inducement and breach of the master loan agreement and asset purchase agreement.
The parties agreed to mediate the FTX adversary proceeding and the Voyager proofs of claims in nonbinding mediation in the Bankruptcy Court for the Southern District of New York.
From July through September 2023, the McDermott team submitted a 120-page brief on complex and novel questions at the intersection of cryptocurrency and bankruptcy law, primarily arguing:
- The FTX payments were unavoidable under section 546(e) of the Bankruptcy Code because they were made in connection with the MLA, which qualified as either a securities contract or forward contract under the statute.
- FTX’s preference claims were limited by collateral that Voyager returned in a contemporaneous exchange of new value.
- FTX could not recover the alleged preferential payments because they were made in the ordinary course of business.
- Even assuming the alleged preferential payments were recoverable, FTX’s claims would be equitably subordinated in the distribution of the Voyager estate (and FTX would therefore recover nothing) because of FTX’s extreme inequitable conduct in relation to the MLA and the FTX APA.
- Its creditors were entitled to damages arising out of FTX’s fraudulent inducement of Voyager to enter into the MLA and FTX’s breach of the FTX APA.
Following a September 2023 in-person mediation session, the parties continued extensive negotiations, leading to an extremely favorable settlement for Voyager. FTX agreed to drop the entirety of its $445 million preference claims against Voyager in exchange for Voyager’s agreement not to attempt to recover on any claims that were (or could have been) asserted in the Voyager proofs of claim. The settlement is subject to a settlement approval motion pending in the FTX bankruptcy proceedings.
The interoffice, cross-practice cryptocurrency, restructuring and litigation team was led by Darren Azman, John Calandra, Joe Evans, Stacy Lutkus, Gregg Steinman, Elizabeth Rodd, Patrick Kennedy, Cris Ray, Daniel Thomson, Chris Combs and McDermott Discovery.
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 1,400 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 Recognized for the First Time in Global Data Review’s GDR 100 Global Elite
AWARDS & RANKINGS / PRESS RELEASE
McDermott Recognized for the First Time in Global Data Review’s GDR 100 Global Elite
April 22, 2024
Read time: 4 min
April 22, 2024 – International law firm McDermott Will & Emery’s global privacy and cybersecurity practice has been recognized for the first time in Global Data Review’s GDR 100 2024, entering the rankings in the Global Elite band. The recognition at this level is a testament to the Firm’s leading reputation among the top 25 data law firms. McDermott is also ranked in the listing of top 10 firms for data protection advisory work.
Global Data Review notes McDermott’s experienced international practice, its ability to work on complex mandates and its track record for advising on groundbreaking matters. One client stated that “[t]he firm’s performance has been outstanding. It provides the best client-oriented and practical legal services of any firm I’ve worked with.”
The team has grown significantly, underscored by the arrival of Elliot Golding and Robin Campbell in Washington, DC, Rosa Barcelo in Brussels, and the more recent additions of Kathryn Linsky in New York and Stephen Reynolds in Chicago. Also recognized are longstanding McDermott team members Michael Morgan and Romain Perray.
The Firm is also recommended for its strength in handling a high volume of healthcare-related defense work. David Saunders, Jennifer Geetter, Ryan Higgins, Ed Zacharias and David Gacioch are noted for their healthcare privacy litigation experience.
McDermott’s global privacy and cybersecurity team provides practical guidance to minimize risk and drive clients’ businesses forward. The team helps clients successfully navigate international and US federal and state privacy and cybersecurity requirements; security incidents and regulator inquiries/investigations; and privacy and cybersecurity assessments. The team is regularly called on by the biggest names in business to provide advice on complex, global compliance and risk management projects, as well as novel privacy/cyber issues.
ABOUT GDR 100
The GDR 100 identifies and profiles the world’s best data law firms. It is the only global ranking that captures the capabilities, track record and market reputation of the leading firms in the field.
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 1,400 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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