Coverage archive - The Capitol Forum

Enbridge/Dominion: Vertical Power Concerns Related to Dominion’s Control Over Contract Terms Could Attract FTC Scrutiny

In its acquisition of utility company Dominion (D), Enbridge (ENB), a major pipeline operator, could use Dominion’s control over contracts between buyers and sellers of natural gas in Ohio to favor its own interstate pipelines, according to a Capitol Forum analysis. Enbridge currently...

Sep 22, 2023 Read Now >

The European Antitrust Agenda: UnitedHealth/Emis Deal Faces Third-Party Complaints; Pfizer/Seagen Files for EC Review; Google Challenges Antitrust Fine; EC Competition Director Minimizes Role of Below-Threshold Merger Reviews

UnitedHealth/Emis review sparks third party complaints. The Competition and Markets Authority has published three third party responses critical of its decision to give a provisional green light to UnitedHealth Group’s (UNH) 1.2 billion pounds ($1.5 billion) plan to buy EMIS Health...

Sep 18, 2023 Read Now >

The Antitrust Agenda: Senate Commerce Hearing for FTC Commissioners This Week; Recap of Illumina vs. FTC 5th Circuit Hearing

Three FTC Commissioner Nominations on tap for hearing. The Senate Commerce Committee is set to hold a hearing on FTC nominees Melissa Holyoak and Andrew Ferguson and the renomination of FTC Commissioner Rebecca Slaughter. While the Republicans will likely not be confirmed before the...

Sep 18, 2023 Read Now >

InMode: Sales Meeting Recording Details Importance of Morpheus8V Sales to OBGYNS Even Though Company Does Not Have FDA Approval for Treatment of Stress Urinary Incontinence

In audio recordings from a February sales conference, Dr. Spero Theodorou, Chief Medical Officer of InMode (INMD), told sales representatives to sell a device that he acknowledged did not have FDA approval to treat stress urinary incontinence (SUI) to OBGYNs because it was a “Trojan...

Sep 18, 2023 Read Now >

Kroger/Albertsons: Divestiture Deal Triggers Blowback from Unions Representing Store Workers

Kroger’s (KR) proposed acquisition of Albertsons’ (ACI) is generating new union objections over the selected buyer of stores the supermarket operators would divest in exchange for the $24.6 billion deal receiving FTC and states’ clearance. Earlier this month, C&S Wholesale...

Sep 14, 2023 Read Now >

Medtronic: Class Action Filed Over Recalled Defibrillators; Devices Continue to Produce Adverse Event Reports, Including Deaths and Injuries, in FDA Data

Implantable cardiac defibrillators sold by medical device maker Medtronic (MDT), some of which have been recalled since August of 2022, continue to generate a high volume of reports of adverse events to the Food and Drug Administration, a Capitol Forum review of report data has found. The...

Sep 14, 2023 Read Now >

Adobe/Figma: The Impact of Rivals, Large and Small, Could be Key to Deal’s Regulatory Fate

The European approvals of Adobe’s (ADBE) $20 billion plan to buy Figma likely hinges on arguments that fast-growing competition from small, dynamic software design firms and constraints imposed by Big Tech titans will keep the merged entity in check, according to analysis by The...

Sep 14, 2023 Read Now >

Guaranteeing Google as Default Search Engine ‘Key Thing’ Company Paid for in Contracts, Former Executive Says

A former Google (GOOG) contract negotiator said today that guaranteeing its search engine was the default setting on smartphones was so important that it would only share revenue with the phone’s manufacturers and wireless carriers if they didn’t offer the same privilege to rival...

Sep 13, 2023 Read Now >

Health Care Antitrust Weekly: FTC Eyes Improperly Listed Patents in Orange Book; New Illinois Law Expands Targets Health Care Provider Consolidation

FTC set to issue statement on improperly listed patents in FDA’s Orange Book. The commission will consider whether to issue a policy statement regarding patent listings in the Orange Book at an open meeting tomorrow. We highlighted a report on the impacts of patent gaming on inhaler...

Sep 13, 2023 Read Now >

FTC Case Against J&J’s Remicade Inches Toward Litigation as FTC Considers Consumer Protection Count

The FTC’s four-year investigation of Johnson & Johnson’s (JNJ) allegedly illegal conduct in defending the market share of its blockbuster drug Remicade is inching toward litigation, according to sources familiar with the matter. The investigation is broader than has been publicly...

Sep 12, 2023 Read Now >

Broadcom/VMware: Deal Progresses Through Review Process as SAMR Talks Continue, Proposed Remedy Receives Initial Positive Feedback

Broadcom’s (AVGO) planned acquisition of VMware (VMW) is advancing through China’s regulatory process as the U.S. tech giant engages in discussions with the country’s competition enforcer over a proposed remedy that initially is receiving positive government and industry feedback...

Sep 06, 2023 Read Now >

The Antitrust Agenda: Monopolization Investigations and Litigation Set to Drive Agenda Through End of Biden’s Term

Months of monopolization cases ahead. To date, mergers and big legislative fights have tended to dominate the headlines when it comes to antitrust enforcement during the Biden administration. But monopolization enforcement and litigation are set to command attention through the remainder...

Sep 05, 2023 Read Now >

The European Antitrust Agenda: Tech Firms Get Ready for EU’s DMA Designations; Microsoft Responds to EU Probe by Unbundling Teams from Office; UK Court Backs CMA in Bake-At-Home Goods Merger Block

Major tech companies prepare for Digital Markets Act designations. The European Commission is set to announce the first round of digital “gatekeepers” on Wednesday. Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), ByteDance, Meta (META), Microsoft (MSFT) and Samsung notified the agency...

Sep 05, 2023 Read Now >

I Set Out to Create a Simple Map for How To Appeal Your Insurance Denial. Instead, I Found a Mind-Boggling Labyrinth

This article was published by Cheryl Clark of ProPublica as part of ProPublica and The Capitol Forum’s series on the American health care system. Have you ever had a health care claim denied by your insurer? Ever tried to appeal it? Did you wind up confused, frustrated,...

Aug 31, 2023 Read Now >

AAON: Sales Concentration with Texas AirSystems and Meriton Raises Red Flags, Potentially Requiring Additional Disclosures

AAON Inc. (AAON), a large manufacturer of ventilation and air conditioning equipment for both commercial and residential use, discloses in its SEC filings that its customer Texas AirSystems LLC accounted for “more than 10% or more of its sales during 2022, 2021 and 2020” and accounted...

Aug 24, 2023 Read Now >

McKesson Uses PBM-Like Tactics in Oncology Drug Market to Boost Profits, Critics Allege

McKesson (MCK), America’s largest pharmaceutical distributor, has almost tripled its net income to $3.56 billion over the past 13 years and now ranks No. 9 on the Fortune 500 list of the largest U.S. companies by revenue, just behind Google’s parent company, Alphabet (GOOGL). But...

Aug 22, 2023 Read Now >

Antitrust Scrutiny of Vistra’s $3.4B Plan to Purchase Energy Harbor Grows Amid Second Request and Questioning by FERC

The Federal Energy Regulatory Commission (FERC) said yesterday that it wants more information on the Vistra (VST) acquisition of Energy Harbor (ENGH) after antitrust concerns were raised by state and regional authorities. “Please be advised that the Application is deficient, and the...

Aug 18, 2023 Read Now >

Khan Outlines FTC Support for Employees to Report Harassment Following Allegations Against Wright

This article has been updated slightly for clarity. FTC Chair Lina Khan, in the wake of allegations made against former Commissioner Joshua Wright, outlined steps this week that agency employees can take to report sexual harassment. In a memo yesterday to agency staff and her fellow...

Aug 16, 2023 Read Now >

Fiserv: California State Legislator’s Office Investigating Award of Two Additional Contracts to Money Network After Problems With Middle Class Refund Program

Money Network Financial—a subsidiary of global fintech and payments company Fiserv (FI)—last year was awarded a contract by California’s Franchise Tax Board to administer the state’s middle class tax refund, consisting of over $9 billion to be disbursed to over 32 million eligible...

Aug 14, 2023 Read Now >

Intel/Tower Semiconductor: Deal’s Fate Grows Murkier After Biden Unveils Executive Order on U.S. Investment in China

The fate of Intel’s (INTC) proposed $5.4 billion Tower Semiconductor acquisition has grown even murkier following President Joe Biden unveiling his long-anticipated executive order limiting U.S. investment in China, said attorneys in the country not involved with the deal. On the one...

Aug 10, 2023 Read Now >

Microsoft/Activision: Tech Giant’s Persistence Leads CMA to Effectively Launch Unprecedented ‘Phase 3’ UK Review

Microsoft’s (MSFT) persistent attempts to close its proposed takeover of game developer Activision Blizzard (ATVI) have prompted the Competition and Markets Authority to reassess the merger, effectively pushing the regulator to engage in what amounts to a phase 3 investigation of the...

Aug 10, 2023 Read Now >

EQT/Dechra Pharmaceuticals: Transaction Avoids UK Merger Scrutiny Following Briefing Paper’s Submission

Private equity firm EQT is said to have avoided a UK antitrust review of its proposed 4.5 billion pound ($5.6 billion) acquisition of Dechra Pharmaceuticals (DPH: LN). The Competition and Markets Authority had sought further information from the parties following their submission of a...

Aug 09, 2023 Read Now >

Resources Plans Expanded Drilling Program but Past Results May Indicate Challenges Ahead

In July, Houston Natural Resources (OTC: HNRC) acquired Appalachian operator Cunningham Energy for an undisclosed sum, after paying $19.62 million for a 9.9% interest in October 2022, with the company planning a NASDAQ or NYSE uplisting later this year. Central to the deal is an...

Aug 09, 2023 Read Now >

Medtronic: Device Incident Data Differs from Company’s Figures in Recall of Implantable Cardiac Defibrillators, Raising Questions About Company’s Calculations

After a series of recalls of implantable cardiac devices sold by medical device maker Medtronic (MDT), a Capitol Forum review of device incident data suggests that there may be more adverse events associated with the defibrillators than the company has identified in its recalls due to the...

Aug 08, 2023 Read Now >

Amazon/iRobot: Deal Provides Opportunity for Enforcers to Develop ‘Ecosystem’ Theory of Harm

Amazon’s (AMZN) proposed $1.7 billion iRobot (IRBT) acquisition is providing European enforcers an opportunity to further develop a 21st century economic theory of harm created with tech platforms in mind. In announcing its phase 2 in-depth investigation of Amazon/iRobot last month, the...

Aug 02, 2023 Read Now >

Managed-Care Industry Draws Section 2 Monopolization Investigation at DOJ

DOJ has launched a monopolization investigation of the managed-care industry, said people familiar with the matter but not involved in the probe. The investigation is still in the early stages, the sources said, and is being conducted under Section 2 of the Sherman Act, which makes it...

Jul 26, 2023 Read Now >

Citigroup: DOJ Investigating Possible Race Discrimination in Mortgage Lending

The Department of Justice is looking at whether Citigroup (C) discriminated against Black and Hispanic homebuyers in recent years, at a time when the nation’s third-largest bank was struggling to satisfy federal banking rules, according to sources familiar with the matter. A national...

Jul 21, 2023 Read Now >

Encompass Health: Former Employees Raise Concerns Regarding Enrollment Practices and Compliance with Medicare Requirements

For Medicare to pay for inpatient rehabilitation, patients must be diagnosed with at least one of 13 possible conditions and must be able to show a need and capability to undergo intensive rehabilitation for at least 15 hours per week. Medicare also requires that the assessment, known as...

Jul 20, 2023 Read Now >

Prospects Brighten for Broadcom/VMware, ICE/Black Knight, L3Harris/Aerojet Following Recent Developments

The prospects for Broadcom’s (AVGO) proposed VMware (VMW) buyout, Intercontinental Exchange’s (ICE) attempted Black Knight (BKI) purchase and L3Harris Technologies’ (LHX) bid for Aerojet Rocketdyne have distinctly improved due to a series of recent, unrelated developments, according...

Jul 20, 2023 Read Now >

Amazon/iRobot, Thoma Bravo/ForgeRock, Globus/NuVasive May Trigger Tripwires in Draft Merger Guidelines

U.S. antitrust enforcers could target Amazon’s (AMZN) planned $1.7 billion iRobot (IRBT) buyout, Thoma Bravo’s $2.3 billion ForgeRock (FORG) bid and Globus Medical’s proposed $3.1 billion NuVasive (NUVA) tie-up, according to a Capitol Forum analysis of draft merger guidelines...

Jul 19, 2023 Read Now >

Microsoft/Activision Blizzard: Novel Move Could Open Path for Clearance After Final Report That Avoids Independent Inquiry

The Competition and Markets Authority’s likely clearance of Microsoft’s (MSFT) proposed $68.7 billion Activision Blizzard takeover could open a new route for companies to receive approval for their deals by reversing a “final” prohibition and avoiding an independent group’s...

Jul 18, 2023 Read Now >

FirstEnergy Expected to be Removed from MSCI ESG Indexes at Next Rebalancing

On August 31, the Deka Group expects its ESG ETFs to drop FirstEnergy (FE) following an index rebalancing by MSCI (MSCI), according to a statement made to The Capitol Forum by a Deka spokesperson. The Capitol Forum first reported in June that FirstEnergy would be dropped from numerous...

Jul 18, 2023 Read Now >

Thoma Bravo/ForgeRock: DOJ Leans Toward Suit, Raising Question of Whether Buyer Will Defend Deal in Court

DOJ is leaning toward suing to block Thoma Bravo’s planned buyout of cybersecurity software maker ForgeRock (FORG), sources said, raising questions about whether the private equity firm will bow out as the buyer in the $2.3 billion deal.   Following an...

Jul 11, 2023 Read Now >

Remicade: Of Late, Biosimilars Have Gained Share at Greater Clip, But Overall Picture Shows Problematic Biosimilar Adoption Rate; Antitrust Lawsuits Provide Context for FTC Investigation

The Capitol Forum recently published an analysis of market share and pricing data for the blockbuster autoimmune disorder treatment Remicade (infliximab), which has been under FTC investigation since 2019. Our reporting exposed a broken system in which rebate schemes appear to drive...

Jul 11, 2023 Read Now >

Globus/NuVasive: Spinal-Device Merger Could Give Doctors Fewer Operating Options, Some Surgeons Say

Globus Medical’s (GMED) proposed $3.1 billion acquisition of rival NuVasive (NUVA) could accelerate a market trend that has resulted in fewer choices of spinal devices and operating techniques, some surgeons told The Capitol Forum. The surgeons said that hospitals seeking discounts on...

Jul 07, 2023 Read Now >

EU and UK Look to Germany to Lead the Way in Google Automotive Services Enforcement

Germany’s antitrust regime for technology giants may already be proving more effective than the EU’s Digital Markets Act, with the European Commission and the UK’s Competition and Markets Authority leaving the German enforcer to take on a complaint against Google’s (GOOGL)...

Jul 06, 2023 Read Now >

Pfizer/Seagen: Deal Faces EC Probe with Bavencio Royalty Potentially at Issue

Pfizer’s (PFE) plan to buy Seagen (SGEN) for $43 billion is said to face scrutiny by the European Commission following a referral request by the buyer. The deal could draw regulatory questions in Europe about a royalty payment Pfizer is set to receive for bladder cancer drug Bavencio,...

Jun 29, 2023 Read Now >

FTC Could be Setting Up Coke and Pepsi as the Modern Textbook Cases of the Robinson-Patman Act, as the Agency Begins its Revival of the Long-Dormant Law

Experts say the FTC’s Robinson-Patman Act investigation into Coke (COKE) and Pepsi (PEP) could make for a shrewd first enforcement action, given the clear evidence of price discrimination by big soda against small retailers. The FTC is renewing enforcement of the 1936 anti-chain store...

Jun 29, 2023 Read Now >

How Often Do Health Insurers Say No to Patients? No One Knows.

This article is being published in partnership with ProPublica. It’s one of the most crucial questions people have when deciding which health plan to choose: If my doctor orders a test or treatment, will my insurer refuse to pay for it? After all, an insurance company that routinely...

Jun 28, 2023 Read Now >

LifeStance: Company Creates Barriers to Mental Health Treatment, Cancels Appointments When Patients Refuse to Pay Amounts They Don’t Owe

LifeStance Health (LFST), a nationwide roll up of outpatient mental health clinics, has, in at least some clinics, installed gatekeepers who demand patients pay whatever the company’s error-ridden billing system shows as outstanding—even if it’s wrong—as a precondition to seeing...

Jun 27, 2023 Read Now >

Kroger/Albertsons: FTC Could Revive Depression-Era Law in Bid to Block Supermarket Merger

As Kroger (KR) and Albertsons (ACI) attempt to create the second-largest U.S. supermarket group after Walmart (WMT), the FTC is dusting off a Depression-era law aimed at curbing the power of large retail chains, suggesting that the long-dormant statute could play a role in a potential...

Jun 26, 2023 Read Now >

Chevron/PDC Energy: Combined Entity Would Control Over a Quarter of Colorado Oil & Gas Production

Chevron’s proposed $7.6 billion merger with PDC Energy would significantly consolidate the Colorado oil and gas industry—the fifth largest crude oil-producing state in the U.S.—combining Chevron’s 10 percent of Colorado’s market share with PDC Energy’s 16 percent, according to...

Jun 23, 2023 Read Now >

At least 18 Indexes Likely to Drop FirstEnergy at Next Redetermination as ESG Concerns Snowball

Index providers S&P Global (SPGI), MSCI (MSCI) and the London Stock Exchange Group’s (LSE) FTSE Russell are likely poised to remove FirstEnergy (FE) from at least 18 of their ESG indices after their next quarterly redetermination, according to a Capitol Forum investigation. Over a...

Jun 21, 2023 Read Now >

SAMR Shuffles Top Merger Officials Amid Probes of Sensitive Chip Deals

China’s antitrust authority has quietly made two key staff appointments in its merger department, putting a seasoned enforcer and a relative novice in charge of reviewing multibillion-dollar technology deals including Intel’s (INTC) proposed buyout of Tower Semiconductor (TSEM), said...

Jun 20, 2023 Read Now >

J&J’s Remicade: Rebates and High Net Prices, Not Low Net Prices, Inform Market Shares for Remicade and Biosimilar Competitors

The FTC has been investigating blockbuster biologic autoimmune disorder treatment Remicade (infliximab) since June 2019. Remicade is a tumor necrosis factor (TNF) inhibitor first approved in 1998 and marketed by Johnson & Johnson subsidiary Janssen. The drug is currently indicated to...

Jun 20, 2023 Read Now >

Broadcom/VMware: Some Deal Critics Not Included in EC Market Test of Proposed Remedy

The European Commission is said to have not sought feedback from some critics of Broadcom’s (AVGO) proposed VMware (VMW) acquisition regarding the U.S. chipmaker’s offer to address the regulator’s concerns about the $61 billion deal. By not approaching these critics, the commission...

Jun 07, 2023 Read Now >

iRhythm: FDA Publishes Warning Letter to Company Citing Several Problems with Labelling and Data Storage, Potentially Paving Path for Recall

Earlier this morning, the FDA published a lengthy warning letter the agency had sent to heart monitoring company iRhythm (IRTC) regarding the marketing of its Zio AT System as providing “near real-time monitoring” for immediate monitoring of “high-risk patients.” However, as the...

Jun 06, 2023 Read Now >

Natera: Response to Public Records Request Suggests Kentucky Attorney General’s Investigation into Natera Has Progressed

The response to a recent records request by The Capitol Forum to the Kentucky Attorney General suggests that the agency’s investigation into genetic testing company Natera (NTRA) has progressed over the last three months, with the agency gathering evidence and potentially preparing for...

Jun 05, 2023 Read Now >

The European Antitrust Agenda: Microsoft/Activision Deal Given Tentative UK Appeal Date; EC Mulls Broadcom/VMware Remedy; Booking Holdings Faces Objections to Etraveli Merger; Vodafone, Vantage Towers Face German Probe

Microsoft set for possible July showdown with CMA over Activision deal denial. Microsoft’s (MSFT) challenge at the Competition Appeal Tribunal to the UK’s decision prohibiting its proposed $68.7 billion acquisition of Activision Blizzard (ATVI) has been penciled in for July 24....

Jun 05, 2023 Read Now >

FleetCor: As Parties Await Terms of Court Order on Scope of Injunctive Relief Problematic Billing and Fee Practices Appear to Persist

Despite publicly professing a desire to cooperate with the FTC and revise certain billing practices, FleetCor Technologies’ (FLT) problematic billing and fee practices appear to continue, according to The Capitol Forum’s ongoing investigation into the company. At issue are the...

Jun 02, 2023 Read Now >

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