Legal News: Key Updates You Can't-Miss! ⚖️

Cooley, Covington shepherd AstraZenaca’s $1bn EsoBiotec acquisition

Cooley and Covington & Burling have soared roles in AstraZenaca’s $1bn acquisition of Belgian cancer treatment company EsoBiotec. They are aiming to revolutionaries CAR-T cell therapy by making it faster, cheaper, and more accessible. Unlike traditional treatments, which require weeks of cell modification outside the body, EsoBiotec’s approach uses targeted viruses to reprogram immune cells directly within patients—potentially delivering treatment via a simple injection.

The deal includes an upfront payment of $425m, with an additional $575m tied to development milestones. The transaction is expected to close in Q2 2025, with EsoBiotec becoming a wholly owned AstraZeneca subsidiary in Belgium.

Covington is guiding AstraZeneca, marking the latest instance in a run of deals work for the company as it continues to expand its global operations.

Cooley is acting for EsoBiotec, with the team led by London partners Russell Anderson (M&A) and Simon Amies (life sciences), and San Diego partners Rama Padmanabhan (M&A), Rowook Park (M&A) and Charity Williams (licensing transactions).

Taylor Wessing Expands into Italy with Orsingher Ortu Alliance

Taylor Wessing has announced a strategic alliance with Italian law firm Orsingher Ortu, strengthening its European presence. Orsingher Ortu, a 29-partner firm with offices in Milan and Rome, specialises in corporate/M&A, IP, regulation, and disputes, serving clients in key sectors such as TMT, life sciences, and real estate.

Taylor Wessing’s global co-chair, Shane Gleghorn, called the partnership an “exciting” step reinforcing long-term commitments to clients. The move aligns with Taylor Wessing’s broader expansion strategy, following major hires in London, Poland, and Ireland, as well as a recent strategic shift in China.

This alliance signals a bold step in Taylor Wessing’s international growth, offering new opportunities for clients across Europe.

UK Women and Diversity in Law Awards Celebrate Legal Trailblazers

Nearly 400 legal professionals gathered in London for the Women and Diversity in Law Awards, honouring outstanding women leaders and legal teams driving progress in the profession.

The prestigious Woman of the Year award to Charlotte Proudman of Goldsmiths Chambers and Monica Feria-Tinta of Twenty Essex. Proudman led the campaign to end the Garrick Club’s all-male membership, while Feria-Tinta successfully defended Proudman against disciplinary charges on freedom of speech grounds.

Other major winners included Farrer & Co (Law Firm of the Year), Virgin Media O2 (In-House Legal Department of the Year), and Grow Mentoring (Not-for-profit Organisation of the Year).

Dame Bobbie Cheema-Grubb received the Lifetime Achievement Award, recognising her as the first Asian woman appointed Treasury Counsel and later a High Court Judge.

Hosted by BBC’s Maryam Moshiri, the event underscored the legal industry’s commitment to diversity and inclusion, with LawCare as the official charity partner.

Herbert Smith Freehills Fined £465,000 for Russia Sanctions Breach

Herbert Smith Freehills (HSF) has been fined £465,000 by the UK’s Office of Financial Sanctions Implementation (OFSI) for breaching Russian sanctions. The firm’s Moscow office made payments totalling £3.9 million to sanctioned Russian banks—Sovocombank, Sberbank, Alfa-Bank—while winding down operations before closure in May 2022.

The OFSI attributed the breach to inadequate due diligence and sanctions screening, emphasising the risks law firms face when operating in sanctioned jurisdictions. HSF received a 50% penalty reduction for voluntarily disclosing the error but was unsuccessful in appealing the fine.

The case serves as a warning for businesses navigating Russian market exits, highlighting the importance of compliance with global financial sanctions.

Commercial News: The Latest Insights You Need to Know! 📈

CoreWeave Targets Up to $2.7bn in Nasdaq IPO

AI-focused centre provider CoreWeave is set to launch one of the 2025’s biggest tech IPOs aiming to raise up to $2.7bn. The New Jersey-based company will offer 49 million shares at 447-$55 each, potentially valuing it at $32 billion on a fully diluted basis.

Initially founded in 2017 as a crypto mining firm, CoreWeave pivoted to AI in 2019 and has since become a major player in AI cloud computing, leasing GPU power to companies like OpenAI, Microsoft, and Meta. Despite rapid revenue growth—hitting $1.9 billion in 2024—the company has posted increasing losses, with a net loss of $863 million last year.

Backed by investors such as Blackstone, Nvidia, and Magnetar Capital, CoreWeave plans to list on the Nasdaq under the ticker CRWV, marking a significant moment in the AI and cloud computing market.

GB Energy’s First Deal: £110 Grant for NHS & School Solar Panels

Great British Energy (GB Energy), the UK’s new state-owned energy company, has announced its first major investment—a £110 million grant to fund solar panels and clean energy projects for schools, hospitals, and community initiatives. The initiative, matched by UK government funding, brings the total investment to £200 million, with nearly all projects based in England.

This aligns with Labour’s vision to boost local energy production and reduce reliance on fossil fuels. The funding includes £80 million for around 200 schools and £100 million for nearly 200 NHS sites, with additional grants for local authorities and community energy groups. The NHS, which spends approximately £1.4 billion annually on energy, could see significant cost savings from these upgrades.

With GB Energy set to receive £8.3 billion over the parliamentary term, its future role remains under scrutiny amid ongoing government spending reviews. However, Energy Secretary Ed Miliband calls this investment a key step in delivering the US’s clean energy ambitions.

Asia Tech Trends: Starlink, AI Growth, and Baidu’s PR Crisis

This week, Asia’s tech landscape sees major developments:

• DeepSeek’s Rising Influence - The Chinese AI start-up is mixing waves, gaining government backing, and becoming a national pride. However, reports suggest Beijing is tightening control over its employees.

• Starlink’s Expansion in the Pacific - Elon Musk’s satellite internet is rapidly growing, welcomed for improving connectivety but raising concerns over data security and regulatory challenges.

• Alibaba’s AI Overhaul - Under Jack Ma’s quiet leadership, Alibaba is making a strong comeback, focusing on AI investments and securing Apple as a client for its large language models

• China’s AI Investment Slowdown - Despite DeepSeek’s success, venture capital funding in China’s AI sector remains sluggish, partly due to US investment bans.

• Baidu’s Privacy Scandal - A Pr nightmare unfolds as a Baidu executive’s daughter is accused of doxxing strangers, sparking fears over data privacy and triggering public backlash.

Legal Lingo Unpacked: Your Quick Terminology Breakdown! ⚖️

Pre-Pack Administration 

This is an accelerated sale process before the administrator’s appointment that identifies a preferred buyer, then a swift negotiation of a transaction for a sale of the business and assets of the company, which the administrator formally completes immediately upon their appointment. This has many perceived benefits, such as certainty of outcome, mitigation of risk, preservation of goodwill, minimising disruption to ongoing trade and reducing overall costs.