The Servier case: The game isn’t over yet -
The European Court of Justice recently issued seven judgments in the landmark "Servier" case, confirming the anticompetitive nature of "pay-for-delay" agreements between...more
In a much-anticipated ruling of 3 September 2024, the EU's highest court threw out the policy that the European Commission has been pursuing since 2021, by which it asserted jurisdiction to review so-called “killer...more
Key Takeaways -
- As FDI regimes proliferate and mature around the globe, governments are taking an ever-more expansive view of the concept of “national security” to include more than military and defense interests, which...more
5/14/2024
/ Australia ,
Belgium ,
China ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
EU ,
Foreign Direct Investment ,
Foreign Investment ,
France ,
Germany ,
Investment ,
Investors ,
Ireland ,
Legislative Agendas ,
National Security ,
Regulatory Agenda ,
Russia ,
Singapore ,
UK ,
United States
Applying its recent re-interpretation of Article 22 of the European Union Merger Regulation (“EUMR”), which enables Member States to refer to the European Commission (the “Commission”) transactions that do not reach either EU...more
After over 25 years, the European Commission (the “Commission”) has revised the guidance on market definition in antitrust and merger control investigations. The new guidance, most notably, reflects developments relating to...more
The European Commission (EC) has published a report on competition law enforcement in the EU's pharmaceutical sector during the 2018-2022 period. The report, released on 26 January, provides detailed insights into the actions...more
Only 12 significant merger investigations concluded in 2023—a drop of 40 percent from just last year and by far the lowest in DAMITT history. This observed and verifiable drop sharply contrasts with recent reports that...more
The European Commission has published new guidance and related regulations concerning cooperation among competitors, under Article 101 of the Treaty on the Functioning of the European Union (TFEU). These replace instruments...more
6/14/2023
/ Algorithms ,
Climate Change ,
Competition ,
Corporate Counsel ,
EU ,
European Commission ,
Infrastructure ,
Safe Harbors ,
Sustainability ,
Technology Sector ,
Telecommunications ,
Treaty on the Functioning of the European Union (TFEU)
On 12 October the Digital Markets Act (DMA)1 was published in the Official Journal of the European Union. The DMA will enter into force on 1 November 2022 and will apply as of 2 May 2023. The DMA introduces European-wide ex...more
10/26/2022
/ Acquisitions ,
Competition ,
Compliance ,
Corporate Counsel ,
Digital Marketplace ,
Digital Markets Strategy ,
Digital Platforms ,
Enforcement ,
EU ,
European Commission ,
Member State ,
Mergers ,
Proposed Regulation ,
Regulatory Oversight ,
Sanctions
On June 30, 2022, the EU institutions reached a political agreement on the text for the FSR that will give far-reaching powers to the EC to control subsidies provided by non-EU governments to businesses active in the EU....more
The national security and foreign direct investment (“FDI”) review landscape around the world is evolving rapidly. A pre-pandemic trend of active FDI reviews in countries around the world has gained momentum and resulted in...more
Recent notable industry transactions.
The Alan Turing Institute, the Royal Statistical Society and the UK Department of Health and Social Care's Joint Biosecurity Centre finalised a partnership agreement in relation to the...more
12/2/2020
/ AstraZeneca ,
Bayer ,
Coronavirus/COVID-19 ,
Corporate Sales Transactions ,
Infectious Diseases ,
Life Sciences ,
Merck ,
Mylan Pharmaceuticals ,
Pfizer ,
Pharmaceutical Industry ,
UK
Medicines and Medical Devices Bill (MMDB) – The MMDB is intended to act as the primary UK legislation specifying powers that would enable the regulatory regimes for human medicines, clinical trials, veterinary medicines and...more
As the most tax advantageous HMRC approved share option scheme available, the Enterprise Management Incentive (EMI) scheme has long been the preferred form of incentive for eligible early and mid-stage UK-based life science...more
The UK has announced a bill proposing a new system to screen transactions for national security risk, separate from the system of merger review operated by the Competition and Markets Authority. The National Security and...more
12/2/2020
/ Antitrust Provisions ,
Biotechnology ,
Foreign Investment ,
Legislative Agendas ,
Life Sciences ,
National Security ,
Pharmaceutical Industry ,
R&D ,
Regulatory Agenda ,
UK ,
UK Parliament
The UK has become one of the latest in a line of countries around the world to tighten FDI screening rules in the context of the COVID-19 pandemic. The legislative changes that were passed recently affect the rules in two...more
10/26/2020
/ Artificial Intelligence ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Cryptography ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
Jurisdictional Thresholds ,
Merger Controls ,
National Security ,
Proposed Legislation ,
Public Health Emergency ,
Public Interest ,
Threshold Requirements ,
UK
Key Takeaways -
- Foreign Direct Investment (FDI) controls are proliferating around the globe. Since the pandemic, “health” has become a particular focus.
- Several countries have adapted their existing FDI rules, or...more
7/29/2020
/ Australia ,
Austria ,
Biotechnology ,
Canada ,
CFIUS ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Czech Republic ,
EU ,
European Commission ,
Foreign Acquisitions ,
Foreign Direct Investment ,
France ,
Healthcare Facilities ,
Hungary ,
Italy ,
Japan ,
Medical Devices ,
Member State ,
Mergers ,
New Zealand ,
Pharmaceutical Industry ,
Poland ,
Slovenia ,
Spain ,
Threshold Requirements ,
UK ,
Voting Rights
The EU Foreign Direct Investment Regulation will be in full force from October 11, 2020. We expect it will radically alter the dynamics of foreign investment review in Europe. Any non-EU investor and any EU target company...more
5/18/2020
/ Acquisitions ,
EU ,
European Commission ,
Foreign Direct Investment ,
Foreign Subsidiaries ,
Member State ,
Mergers ,
National Security Review Proceedings ,
New Regulations ,
Non-EU Investors ,
UK Brexit
Strong signal that the EU wants to protect its critical businesses and that the European Commission’s “advisory” role under the EU FDI Regulation will be significant .
Key Takeaways -
In response to concerns raised by...more
The European Commission (the “Commission”) issued four separate decisions on 24 July 2018, fining consumer electronics manufacturers Asus, Denon & Marantz, Philips and Pioneer a total of €111 million for imposing fixed or...more
8/17/2018
/ Algorithms ,
Antitrust Violations ,
Consumer Product Companies ,
E-Commerce ,
Enforcement Actions ,
EU ,
European Commission ,
Fines ,
Internet Retailers ,
Manufacturers ,
Resale Price Maintenance (RPM) ,
Treaty on the Functioning of the European Union (TFEU) ,
Vertical Restraints