Four Decades for Justice
On September 2, 2009, a District Court in California dismissed in its entirety a shareholder derivative action against Novartis AG and its current and former officers and directors. In dismissing the case, the Court agreed with the defendants that Swiss law governed plaintiff’s claims and that plaintiff, a holder of Novartis AG American Depository Shares, lacked standing under Swiss law to bring a derivative suit on behalf of Novartis AG. The Court further agreed that even if the plaintiff did have standing to bring suit, the action would be subject to dismissal pursuant to the doctrine of forum non conveniens.
The Cravath lawyers involved in the matter include associates Timothy Van Voris, Maura Caffrey Smith, Sam Lowery and Margaret Segall.
Deals & Cases
October 05, 2023
On October 4, 2023, Novartis announced the completion of the 100% spin‑off of the Sandoz business, a global leader in generic pharmaceuticals and biosimilars, into a separately traded independent company through the distribution of a dividend‑in‑kind by Novartis. Each Novartis shareholder will receive one Sandoz share for every five Novartis shares and each Novartis American Depositary Receipt (“ADR”) holder will receive one Sandoz ADR for every five Novartis ADRs. The transaction is valued at approximately $11.4 billion. Cravath represented Novartis as U.S. tax counsel in connection with the transaction.
Deals & Cases
September 01, 2022
On August 19, 2022, the New York Supreme Court Commercial Division issued a decision dismissing a shareholder derivative action filed against current and former directors and officers of Novartis AG (“Novartis”) and several Novartis subsidiaries who, along with the Company, were represented by Cravath. Justice Margaret Chan of the Commercial Division dismissed the suit without prejudice to refile in Basel, Switzerland as required by a forum selection clause contained in Novartis’s Articles of Incorporation.
Deals & Cases
March 23, 2016
On March 23, 2016, the SEC announced a settlement with Cravath client Novartis AG that ended an investigation concerning Novartis’s use of travel agencies in China. Pursuant to the settlement, Novartis agreed to pay $25 million to settle claims that it had violated the FCPA’s internal controls and books and records provisions, without admitting or denying the charges.
Deals & Cases
November 19, 2009
On November 18, 2009, a jury in the United States District Court for the District of New Jersey returned a verdict in favor of Novartis in its infringement suit against Teva Pharmaceuticals. In 2005, Teva filed an Abbreviated New Drug Application with the FDA, requesting approval to manufacture, market and sell a generic version of Novartis’s drug Famvir® (“famciclovir”). Shortly thereafter, Novartis sued Teva for infringement of U.S. Patent No. 5,246,937, which covers famciclovir. Teva conceded infringement but claimed that the patent was invalid as obvious and unenforceable due to inequitable conduct before the U.S. Patent and Trademark Office. The jury found that the claimed invention was not obvious and, acting in an advisory capacity, that the patent was enforceable.
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