Category: 3. Business

  • Christmas Day dinner with a difference – having tikka not turkey

    Christmas Day dinner with a difference – having tikka not turkey

    Jon Rowland-Beer and his partner decided to ditch the traditional dinner last year, replacing it with a charcuterie board.

    “We’re not the biggest fans of roast dinners anyway. I hate gravy and my partner doesn’t like vegetables,” said Jon, from Cardiff.

    Taking the price and food waste into account, they opted for a vast selection of cheese, meat and dips.

    “We can sit down, have a nibble, and then just go back and forth and graze,” said the 30-year-old.

    Their charcuterie board this year will feature elements of a typical Christmas dinner, but with a twist.

    “I’m going to make pigs in blankets but wrap them in salami instead of bacon, and we’ll add a couple of Yorkshire puddings,” he said.

    Jon’s friends think what they do is “funny but great”, but not everyone is a fan of the charcuterie board.

    “My mum thinks I’m mad. She’s a great cook and I’ve always felt a little guilty. It breaks her heart,” he added.

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  • Dynavax to Be Acquired by Sanofi for $2.2 Billion // Cooley // Global Law Firm

    Dynavax to Be Acquired by Sanofi for $2.2 Billion // Cooley // Global Law Firm

    New York – December 24, 2025 – Cooley advised Dynavax Technologies, a publicly traded vaccines company with a marketed adult hepatitis B vaccine (HEPLISAV-B), a shingles vaccine candidate and a differentiated clinical-stage pipeline, on its definitive agreement to be acquired by Sanofi for $15.50 per share in cash, representing an equity value of $2.2 billion. The acquisition strengthens Sanofi’s position in adult immunization by bringing together Dynavax’s adult hepatitis B vaccine and promising shingles asset with Sanofi’s global scale, development capabilities and commercial reach.

    Lawyers Bill Roegge, Barbara Borden, Steve Przesmicki, Barbara Mirza, Austin Holt, David Burns and Jane Adams led the Cooley team advising Dynavax.

    Cooley previously advised Dynavax on its successful proxy contest in June 2025, its $225 million convertible notes offering in March 2025 and its $100 million accelerated share repurchase program in November 2024.

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  • Derivatives, Legislative and Regulatory Weekly Update (December 24, 2025)

    Derivatives, Legislative and Regulatory Weekly Update (December 24, 2025)

    Client Alert  |  December 24, 2025


    From the Derivatives Practice Group: This week, Michael S. Selig was sworn in as the 16th Chairman of the CFTC.

    Please note that there will be no newsletter next week as we pause for the holidays. Happy holidays to all!

    New Developments

    Michael Selig Sworn In as 16th CFTC Chairman. On December 22, Michael S. Selig was sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Chairman Selig was nominated by President Donald J. Trump to the post on October 27, 2025, and confirmed by the U.S. Senate on December 18, 2025. Chairman Selig most recently served as chief counsel of the Securities and Exchange Commission’s Crypto Task Force and senior advisor to SEC Chairman Paul S. Atkins. He also participated in the President’s Working Group on Digital Asset Markets and contributed to its report on “Strengthening American Leadership in Digital Financial Technology.” Chairman Selig earned his law degree from The George Washington University Law School and received his undergraduate degree from Florida State University. [NEW]

    Acting Chairman Caroline D. Pham Departs CFTC. On December 22, CFTC Acting Chairman Caroline D. Pham announced her departure from public service. Her last day at the CFTC was December 22, 2025. [NEW]

    Acting Chairman Pham Announced New Member of Global Markets Advisory Committee’s Digital Asset Markets Subcommittee. On December 22, CFTC Acting Chairman Pham announced Rob Hadick of Dragonfly Capital Partners joined the CFTC’s Global Markets Advisory Committee’s Digital Asset Markets Subcommittee. According to the CFTC, Hadick is a General Partner at Dragonfly Capital Partners, where he focuses on digital asset investment strategy, market structure innovation, and expanding global market opportunities across blockchain-based financial systems. [NEW]

    Acting Chairman Pham Announced Pilot Program to “Unleash American Energy Dominance.” On December 19, CFTC Acting Chairman Pham announced that the Market Participants Division (MPD) established a pilot program designed to increase liquidity and hedging of risks in connection with Energy Commodity End User Swaps. Specifically, MPD staff issued a no-action letter that provides for a pilot program that will exclude certain Energy Commodity End User Swaps from the swap dealer de minimis calculation. Participants in the pilot program are required to submit monthly reports on energy commodity sub-category, aggregate notional value and number of counterparties for CFTC market oversight. [NEW]

    CFTC Staff Issues No-Action Letter Regarding CPO Registration for Certain SEC-Registered Investment Advisers. On December 19, MPD announced it had issued a no-action letter in response to a request submitted by the Managed Funds Association on behalf of its members. The letter states MPD will not recommend the CFTC initiate an enforcement action against firms registered as investment advisers with the Securities and Exchange Commission that operate commodity pools privately offered solely to sophisticated investors known as qualified eligible persons for failing to register with the CFTC as a commodity pool operator, subject to certain conditions. [NEW]

    CFTC Approves Final Rule to Revise Swap Dealer Business Conduct and Swap Documentation Requirements. On December 18, the CFTC announced it has approved a final rule that codifies existing staff no-action positions for certain of the CFTC’s business conduct and documentation requirements applicable to swap dealers and major swap participants. The final rule amendments further harmonize the CFTC’s rules with those of the Securities and Exchange Commission and the Municipal Securities Rulemaking Board.

    CFTC Staff Seek Public Comment on Direct Clearing by Retail Participants. On December 18, the CFTC issued a Request for Comment to better inform the staff’s understanding of the issues related to derivatives clearing organizations that provide direct clearing services to retail traders. These clearing services may be provided either through a fully-collateralized clearing model that has direct access for retail participants, or a hybrid model that includes both fully-collateralized direct clearing to retail participants and intermediated clearing by futures commission merchants to retail customers.

    Acting Chairman Pham Announced Implementation of U.S. Treasury Market Reforms. On December 12, CFTC Acting Chaiman Pham announced the CFTC had approved a proposed order to grant a limited exemption necessary for the Chicago Mercantile Exchange Inc. and the Fixed Income Clearing Corporation to make their existing cross-margining arrangement available to certain customers with appropriate safeguards.

    CFTC Staff Issues No-Action Letters Regarding Event Contracts. On December 11, the CFTC’s Division of Market Oversight and Division of Clearing and Risk announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations in response to requests from multiple registered entities, including designated contract markets and derivatives clearing organizations. According to the announcement, the Divisions will not recommend the CFTC initiate an enforcement action against certain registered entities or their participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with binary option transactions executed on or subject to the rules of the registered entities, subject to the terms of the no-action letters.

    CFTC Staff Issues No-Action Position Relating to Designated Contract Market Procedures. On December 11, the CFTC’s Division of Market Oversight announced it has issued a no-action letter to Small Exchange Inc., a designated contract market, which addresses certain procedures related to dormancy. The no-action position is time-limited and subject to the terms and conditions in the Division’s no-action letter.

    Acting Chairman Pham Announced Withdrawal of “Outdated” Digital Assets Guidance. On December 11, CFTC Acting Chairman Pham announced that the CFTC will withdraw “outdated” guidance related to actual delivery of “virtual currencies,” given the substantial developments in crypto asset markets. The CFTC said that the withdrawal of the guidance will enable the CFTC to continue its ongoing work to implement the recommendations in the President’s Working Group on Digital Asset Markets report.

    CFTC Staff Issues No-Action Letter Regarding Part 43 and Part 45 Requirements. On December 11, the CFTC’s Division of Market Oversight took a no-action position in response to a request from the International Swaps and Derivatives Association regarding certain data requirements under Part 43 and Part 45 of the CFTC’s regulations to reduce unnecessary and excessive regulatory burden and associated costs.

    Acting Chairman Pham Announced CEO Innovation Council Participants. On December 10, CFTC Acting Chairman Pham announced the first round of CEO Innovation Council participants, representing exchanges. The CFTC said that the CEO Innovation Council will engage in public discussion of market structure developments in derivatives markets and that further information on the CEO Innovation Council will be released once details are finalized.

    Acting Chairman Pham Announced Regulatory Clarity for U.S. Access to Markets. On December 9, CFTC Acting Chairman Pham announced that the CFTC’s Market Participants Division, Division of Clearing and Risk, and Division of Market Oversight issued a no-action letter to harmonize three separate definitions of “U.S. person,” among other things, under the CFTC’s Dodd-Frank Act cross-border swap framework. According to the CFTC, the letter simplified and consolidated existing no-action positions that address almost 15 years of regulatory uncertainty and promotes harmonization with SEC regulations.

    CFTC to Accelerate Publication of Backlogged COT Data. On December 9, the CFTC announced that it is accelerating the publication of Commitments of Traders reports that were interrupted during the lapse in federal appropriation. According to the CFTC, the revised timeline will eliminate the report backlog by December 29, 2025.

    Acting Chairman Pham Announced Launch of Digital Assets Pilot Program for Tokenized Collateral in Derivatives Markets. On December 8, CFTC Chairman Pham announced the launch of a digital assets pilot program for certain digital assets, including BTC, ETH, and USDC, to be used as collateral in derivatives markets; guidance on tokenized collateral; and withdrawal of outdated requirements given the enactment of the GENIUS Act. The CFTC said that the announcement follows the tokenized collateral initiative Acting Chairman Pham launched in September as a part of the CFTC’s Crypto Sprint to implement recommendations in the President’s Working Group on Digital Asset Markets report.

    New Developments Outside the U.S.

    ESMA Selects EuroCTP to Become the First Consolidated Tape Provider for Shares and ETFs. On December 19, ESMA selected EuroCTP as the first Consolidated Tape Provider for shares and exchange-traded funds in the EU, in a step forward for the transparency of equity markets in the EU. ESMA has decided to select EuroCTP following an in-depth assessment of its offer against the criteria listed in the Markets in Financial Instruments Regulation. EuroCTP has met all the selection criteria and has demonstrated a solid approach towards ESMA’s overall expectations for the award criteria.

    ESMA Reviews Impact of Guidelines on ESG or Sustainability Related Terms in Fund Names. On December 17, ESMA released research assessing the impact of its fund naming guidelines on ESG and sustainability-related terms. The study found that ESMA’s Guidelines have: (1) improved consistency in the use of ESG terms by increasing alignment of fund names and their actual investment strategies, and (2) enhanced investor protection by reducing greenwashing risks.

    ESMA Maintains Recognition of Two UK Central Counterparties under EMIR. On December 16, ESMA confirmed it will maintain the recognition of LCH Limited and LME Clear Limited, two central counterparties established in the United Kingdom. This decision is taken under Article 25(5)(b) of the European Market Infrastructure Regulation (EMIR), that requires ESMA to assess if the conditions under which LCH Limited and LME Clear Limited were originally recognized continue to be met, considering recent regulatory, market, and business developments.

    ESAs Publish Key Tips to Help Consumers Detect, Prevent, and Act on Online Frauds and Scams. On December 15, the three European Supervisory Authorities (ESAs) published two factsheets designed to help consumers protect themselves from crypto and other online frauds and scams and explain how fraudsters increasingly use artificial intelligence to deceive consumers. The factsheets provide practical tips to help consumers recognise and avoid different types of frauds and scams. Additionally, the factsheets advise consumers on steps to prevent fraud and scams, such as never sharing personal or banking information, always pausing to think before acting, and verifying the source of any messages received.

    ESMA Finalizes Technical Standards on Derivatives Transparency and the OTC Derivatives Tape. On December 15, ESMA published the Final Report covering mandates under the MiFIR Review on derivatives trade transparency, package orders and the over-the-counter (OTC) derivatives consolidated tape input and output data. The proposed pre- and post-trade transparency requirements for exchange traded derivatives and OTC derivatives are designed to provide a high level of transparency whilst ensuring that liquidity providers are protected from undue risk.

    ESMA Appoints Marie-Anne Barbat-Layani and Christopher P. Buttigieg as the New Members of its Management Board and Renews Armi Taipale’s Mandate. On December 11, ESMA appointed Marie-Anne Barbat-Layani of Autorité Des Marchés Financiers (France) and Christopher P. Buttigieg of Financial Services Authority (Malta), as the new members of its Management Board. The Board of Supervisors has reappointed Armi Taipale of Finanssivalvonta (Finland), for a second mandate.

    ESMA Chair Verena Ross to Step Down at the End of Her Current Term. On December 10, ESMA announced that its Chair, Verena Ross, has decided to not renew her term as Chair for a second mandate. According to ESMA, she will continue her work as ESMA’s Chair until the end of her contract on October 31, 2026. ESMA said that it will now launch the process for selecting a new Chair.

    ESMA Announces Supervisory Expectations for the Management Body in the Form of 12 High Level Principles. On December 10, ESMA published its Final Report on the Supervisory Expectations for the Management Body, outlining ESMA’s expectations for the management bodies of the entities under its supervision. ESMA said that the 12 high-level principles are directed at entities supervised by ESMA and those looking to obtain an ESMA license, and are designed to set out ESMA’s core expectations in the form of outcomes.

    New Industry-Led Developments

    ISDA Publishes Report on Interest Rate Derivatives Trading Activity Reported in EU, UK and US Markets. On December 16, ISDA published a report that analyzes interest rate derivatives (IRD) trading activity reported in Europe. The analysis is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs). Key highlights for the third quarter of 2025 include: (1) European IRD traded notional reported by APAs and TVs in the EU and UK rose by 29.1% to $83.9 trillion in the third quarter of 2025 versus $65.0 trillion in the third quarter of 2024, and (2) Euro-denominated IRD traded notional fell by 5.9% to $33.1 trillion from $35.2 trillion, representing 39.5% of total European IRD traded notional.

    ISDA Responds to ASIC Consultation on Derivatives Transaction Rules. On December 16,  ISDA submitted a response to the Australian Securities and Investments Commission (ASIC) consultation on the remake of the ASIC Derivative Transaction Rules 2015, which are due to sunset on April 1, 2026. ASIC proposed to remake the rules in substantially the same form to continue the operation of Australia’s over-the-counter derivatives central clearing regime. Besides limited, minor and administrative amendments, ASIC proposed a policy update in the Draft ASIC Derivative Transaction Rules 2026 to extend exemptive relief to clearing derivatives transactions resulting from post-trade risk reduction exercises.

    Global Standard-Setting Bodies Publish Assessment of Margin Requirements for Non-Centrally Cleared Derivatives. On December 12, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) published a report that reviews the implementation of margin requirements for non-centrally cleared derivatives. IOSCO said the report concluded that the framework has been effectively implemented and finds no evidence of material issues. The BCBS-IOSCO Working Group on Margining Requirements recommended ongoing monitoring through supervisory information exchange and the sharing of experiences among member authorities.


    The following Gibson Dunn attorneys assisted in preparing this update: Jeffrey Steiner, Adam Lapidus, Marc Aaron Takagaki, Hayden McGovern, Karin Thrasher, and Alice Wang*.

    Gibson Dunn’s lawyers are available to assist in addressing any questions you may have regarding these developments. Please contact the Gibson Dunn lawyer with whom you usually work, any member of the firm’s Derivatives practice group, or the following practice leaders and authors:

    Jeffrey L. Steiner, Washington, D.C. (202.887.3632, jsteiner@gibsondunn.com)

    Michael D. Bopp, Washington, D.C. (202.955.8256, mbopp@gibsondunn.com)

    Michelle M. Kirschner, London (+44 (0)20 7071.4212, mkirschner@gibsondunn.com)

    Darius Mehraban, New York (212.351.2428, dmehraban@gibsondunn.com)

    Jason J. Cabral, New York (212.351.6267, jcabral@gibsondunn.com)

    Adam Lapidus, New York (212.351.3869,  alapidus@gibsondunn.com )

    Stephanie L. Brooker, Washington, D.C. (202.887.3502, sbrooker@gibsondunn.com)

    William R. Hallatt, Hong Kong (+852 2214 3836, whallatt@gibsondunn.com )

    David P. Burns, Washington, D.C. (202.887.3786, dburns@gibsondunn.com)

    Marc Aaron Takagaki, New York (212.351.4028, mtakagaki@gibsondunn.com )

    Hayden K. McGovern, Dallas (214.698.3142, hmcgovern@gibsondunn.com)

    Karin Thrasher, Washington, D.C. (202.887.3712, kthrasher@gibsondunn.com)

    Alice Yiqian Wang, Washington, D.C. (202.777.9587, awang@gibsondunn.com)

    *Alice Wang, a law clerk in the firm’s Washington, D.C. office, is not admitted to practice law.

    © 2025 Gibson, Dunn & Crutcher LLP.  All rights reserved.  For contact and other information, please visit us at www.gibsondunn.com.

    Attorney Advertising: These materials were prepared for general informational purposes only based on information available at the time of publication and are not intended as, do not constitute, and should not be relied upon as, legal advice or a legal opinion on any specific facts or circumstances. Gibson Dunn (and its affiliates, attorneys, and employees) shall not have any liability in connection with any use of these materials.  The sharing of these materials does not establish an attorney-client relationship with the recipient and should not be relied upon as an alternative for advice from qualified counsel.  Please note that facts and circumstances may vary, and prior results do not guarantee a similar outcome.

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  • In Corporate Counsel, Health Care Partners Examine Survey Results on Value of AI for Regulatory Monitoring | News & Events

    In Corporate Counsel, Health Care Partners Examine Survey Results on Value of AI for Regulatory Monitoring | News & Events

    In a Corporate Counsel and Law.com article, health care partners Ben Wilson, Christine Moundas and Michael Lampert examined the results of an AI adoption and governance survey conducted by Ropes & Gray and Corporate Counsel.

    The study results found that regulatory compliance is a top concern whether in-house counsel are considering present or future AI adoption, but that there is momentum building around AI adoption in the health care and life sciences industry.

    In the highly regulated health care sector, 61 percent of the in-house counsel surveyed said that monitoring current and emerging AI laws and regulatory actions is one of the actions taken by their organizations to manage AI legal, compliance and security risks.

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  • Gold Prices Reach Record Highs Amid Global Economic Uncertainty

    Gold Prices Reach Record Highs Amid Global Economic Uncertainty

    Gold prices soar to unprecedented levels, influenced by US Federal Reserve policies and rising geopolitical tensions across the globe.

    Gold prices have surged to new all-time highs in both domestic and international markets, driven by anticipation of further monetary easing by the United States Federal Reserve and increasing geopolitical tensions that have amplified the demand for safe-haven assets. In the domestic futures market, gold prices reached a lifetime peak of Rs1,38,676 per 10 grams on the Multi Commodity Exchange (MCX) on Wednesday. Gold futures for February delivery increased by Rs791, or 0.57%, marking the third consecutive session of gains for the precious metal.

    In global markets, Comex gold futures advanced for the fourth consecutive session, rising by $49.40, or 1.10%, to a record high of $4,555.10 per ounce. Jigar Trivedi, Senior Research Analyst at Reliance Securities, commented, “Gold surged past $4,500 per ounce to a fresh record, driven by expectations of further Federal Reserve easing and rising geopolitical tensions. Investors are still pricing in two rate cuts in 2026 as inflation cools and employment conditions soften, even as policymakers remain divided. Meanwhile, tensions between the US and Venezuela have been rising, which has lifted safe-haven demand and increased geopolitical risks across commodity markets.”

    City-wise gold prices in India have also reflected these trends:

    In Delhi, 22 carat gold is priced at Rs12,750 per gram, up by Rs35, while 24 carat gold stands at Rs13,908 per gram, increasing by Rs38. The price for 18 carat gold is Rs10,435 per gram, gaining Rs29.

    In Mumbai, 22 carat gold is available at Rs12,735 per gram, also up by Rs35, while 24 carat gold is at Rs13,893 per gram, rising by Rs38. The 18 carat variant is priced at Rs10,420 per gram, higher by Rs29.

    Bengaluru sees 22 carat gold at Rs12,735 per gram, matching the increase of Rs35, with 24 carat gold at Rs13,893 per gram, up by Rs38. The 18 carat gold rate is Rs10,420 per gram, also up by Rs29.

    In Hyderabad, the price for 22 carat gold is Rs12,735 per gram, up Rs35, while 24 carat gold stands at Rs13,893 per gram, gaining ₹38. The 18 carat gold rate is Rs10,420 per gram, increasing by Rs29.

    Chennai has reported 22 carat gold at Rs12,800 per gram, a rise of Rs30, with 24 carat gold priced at Rs13,964 per gram, up by Rs33. The 18 carat gold rate is Rs10,675 per gram, gaining Rs25.

    In Ahmedabad, the price for 22 carat gold is Rs12,740 per gram, up by Rs35, while 24 carat gold stands at Rs13,898 per gram, increasing by Rs38. The 18 carat gold rate is Rs10,425 per gram, up by Rs29.

    Jaipur witnesses 22 carat gold priced at Rs12,750 per gram, gaining Rs35, while 24 carat gold is at Rs13,908 per gram, up by Rs38. The 18 carat variant is priced at Rs10,435 per gram, up by Rs29.

    Kanpur reports 22 carat gold at Rs12,750 per gram, a rise of Rs35, while 24 carat gold is at Rs13,908 per gram, up by Rs38. The 18 carat gold rate stands at Rs10,435 per gram, gaining Rs29.

    In Kolkata, 22 carat gold is priced at ₹12,735 per gram, up by Rs35, while 24 carat gold stands at Rs13,893 per gram, gaining Rs38. The 18 carat gold rate is Rs10,420 per gram, higher by Rs29.

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  • In Unexpected, First-of-Its-Kind Action, FCC Adds All Foreign-Produced Uncrewed Aircraft Systems and UAS Critical Components to Covered List – Wiley Rein

    1. In Unexpected, First-of-Its-Kind Action, FCC Adds All Foreign-Produced Uncrewed Aircraft Systems and UAS Critical Components to Covered List  Wiley Rein
    2. FCC bans foreign-made drones over national security, spying concerns  Politico
    3. REEx Review: Drone Wars Heat Up, U.S. Market, Imports, and Supply‐Chain Overhaul  Rare Earth Exchanges
    4. XTI Aerospace and Drone Nerds Poised to Lead U.S. Commercial Drone Market Amid New FCC Action on Foreign-Made UAS  marketscreener.com
    5. US ban on DJI sparks Taiwan drone investment in America  digitimes

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  • Biohaven Provides Update From Phase 2 Proof-of-Concept Study with BHV-7000 in Major Depressive Disorder

    Biohaven Provides Update From Phase 2 Proof-of-Concept Study with BHV-7000 in Major Depressive Disorder

    NEW HAVEN, Conn., Dec. 24, 2025 /PRNewswire/ — Biohaven Ltd. (NYSE: BHVN) (“Biohaven”), a global clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of life-changing therapies to treat a broad range of rare and common diseases, today reported results from a Phase 2 proof-of-concept study evaluating BHV-7000 for the treatment of major depressive disorder (MDD). The study did not meet its primary endpoint, a reduction of depressive symptoms as measured by change in the Montgomery Åsberg Depression Rating Scale (MADRS) over six weeks compared with placebo. Trends favoring BHV-7000 were observed in some clinically relevant subgroups, including participants with more severe depression at screening and baseline, on primary and secondary outcome measures (see Figures 1-3). Overall, BHV-7000 was safe and well-tolerated with adverse events mostly mild and moderate in intensity and largely resolved spontaneously. The only individual adverse events occurring with an incidence above 5% were headache (10.7% and 9.9% in BHV-7000 and placebo, respectively) and nausea (4.2% and 5.6% in BHV-7000 and placebo, respectively). A low incidence of central nervous system adverse events was observed, consistent with BHV-7000’s lack of GABA activity and with safety data from previously reported studies. Additional analyses are ongoing and the company plans to present the results at an upcoming scientific meeting. The company considers the depression subgroup analyses as hypothesis generating but based upon strategic prioritization of its portfolio does not plan on additional psychiatric clinical trials to keep resources focused on key priority areas of immunology, obesity and epilepsy in 2026.

    Ahmed Tahseen, MD, Development Lead for Depression at Biohaven, commented, “There is an urgent need for novel therapies for depression that require the exploration of new mechanistic approaches to this common disorder. Although the results of this study do not support the efficacy of BHV-7000 in a broad population of depressed patients, we appreciate the commitment of the patients, investigators, and study teams who have advanced the field assessing new therapeutic approaches and made this important research possible.”

    Biohaven management will be presenting at the annual J.P. Morgan Healthcare Conference in San Francisco in January 2026 and intends to provide extensive updates across the breadth of its clinical programs, notably including:

    • clinical data for two of its extracellular degrader programs from initial patient experience in the Phase 1b expansion cohorts BHV-1400 for IgAN and BHV-1300 for Graves’ disease;
    • expectations for the company’s recently initiated Phase 2b study with taldefgrobep alfa in obesity
    • oncology clinical stage assets;
    • and emerging data from its ongoing clinical trial with BHV-7000 in adult focal epilepsy

    About Biohaven 
    Biohaven is a biopharmaceutical company focused on the discovery, development and commercialization of life-changing treatments in key therapeutic areas, including immunology, obesity, neuroscience and oncology. Biohaven is advancing its innovative portfolio of therapeutics, leveraging its proven drug development experience and multiple proprietary drug development platforms. Biohaven’s key clinical and preclinical programs include Kv7 ion channel modulation for epilepsy and mood disorders; MoDE™ and TRAP™ extracellular protein degraders for immunological diseases; and myostatin-activin pathway targeting agents for neuromuscular and metabolic diseases, including SMA and obesity. For more information, visit www.biohaven.com.

    Forward-looking Statements
    This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of certain words, including “continue”, “plan”, “will”, “believe”, “may”, “expect”, “potential first-in-class”, “potentially”, “groundbreaking” and similar expressions, is intended to identify forward-looking statements. Investors are cautioned that any forward-looking statements, including statements regarding the future development, timing and potential marketing approval and commercialization of development candidates, are not guarantees of future performance or results and involve substantial risks and uncertainties. Actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors including: the expected timing, commencement and outcomes of Biohaven’s planned and ongoing clinical trials, including the studies of opakalim; the timing of planned interactions and filings with the FDA; the timing and outcome of expected regulatory filings; complying with applicable US regulatory requirements; the potential commercialization of Biohaven’s product candidates; and the effectiveness and safety of Biohaven’s product candidates. Additional important factors to be considered in connection with forward-looking statements are described in Biohaven’s filings with the Securities and Exchange Commission, including within the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. The forward-looking statements are made as of the date of this news release, and Biohaven does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    MoDE and TRAP are trademarks of Biohaven Therapeutics Ltd.

    Investor Contact:
    Jennifer Porcelli
    Vice President, Investor Relations
    [email protected]
    +1 (201) 248-0741

    Media Contact:
    Mike Beyer
    Sam Brown Inc.
    [email protected]
    +1 (312) 961-2502

    SOURCE Biohaven Ltd.

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  • Audit of the State Ethics Commission

    In accordance with Section 12 of Chapter 11 of the Massachusetts General Laws, the Office of the State Auditor has conducted a performance audit of the State Ethics Commission (SEC) for the period July 1, 2022 through June 30, 2024.

    The purpose of our performance audit was to determine the following:

    • to what extent SEC ensured that Statements of Financial Interests (SFIs) were filed on time and completed in accordance with Sections 3(f), 5(a)–(c), and 5(g)(10) of Chapter 268B of the General Laws;
    • whether SEC conducted initial staff reviews of violations involving conflicts of interest and the filing of SFIs in a timely manner in accordance with its internal practices; and
    • whether SEC issued advisory opinions in a timely manner in accordance with its internal practices.

    Below is a summary of our finding, the effect of that finding, and our recommendation, with hyperlinks to each page listed.

       
    Finding 1
     
    SEC should update its internal control plan (ICP) annually, as required by the Office of the Comptroller of the Commonwealth’s (CTR’s) Internal Control Guide.
    Effect If SEC does not annually review, and update as needed, its ICP and other policies and procedures, then SEC staff members may not have clear guidance, leading to inconsistent practices, inefficiencies, and a higher risk of noncompliance with laws and regulations. A lack of written policies and procedures can also hinder staff member training, accountability, and continuity of operations for managing SFI filings and advisory opinions.
    Recommendation
     
    SEC should establish and implement a formal process to review and update its ICP and policies and procedures. This process should include documenting the performance of an annual review, as required by CTR’s Internal Control Guide and state law.

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  • Asian Legal Business Again Recognizes Ning Zhang Among the Top Dealmakers in Asia – News

    Asian Legal Business Again Recognizes Ning Zhang Among the Top Dealmakers in Asia – News


    Press Release




    December 24, 2025

    HONG KONG, December 24, 2025: Partner Ning Zhang has been named to Asian Legal Business’s 2025 Dealmakers of Asia list. This marks the third consecutive year he has been recognized among the region’s most influential and accomplished legal professionals who have made significant contributions to the dynamic landscape of Asian business law and are shaping the future of dealmaking across the continent.

    Ning advises clients on transactions involving mergers and acquisitions, private equity, venture capital, and capital markets, including in the United States and Hong Kong. He has handled complex cross-border transactions involving both private and listed companies and represents international financial institutions, private equity funds, and multinational corporations in investments, acquisitions, and divestments throughout the Greater China region. Ning also focuses on emerging business matters, counseling Chinese companies through all stages of their lifecycle.

    See the complete Dealmakers of Asia 2025 list >>

    In Hong Kong, Morgan, Lewis & Bockius is a separate Hong Kong general partnership registered with The Law Society of Hong Kong.

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