News

Advs. Micki Shapira, Daniel Green and Sophy Litvin represented Fosun Health Fund (the venture capital arm of Fosun Pharma) in an exclusive license and supply agreement with Raziel Therapeutics to develop and commercialize Raziel's proprietary RZL-012, an injection used for reducing double chins, in mainland China, Hong Kong, Macau, and Taiwan for milestone payments of up to $74 million plus tiered royalties on future sales. The team was joined by advs. Miriam Friedmann, Inbar Hakimian-Nahari and intern Yang Cheng.

Advs. Simon Weintraub, Avi Anouchi, Idan Adar, Vered Glaubach and intern Dana Kleinman represented the Joint Bookrunners HSBC Bank and JPMorgan Chase as well as other initial purchasers in the bond offering by Delek Drilling Limited Partnership in one of the largest international bond transactions of the year in the energy field - $2.25 billion in debt - amid huge demand of $7 billion from foreign and Israeli investors. The offering will help finance development of the Leviathan natural gas project. The team was joined by Advs. Shiri Shaham, Ofir Levy, Shai Margalit and Ofir Paz, and intern Or Perel.

Advs. Nir Rosner, Roey Sasson and Amnon Lorch represented the Arena Group in a lawsuit in which businessman Roni Mana sought a brokerage fee of NIS 6 million for the sale of the Arena Mall in Herzliya to Reality Investment Fund. The lawsuit was dismissed and the plaintiff was ordered to pay NIS 160k - a fairly high and unusual amount - to the Arena Group.
This judgment summarizes the main practices of real estate brokerage and details why unjust enrichment is not an alternative remedy in cases where a brokerage fee should not be paid.

Advs. Yuval Shalheveth, Daniel Marcovici and Moshe Pasker represented the Peninsula Group in acquiring Union Bank's diamond dealers credit portfolio, currently (June 2020) valued at $91 million and potentially up to $250 million (assuming all credit lines are utilized). In return, Peninsula will pay an amount equal to the size of the credit portfolio at the time of completion at a discount of between 30% and 45%, subject to the size of the portfolio. The portfolio also includes bad and doubtful debts amounting to over $160 million which will be transferred to Peninsula without any consideration. Negotiations were carried out with representatives of Mizrahi Bank and Union Bank which one of them, as part of the terms of their merger, must sell its credit portfolio, as determined by the Director General of the Israel Competition Authority. The transaction is subject to conditions precedent and in particular the completion of the merger between the banks.