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How does Jordana Nelson's prior experience as a general counsel inform her work with firm clients? Read more>

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The M&A Advisor Winner 2017The M&A Advisor announced the winners of the 16th Annual M&A Advisor Awards on Monday, November 13 at the 2017 M&A Advisor Awards. Bass, Berry & Sims was named a winner in the two categories related to the following deals:

M&A Deal of the Year (from $1B-$5B) – Acquisition of CLARCOR Inc. by Parker Hannifin Corporation

Corporate/Strategic Deal of the Year (over $1B) – Acquisition of BNC Bancorp by Pinnacle Financial Partners

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Regulation A+

It seems that lately there has been a noticeable uptick in Regulation A+ activity, including several recent Reg A+ securities offerings where the stock now successfully trades on national exchanges. In light of this activity, we have published a set of FAQs about Regulation A+ securities offerings to help companies better understand this "mini-IPO" offering process, as well as pros and cons compared to a traditional underwritten IPO.

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CMS Guidance Makes It Easier for Pharmacies to Access Part D Plans' Terms and Conditions

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August 24, 2015

Centers for Medicare and Medicaid (CMS) recently issued guidance setting its expectation that Medicare Part D sponsors make their standard contracting terms and conditions available to requesting pharmacies no later than September 15 of the year preceding the benefit year.1 Requested terms and conditions should be provided to pharmacies within two business days of the request. If a sponsor requires a pharmacy to execute a confidentiality agreement before receiving the terms and conditions, that confidentiality agreement must be provided to the pharmacy within two business days of the request. The terms and conditions must then be provided within two business days of the sponsor's receipt of the confidentiality agreement. Also, sponsors are directed to clearly identify the avenue through which interested pharmacies should make their request (e.g., phone number, e-mail address, website).

CMS indicates that the guidance was prompted by recent reports it received from pharmacies describing issues with sponsors' contracting processes, including the transparency and timing. CMS reasoned that because sponsors should have "standard terms and conditions readily available by September 15, there is no justification for a delay in responding to a pharmacy's AWP [("any willing pharmacy")] request made after that date." CMS warned that sponsors should not cause any undue delay in executing "agreements with eligible and interested pharmacies that would in effect discourage pharmacies from pursuing an AWP contract." The guidance does not change the sponsor's ability to ask pharmacies to demonstrate they are qualified to meet the plan sponsors' standard terms and conditions before executing the contract.


1 CMS Compliance with Any Willing Pharmacy (AWP) Requirements, August 13, 2015 available at http://www.ncpa.co/pdf/any-willing-parmacy-guidance.pdf.

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