Law Firm News

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Law Firm News

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Fenwick & West, LLP

VC Funding Trends for Life Science Firms
A corporate partner at Fenwick & West, analyzes the number and value of venture capital investments in the healthcare, medical device and biopharmaceutical sectors.

New records in 2007

The first quarter of 2007 saw the highest venture capital investments in life science categories since Venture Source and Ernst & Young LLP began quarterly reporting in 2000. On an annualized basis, the amount of funding for life science firms this year is approaching $12 billion, which could mean that 2007 venture support in will set a new record. Last year, $8.3 billion was spent on aggregate life science funding.

Companies receiving funding

Biopharmaceutical, biotechnology, and pharmaceutical companies consistently are rewarded about 60% of the dollars from healthcare venture capital firms. The medical device category receives about 40% of the money and 33% of the transactions, and the rest goes to healthcare services and medical software and information technology companies.

Firms receiving the most private support in 2007 include EUSA Pharma, which develops specialty pharmaceuticals focused on European markets, and CardioNet, which provides mobile cardiac outpatient telemetry solutions.

In the last year, Macroflux, a spin-out of Johnson & Johnson's Alza subsidiary that develops transdermal delivery techniques, Zogenix, which focuses on pharmaceuticals to treat central nervous system disorders, and Arete Therapeutics, developer of drugs that will combat cardiovascular, inflammatory and metabolic diseases, each raised large first-round venture capital investments.

Read the entire article by Rob Dellenbach on the Genetic Engineering News website.

About Fenwick & West's Venture Capital Surveys

The Fenwick & West Quarterly Venture Capital Survey, launched by law firm partners Barry J. Kramer and Michael J. Patrick in 2002, offers a unique view of the venture capital market in Silicon Valley by providing insight into the changes in venture capital valuations and terms. Focusing exclusively on trends in venture financing and valuations, the Fenwick & West Survey complements the economic data presented in the Dow Jones VentureSource Survey and the MoneyTree™ Survey by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association.

09-01-2007

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Squire, Sanders & Dempsey, L.L.P.

THE BUSINESS JUDGMENT RULE: EROSION BY JUDICIAL ACTIVISM
Squire, Sanders & Dempsey L.L.P. partner Frank M. Placenti proposes that the business judgment rule, originally developed by courts as a way of keeping “hands off” business decisions by corporate boards absent abusive circumstances, has since morphed into a tool for judicial activism. He explores the Delaware Chancery Court’s review of the Caremark/CVS merger as the most recent use of the business judgment rule under this new paradigm. Mr. Placenti, based in our Phoenix office, is a corporate finance and transactions lawyer whose clients include public companies, private equity firms, broker-dealers and others. He has assisted clients, their special committees and audit committees in managing internal investigations as well as SEC and stock exchange investigatory matters.

09-01-2007

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Moser & Marsalek, P.C.

Moser Expands Corporate and Real Estate Practices Through Merger with Kasten, Green, Glassl & Welch, LLP
St. Louis law firm Moser & Marsalek, P.C. announced today that Joel P. Green, Norbert J.J. Glassl and Kay A. Welch, all formerly of Kasten, Green, Glassl and Welch, LLP, have joined the firm.

The combined firm will operate under the name Moser & Marsalek, P.C. and will maintain two offices to conveniently serve their clients. Offices are located in downtown St. Louis and O’Fallon, Illinois.

“Our firm has been looking to expand our expertise into areas beyond traditional defense litigation,” said Peter Spataro, Moser’s Managing Principal. “Joel and Norbert bring the experience we need to build our corporate and real estate practices, while Kay adds depth to our estate planning team. With the addition of several practice areas, our firm can offer a broader scope of legal services to our existing clients, as well as continue to attract new business.”

“Combining our firm with Moser & Marsalek, P.C. reinforces the strong business principles and values on which we have always based our practice,” added Mr. Glassl. “We have taken an important step forward to join a respected, established law firm with whom we share a strong commitment to developing long-term, successful client relationships.”

The merger allows Moser & Marsalek, P.C. to expand its current practice areas to include commercial real estate transactions and litigation, mortgage services and foreclosure litigation, franchising and distribution relationships and general commercial transactions, while adding to its existing services in business and estate planning, and general business litigation. Please visit our website at www.moser.com to learn more about our experienced lawyers and excellent customer service.

“We were committed to growth into the St. Louis market, and the strong reputation of Moser & Marsalek, P.C., along with its strategic expansion vision make this a perfect union,” said Mr. Green. “We will be able to leverage the resources and talents of Moser’s attorneys to represent the long-term best interests of our clients and offer them a wider range of legal services from either location.”

Since 1925 the lawyers of Moser & Marsalek, P.C. have provided companies and individuals with intelligent counsel and strong trial work that generates positive results. With expertise in multiple practice areas and a firm management philosophy that encourages flexibility and mastery of the latest technology, Moser & Marsalek, P.C. is firmly focused on understanding and meeting clients’ needs while successfully navigating through the city, state and federal judicial systems.

09-01-2007

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Jenner & Block LLP

Jenner & Block Announces Subprime Lending Task Force
Jenner & Block has announced the formation of an interdisciplinary task force focusing on legal and regulatory issues arising from the subprime lending crisis. The task force has been created to provide counseling and litigation services to clients on the complex range of legal issues arising from subprime lending and its derivatives. The task force includes many of Jenner’s most experienced partners in complex litigation, insurance coverage, securities, white collar-defense and investigations, bankruptcy and corporate finance.

In announcing the task force, Gregory S. Gallopoulos, the Firm’s Managing Partner, said: “Our people have been analyzing the issues arising from the subprime lending crisis, and we are already advising clients on these issues. We feel that we can bring a lot of talent and intellectual firepower to bear on the problems that our clients will be facing.”

The task force includes top partners from the following disciplines:

Complex litigation: Jenner & Block is consistently recognized as one of the top “go-to” firms in the country for tough, high stakes litigation of utmost importance to clients. The depth and breadth of its litigation experience and capabilities uniquely qualify it for the kinds of problems likely to emerge from the current subprime lending crisis. The substantial recent experience of several Jenner & Block partners in prosecuting and defending claims associated with securitization of credit card debt is particularly valuable and relevant to clients either defending or prosecuting claims involving subprime lending issues.

Securities: Jenner & Block’s securities practice includes three top former SEC officials who understand the nuances of the securities laws, which are central to many of the subprime lending cases, and who are experienced in dealing with the SEC and highly respected by the SEC staff.

White-collar defense and internal investigations: Two of Jenner & Block’s partners are former United States Attorneys and thirteen Jenner & Block partners have served as Assistant United States Attorneys. The unparalleled experience of the white-collar/investigations group will be critical in assisting clients evaluate the facts and in dealing with law enforcement and regulators.

Insurance coverage: Jenner & Block has one of the most sophisticated and experienced policyholder insurance coverage practices in the country. Its experience in assisting companies and individuals recover pursuant to D & O liability policies, as well as errors and omissions policies, is particularly relevant to the claims being asserted in numerous subprime lending lawsuits alleging violations of the securities laws.

Plaintiff’s opt-out litigation: Jenner & Block has a team of litigators that has spent more than three decades representing major corporate clients in evaluating whether to opt out of class actions in which they are putative plaintiffs and in prosecuting opt-out suits on their behalf. Already, many Fortune 500 companies and retirement funds are putative plaintiffs in pending class actions who will need to decide whether and how to pursue their claims individually.

Corporate Finance: Jenner & Block’s Corporate Finance practice includes the former senior vice-president and general counsel of General Motors Asset Management, a $100 billion investment adviser, and partners who specialize in securitizations. That experience will be an important asset in analyzing and addressing complex issues relating to sub-prime loan securitizations.

Bankruptcy: Jenner & Block’s bankruptcy practice has handled some of the most sophisticated and complex bankruptcies in recent years, including those of companies involved in financial derivatives. Jenner & Block was the liquidating trustee in the Commercial Financial Services bankruptcy. This experience is available to serve clients facing reorganization or dissolution as part of the fallout from the subprime lending crisis.

Professional malpractice: Jenner & Block’s professional responsibility team is routinely hired by the most prestigious law firms in the country to represent them in connection with professional malpractice claims, which will likely result from the subprime lending situation.

09-01-2007

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O'Melveny & Myers, LLP

O'Melveny Represents MGM with United Artists Partnership, $500M Financing
O'Melveny recently represented Metro-Goldwyn-Mayer Studios Inc. ("MGM") in the formation of United Artists Entertainment LLC ("UA") -- a partnership between MGM, actor Tom Cruise, and chief executive Paula Wagner -- and led the $500 million capital raise for the revived studio.

The historic United Artists brand was initially founded some 85 years ago by movie greats Douglas Fairbanks, Charlie Chaplin, Mary Pickford, and D.W. Griffith. Throughout its history, it has appeared on such iconic film franchises as Rocky, The Pink Panther, and James Bond.

MGM partnered with Cruise and Wagner last fall. The pair agreed to run UA following their departure from Viacom Inc. O'Melveny represented MGM in the formation of the partnership.

On August 16, UA secured $500 million in financing through Merrill Lynch & Co. The deal provides the revamped studio with financing for the production of 15 to 18 films over the next five years. The financing is effective immediately, and will cover two UA film projects already in the works.

MGM Chairman and CEO Harry Sloan said, "We are pleased that this new United Artists financing arranged by Merrill Lynch supports the MGM model, providing a solid foundation for its production while also creating a pipeline of high quality films for worldwide distribution by MGM. We are also pleased to see such strong support from Wall Street for Tom and Paula and their team, which has enabled us to close this significant transaction within nine months of launching a new UA."

UA expects to release four to six films annually. Its slate will include a combination of films developed in-house; co-produced or co-financed with other major studios or independent partners; or acquired through distribution agreements.

The O'Melveny team was led by partner Chris Brearton and associate Ken Deutsch, with support from partners Stephen Scharf, Luc Moritz, and Linda Griffey; counsels Nancy Bruington and Michael Crosby; and associates Julie Wie, Amy Siegel, and Anita Choi.

Metro-Goldwyn-Mayer Inc. is an independent, privately held motion picture, television, home video, and theatrical production and distribution company.

09-01-2007

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Loyens & Loeff

Linda Grootendorst versterkt vastgoed-notariaat Loyens & Loeff
Linda Grootendorst is onlangs als senior adviseur in dienst gekomen van Loyens & Loeff N.V., waar zij als kandidaat-notaris werkzaam is binnen de Praktijkgroep Vastgoed in Rotterdam.

Voorheen was zij local partner bij AKD Prinsen Van Wijmen. Daarvoor was zij werkzaam bij Nauta Dutilh. Linda Grootendorst (50) heeft jarenlange ervaring in het notariaat. Zij is gespecialiseerd in (commerciële) vastgoedtransacties. Haar expertise ligt in de in overdrachts- en omzetbelasting gerelateerde transacties en zij heeft ruime ervaring met projectontwikkeling, splitsingen in appartementsrechten, uitpondprojecten en erfpacht- en opstalrechtconstructies. Ook verricht zij due diligence onderzoek en verzorgt ze de vestiging van zekerheden. Bovendien behandelt zij overdrachten, teboekstellingen en financieringen van Nederlandse vlag schepen.

09-01-2007

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Forchelli, Curto, Schwartz, Mineo, Carlino & Cohn, LLP

Partner Barbara Shaheen Alesi Named in the Long Island Business News’ Listing of “Who’s Who in Women in Professional Services”.
Partner Barbara Shaheen Alesi is featured in the Long Island Business News’ listing of "Who's Who in Women in Professional Services." In the article, Ms. Alesi discusses a recent rise in purchaser scrutiny in connection with the sale and purchase of businesses.

“There has been heightened scrutiny by purchasers during the due diligence period and the time frame in which due diligence is conducted has been lengthened,” Alesi explained. “Purchasers are paying particular attention to “contingent liabilities”, which may surface after closing of the transaction, such as litigation claims, creditor claims, disputes with vendors/customers, product liability issues, environmental claims and potential tax claims.”

A graduate of St. John’s University School of Law, Ms. Alesi concentrates her practice in corporate and commercial matters, including mergers and acquisitions, commercial real estate transactions, private placements of securities, and mortgage and asset-based financing. She is a member of the New York State Bar Association, where she has been a guest speaker on the topic of "Forming and Advising Business Entities," and the Nassau County Bar Association, where she serves on the Corporation Law Committee. Ms. Alesi has served as Chairperson on the National Advisory Board of North Shore Animal League America, Executive Board Member of the National Association of Women Business Owners-LI and on the membership committee of the Executive Women's Golf Association. She has twice been recognized as one of Long Island’s “Top 50 Women” by the Long Island Business News.

08-31-2007

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