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In June 2017, Pinnacle Financial Partners, Inc. (NASDAQ: PNFP) closed a $1.9 billion merger with BNC Bancorp (NASDAQ: BNCN) pursuant to which BNC merged with and into Pinnacle. With the completion of the transaction, Pinnacle becomes a Top 50 U.S. Bank. The merger will create a four state footprint concentrated in 12 of the largest urban markets in the Southeast. 

Bass, Berry & Sims has served Pinnacle as primary corporate and securities counsel for more than 15 years and served as counsel on the transaction. Our attorneys were involved in all aspects related to the agreement, including tax, employee benefits and litigation. 

Read more details about the transaction here.

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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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Health-Related Transactions with Cuba Authorized

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October 26, 2016

On October 17, 2016, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) amended U.S. sanctions against Cuba to authorize certain transactions relating to Cuban pharmaceuticals and joint medical research. These changes should further normalize relations with Cuba. 

Opportunities. The changes also present opportunities for the U.S. health industry, as U.S. entities and individuals may now engage in the following:

  • Certain commercial and non-commercial medical research projects involving Cuban nationals. 
  • Transactions incident to obtaining FDA approval for Cuban-origin pharmaceuticals, including discovery and development, pre-clinical and clinical research, regulatory review, approval, licensing, and post-market activities.
  • Imports of Cuban-origin pharmaceuticals into the United States. 
  • Marketing, sale and distribution in the United States of FDA-approved Cuban-origin pharmaceuticals. 

In addition, even if a transaction is not authorized under the new amendments, it may be possible to obtain a specific license from OFAC to import Cuban-origin commodities for bona-fide research purposes. 

Restrictions. Some important limitations remain. For example, a separate authorization from the U.S. Commerce Department may be needed to ship U.S.-origin goods to Cuba. And in many cases, U.S. companies still may not establish a business or physical presence in Cuba or hire Cuban nationals.

Conclusion. There are still significant challenges when pursuing business in and with Cuba. Any potential Cuba business should be reviewed on a case by case basis. While there are certainly opportunities, it is important to proceed with care.


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