Richard Keenan of BT, collecting the award on behalf of , with Jamie Meehan of Cornerstone Research

COMPETITION TEAM OF THE YEAR SPONSORED BY CORNERSTONE RESEARCH

LINKLATERS Sir Christopher Bellamy QC GETTING THE DEAL THROUGH FOR NOVARTIS which involved a US party owning product A and product B Linklaters advised Novartis on a major three-part transaction and finding a European partner for both products. with GlaxoSmithKline (GSK), which involved the $16bn As a result of the substantial efforts of the Linklaters acquisition of GSK assets. To get the deal approved, Linklaters team, the transaction was cleared in all condition precedent had to develop a unique remedy package including the jurisdictions (including the US, China, Australia, and the EU) disposal of two of GSK’s oncology products, both of which within ten months of deal-signing. In particular, despite its were still undergoing clinical development. significant complexity and the innovative remedies required Linklaters proposed two alternative remedy structures, by the European Commission, the transaction was cleared at with the competition authorities choosing the second option, Phase I in the EU.

HIGHLY COMMENDED FRESHFIELDS competition issues. While there BRUCKHAUS DERINGER were particular concerns about Mark Tricker Martin McElwee the barriers to entry in the pork pie Represented Reckitt Benckiser in The team from Freshfields advised market, successfully its acquisition of the KY brand from Poundland on the merger control argued that products in the market Johnson & Johnson using an innovative review of its acquisition of competitor were sufficiently commoditised. licensing scheme. The KY brand was 99p stores. While the Competition licensed to a third party for eight years, and Markets Authority (CMA) had NABARRO which avoided a full-scale divestment indicated Poundland would have to Cyrus Mehta for the deal to be cleared. dispose of some 90 outlets, the firm Following an unprecedented move convinced the regulator during a full by the CMA, Nabarro successfully Phase II investigation that this was not challenged its decision to force its Isabel Taylor necessary and the deal was cleared. client HCA International to sell off Represented Northern Powergrid in two private hospitals in . its successful appeal to the CMA MACFARLANES This was the first time that the against regulator Ofgem’s price Malcolm Walton Competition Appeal Tribunal (CAT) control. This secured Northern The combination of two of the largest had quashed a CMA decision. In Powergrid a £31.5m increase in its competitors in the chilled savoury December 2014, the CAT ordered the total expenditure and its revenue pastry market, Pork Farms Group CMA decision to be quashed and allowances will be increased by and Kerry Foods, raised unique remitted for fresh consideration. £11m over the 2015-23 period.

18 LEGAL BUSINESS AWARDS 2016

The Leading Experts in Competition For over twenty-five years, we have worked with the most qualified experts to identify, address, and explain complex issues arising in high-stakes competition matters.

Cornerstone Research brings deep knowledge of the economics and policy involved in competition matters. We complement this with expertise in finance, marketing, and intellectual property. Our consulting and testifying experts have extensive experience with regulatory enquiries, class certification, liability, damages, and mergers.

For more information: Rahul Guha +1.212.605.5310 / [email protected] Jamie Meehan +44.20.3655.0913 / [email protected] Andrea Shepard +1.415.229.8165 / [email protected]

cornerstone.com

Cornerstone Research UK Limited • 125 Old Broad Street, 6th Floor • London EC2N 1AR • +44.20.3655.0900 LEGAL BUSINESS AWARDS 2016 19