As Kirkland & Ellis continues to fight claims that it violated conflict of interest rules to advise Teva Pharmaceutical Industries Ltd. in a $42 billion hostile takeover bid for rival Mylan NV, Teva has opted to move on.
Late Tuesday, Teva stated that Sullivan & Cromwell will advise on the deal going forward. The announcement came just a few hours after U.S. Magistrate Judge Lisa Lenihan in Pittsburgh recommended that Kirkland be blocked from representing Teva, citing the firm’s prior work for Mylan. The final decision on this conflict controversy will be made by U.S. District Judge Joy Conti in Pittsburgh.
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