Analysis Group

Affiliate Yesha Yadav Leads Digital Assets Policy Summit, Analysis Group’s Lisa Pinheiro and Mark Berberian Moderate Panels

Tue, 14 Apr 2026 12:58:54 Z

Analysis Group Managing Principal Lisa Pinheiro and Vice President Mark Berberian moderated panels at the inaugural Digital Assets and Emerging Technology Policy Summit, an invite-only gathering of regulators, members of congress, academics, and industry leaders to share perspectives on US digital asset and emerging technology regulation. The summit was developed and led by Vanderbilt University Law School Associate Dean and Analysis Group affiliate Yesha Yadav and cohosted by Vanderbilt University and the Blockchain Association.

During a fireside chat, Professor Yadav spoke with Commodity Futures Trading Commission (CFTC) Chairman Michael Selig about his efforts to align regulatory policy and promote cooperation between the CFTC and the US Securities and Exchange Commission (SEC). They also discussed the CFTC’s policy priorities and regulatory agenda, including potential frameworks for CFTC-regulated perpetuals in the US, efforts to assert and clarify the agency’s jurisdiction over prediction markets, and other initiatives aimed at maintaining a regulatory framework that allows for creativity and innovation.

Following Professor Yadav’s panel, Ms. Pinheiro moderated a conversation about the regulation of emerging frontier markets with panelists Coy Garrison (Robinhood), Chris Giancarlo (Willkie), Lee Schneider (Avalanche Labs), Justin Slaughter (Paradigm), and Matthew Solomon (Cleary Gottlieb). The panelists discussed the policy challenges of regulating new digital asset markets in the US, including the impact of operating across overlapping domestic and international regulatory regimes and uncertainty around incorporating compliance into permissionless blockchain infrastructures. The conversation also explored legal uncertainty surrounding prediction markets, including conflicting federal and state authority as well as the application of existing insider trading frameworks to a wide range of event-based contracts. Regarding how the CFTC may approach such challenges, panelists noted the CFTC’s stated commitment to rulemaking, including regulatory frameworks for perpetuals and other frontier markets, and its efforts to aggressively protect its jurisdiction over marketplace regulation.

In the afternoon, Mr. Berberian moderated a panel on tokenization and the future of capital markets infrastructure with panelists Salman Banaei (Plume), Chris Brummer (Georgetown Law and Fintech Foundation), Linda Jeng (Aave Labs), Vy Le (Veda Labs), Amy Oldenburg (Morgan Stanley), and Sara Weed (Gibson Dunn). The conversation centered on compliance, regulation, and ownership, and how blockchain technology may reconfigure these elements of the trading landscape. Panelists discussed tokenization as a way to enable the automation and embedding of rule-based systems and compliance measures within a protocol, such as screening for sanctioned wallets at the outset of a transaction, which may encourage more blockchain usage – including from regulated institutions – and thus greater liquidity. Panelists also shared insights on maximal extractable value (MEV).

Revisiting the Attempted Kroger-Albertsons Merger

Fri, 10 Apr 2026 19:12:12 Z

Analysis Group Vice President Liz Milsark will join a webinar panel on the attempted Kroger-Albertsons Merger, hosted by the CBA Economics and Law Committee jointly with the CBA Young Lawyers Committee of the CBA Competition Law and Foreign Investment Review Section. The panel will examine the termination of the proposed Kroger-Albertsons merger following rulings in the US District Court for the District of Oregon and the King County Superior Court for the State of Washington and will explore key thoughts and takeaways related to the antitrust outlook and its applications to Canadian law.

Panelists include Emily Blackburn (King & Spalding) and Kuruvilla J. Olasa (Munger, Tolles & Olson). Nadia Soboleva (Charles River Associates) will moderate the panel.

Swedish Supreme Court Decision Favors Ukraine, Ends Long-Running Dispute

Thu, 09 Apr 2026 17:38:59 Z

Analysis Group Principal Jessica Resch and Senior Advisor Tim Giles were retained as quantum experts on behalf of Ukraine in a Stockholm Chamber of Commerce (SCC) arbitration brought by three Cypriot companies – Littop Enterprises, Bridgemont Ventures, and Bordo Management – related to alleged losses associated with minority shareholdings in Ukrnafta, Ukraine’s largest oil and gas producer. The claimants alleged that Ukraine breached Energy Charter Treaty (ECT) rules by capping the price at which Ukrnafta could sell gas to Ukraine’s state-owned oil company Naftogaz at a level lower than Ukrnafta’s cost of production.

Ms. Resch and Mr. Giles submitted expert reports and gave evidence during the hearing before the tribunal, which included Julian Lew, Yves Fortier, and Rodrigo Oreamuno. Their evidence focused on the quantum of damages associated with the claimed losses and addressed the impact of claimants’ alleged fraudulent activities.

The SCC tribunal declined jurisdiction over the companies’ claim on the grounds that the claimants’ investment in Ukrnafta was not protected under ECT rules. The claimants sought to annul the tribunal’s award in the Swedish courts, later requesting to appeal the lower court’s decision not to overturn the tribunal’s judgment. The Svea Court of Appeal upheld the tribunal’s decision to decline jurisdiction and ordered the claimants to pay part of Ukraine’s arbitration costs. The Swedish Supreme Court declined to hear a further appeal, bringing the long-running dispute to an end.

Swedish Supreme Court Decision Favors Ukraine, Ends Long-Running Dispute

Thu, 09 Apr 2026 17:36:23 Z

Analysis Group Authors Examine the Role of the Blocking Patent Defense in Pharmaceutical Litigation

Thu, 09 Apr 2026 14:39:03 Z

In pharmaceutical litigation, the blocking patent defense is used increasingly to rebut a patent owner’s claim that a drug’s commercial success reflects the non-obviousness of an underlying patent. The proffered defense is often that the success of the at-issue patent is due to an earlier patent that likely deterred competitors from developing the at-issue patent before the patent owner actually did. Application of the defense in practice raises important questions about how courts should evaluate the impact of earlier patents on innovation and competition.

In the AIPLA Quarterly Journal, Analysis Group Managing Principal John Jarosz and Vice Presidents Andrea Hugill and Anna Gumen, together with Michael Chapman (Envision Economics), examine the role of the blocking patent defense and trends in its application.

The authors analyze how courts apply the defense and evaluate whether the application properly reflects real-world incentives for drug development. Drawing on economic analyses and empirical evidence, the authors explain that innovation can and often does proceed, despite the presence of an earlier “blocking” patent. They emphasize that the relevant inquiry is not simply whether a patent may have blocked innovation, but whether it actually did and to what degree it may have or did block innovation. In their view, the blocking inquiry should not be answered with a simple “yes” or “no” but instead requires evaluating the extent to which a patent influenced, or could influence, behavior in the relevant field.

The authors highlight the importance of evaluating real-world evidence on research and development, forward citations, and clinical trials. They note that, rather than relying solely on theoretical assumptions about deterrence, courts can and should consider whether innovation continued in practice. The article also presents a structured framework for incorporating real-world evidence to evaluate blocking patent claims.

The authors conclude that, while the blocking patent defense has gained traction in pharmaceutical litigation, its application is highly fact dependent. Determining whether a patent meaningfully constrained innovation requires a case-specific inquiry supported by concrete evidence, often requiring careful contextual interpretation. Particularly in cases involving pharmaceuticals, assessing the blocking patent defense can benefit from a nuanced, evidence-based approach that reflects how innovation and competition function in the industry.

Read the article

Canadian Federal Court Dismisses Class Certification Bid in Generic-Related Antitrust Case Against Analysis Group Pharmaceutical Clients

Wed, 08 Apr 2026 19:57:34 Z

Analysis Group was retained on behalf of the defendants in a Canadian antitrust case brought on behalf of purchasers of generic drugs. The plaintiffs alleged that multiple pharmaceutical companies entered into a conspiracy to fix prices and allocate the market in Canada and the US for generic drugs and sought certification of a class consisting of Canadian purchasers.

An Analysis Group team led by Managing Principal Dov Rothman and Vice President David Toniatti supported academic affiliate James Levinsohn, who filed multiple expert reports and testified at deposition. Professor Levinsohn rebutted the plaintiffs’ expert’s report, opining that the expert had not presented a reliable methodology to prove antitrust injury or estimate class-wide damages.

A judge in the Federal Court of Canada ruled in favor of the defendants, holding that the plaintiffs had not established several criteria necessary for certification of the class.

Milestone Study on Pfizer-BioNTech’s COVID-19 Vaccine Coauthored by Analysis Group Researchers Completed and Fulfilled Regulatory Requirement for Vaccine’s Approval

Wed, 08 Apr 2026 18:50:14 Z

Active safety surveillance is an essential part of vaccine evaluation, and its role is even more critical in the context of public health emergencies such as the COVID-19 pandemic. A safety surveillance study conducted by researchers from Analysis Group, Pfizer, and the Veterans Health Administration (VHA) fulfilled a necessary regulatory requirement for the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA), finding no increased safety risks associated with the vaccine.

In March 2020, the World Health Organization declared a global pandemic for COVID-19, caused by infection with severe acute respiratory syndrome coronavirus 2. Nine months later, the FDA and EMA granted emergency use authorization (EUA) for the Pfizer-BioNTech COVID-19 vaccine for individuals 16 and older. Regulatory agencies required post-EUA safety studies using Veterans Affairs (VA) electronic medical record (EMR) data to assess long-term safety risk beyond the observation period in clinical trials for over 40 safety endpoints in a diverse real-world population.

To meet this research objective, an Analysis Group team led by Managing Principal and Chief Epidemiologist Mei Sheng Duh and Managing Principal Maral DerSarkissian – with analytical and review support from CEO Pierre Cremieux; Vice President Marianne Cunnington; Managers Catherine Nguyen, Angela Lax, and Mu Cheng; and Associate Tracy Guo – partnered with researchers from Pfizer and the VHA to conduct a safety surveillance study to assess potential serious safety events associated with the vaccine that may not have been detected during clinical trials. This study was critical for the Pfizer-BioNTech vaccine because its clinical trial had had a shorter-than-usual median observation time, given the expanding COVID-19 health crisis.

For the study to be included in the EUA application, a protocol – which served as the study’s technical foundation and outlined its rationale and design, and the methods by which data would be collected and outcomes assessed – was needed on an accelerated timeline for inclusion in the submission package to regulatory agencies. Analysis Group researchers designed the study protocol in collaboration with Pfizer and the VHA to identify near-real-time safety signals among vaccinated individuals. Forty-six pre-specified safety events of interest were included in the safety surveillance program, including myocarditis/pericarditis, cerebrovascular non-hemorrhagic stroke, acute myocardial infarction, and anaphylaxis.

Once the EUA was issued, the team began analyzing data to assess whether safety signals were observed in the VHA population of Pfizer-BioNTech COVID-19 vaccinees as compared with a control group of seasonal flu vaccine recipients. Researchers analyzed data continually over three and a half years and found no increased safety risk associated with the Pfizer-BioNTech COVID-19 vaccine.

More broadly, this study generated robust scientific evidence on safety of the Pfizer-BioNTech COVID-19 vaccine to a broader population, bolstering public confidence and addressing an ongoing need for scientifically sound research in the vaccine safety area.

The findings of the study were reported in the article “Post-emergency use authorization active safety surveillance study of the Pfizer-BioNTech coronavirus disease 2019 (COVID-19) vaccine in the Veterans Affairs health system: Findings from a three-year, comprehensive safety assessment program,” published in Vaccine: X in March 2026.

Read the full study here

Milestone Study on Pfizer-BioNTech’s COVID-19 Vaccine Coauthored by Analysis Group Researchers Completed and Fulfilled Regulatory Requirement for Vaccine’s Approval

Tue, 07 Apr 2026 17:16:19 Z

Read the full study here

In Law360, Analysis Group Authors Examine How New FDA Guidance Could Reshape Biosimilar Competition

Fri, 03 Apr 2026 13:29:56 Z

In 2025, the US Food and Drug Administration (FDA) proposed updates to its biosimilarity guidance that could reshape the competitive landscape for biologics and biosimilars. By reducing certain clinical testing requirements and facilitating interchangeability designations, the FDA aims to accelerate biosimilar development and potentially expand patient access. However, the broader market and legal implications of the FDA’s guidance remain uncertain.

In a Law360 article, Analysis Group Managing Principal John Jarosz, Senior Advisor Richard Mortimer, and Manager Jason Doran examine the evolving US biosimilar landscape and place the FDA’s proposal in the broader context of biosimilar competition. Mr. Jarosz, Dr. Mortimer, and Mr. Doran explain that factors including prescriber preferences, drug pricing, and patent litigation may have contributed to adoption challenges for certain biosimilars. They situate the goals of the updates, which aim to address some of these challenges, in the context of several comments made by individuals and organizations during the FDA’s notice-and-comment procedure for the new guidance. Finally, they discuss how implementation of the updates may create additional challenges and uncertainties for biosimilar and branded drug manufacturers.

The authors conclude that while the FDA’s revisions could spur changes in approval timelines, certain downstream marketplace and legal uncertainties persist that could complicate shifts in manufacturer incentives and investment decisions.

Read the article

SEC Voluntarily Dismisses Negligence Claims Against Analysis Group Client in Accounting Litigation

Thu, 02 Apr 2026 13:58:15 Z

Analysis Group consultants and three affiliated experts contributed to a favorable outcome for the CFO of “smart” glass manufacturer View, Inc. in an accounting litigation brought by the US Securities and Exchange Commission (SEC). Retained on behalf of CFO Vidul Prakash, Analysis Group experts addressed SEC allegations that View’s accounting treatment for the projected costs to replace defective window products was inappropriate, resulting in alleged GAAP violations and the omission of material information about View’s financial condition.

An Analysis Group team supported three affiliates:

Eileen Kamerick opined on whether Mr. Prakash’s actions were consistent with the customary and accepted practices of public company CFOs.
Robert Conway opined on whether View’s accounting conclusions complied with GAAP and whether the involvement of View’s external auditor in both the company’s accounting conclusions and decision to issue financial restatements was consistent with customary audit practice.
Professor David Denis opined on the economic significance of the projected costs for replacement windows to View’s financial condition and valuation and on the factors that affected View’s stock price over the course of the company’s internal investigation and restatement process.

The SEC voluntarily dismissed all claims against Mr. Prakash with prejudice.

The Analysis Group team was led by Managing Principal Gaurav Jetley; Principal Xinyu Ji; Vice Presidents John Drum, Sofia Hussain, Eileen Lu, and David Thompson.

Managing Principal Rebecca Kirk Fair Moderates Panel at Antitrust Summit 2026

Wed, 01 Apr 2026 19:10:29 Z

Analysis Group Managing Principal Rebecca Kirk Fair participated in the Antitrust Summit 2026, held on February 5, 2026, in Park City, Utah. The event convened notable academics, legal practitioners, and in-house counsel to examine emerging issues in antitrust and M&A.

Ms. Kirk Fair moderated a panel on the motivations behind technology acquisitions, featuring senior practitioners and in-house counsel from Kirkland & Ellis, Latham & Watkins, and Meta. The discussion explored pro-competitive reasons for acquisitions alongside the potential unintended consequences of over-enforcement, with audience members raising questions about reverse acquihires, deal structure, and merger review.

The summit also featured a series of academic presentations on topics such as self-preferencing, digital “killer acquisitions,” and the interpretation of market concentration metrics. These interdisciplinary contributions reflected ongoing debates around platform ecosystems and competition policy and identified opportunities for further research. Attendees included prominent M&A practitioners and corporate counsel, representing a mix of academic and industry perspectives.

International Industrial Organization Conference (IIOC)

Wed, 01 Apr 2026 16:59:38 Z

Two Analysis Group consultants will participate in the 24th Annual International Industrial Organization Conference.

Managing Principal Aditi Mehta (former head of the Economic Analysis Group at the US Department of Justice Antitrust Division) will introduce the Merger Remedies session.
Vice President Riccardo Marchingiglio will be a panel discussant on Doing IO at Antitrust Consulting Firms.

Analysis Group is pleased to be a sponsor of this event.

Analysis Group Experts Support HDMI Licensing Administrator in Favorable Summary Judgment on Antitrust Claims

Tue, 31 Mar 2026 17:51:13 Z

Analysis Group was retained on behalf of the licensing administrator for the High-Definition Multimedia Interface (HDMI) specification, the defendant in an antitrust litigation brought by software and electronics company Availink. Availink alleged that HDMI Licensing Administrator (HDMI LA) and its founders violated antitrust and unfair competition laws because they possessed market power in markets that use the HDMI specification, and restrained competition in those markets through specific terms in their adopter agreement.

An Analysis Group team led by Vice Presidents John Browning, Owen Hearey, and Yuan Tian, supported two experts: affiliate Justus Baron and Vice President Kristof Zetenyi, both of whom filed expert reports and testified at deposition. Dr. Baron analyzed whether the HDMI license arrangement had procompetitive benefits, whether its licensing rates were supracompetitive, and whether the licensing agreement had caused antitrust injury. Dr. Zetenyi rebutted Availink’s expert’s claims regarding market definition, HDMI LA’s alleged market power, and whether the alleged misconduct restrained competition.

A judge in the US District Court for the Northern District of California granted HDMI LA’s motion for summary judgment. Referring to Dr. Zetenyi’s expert report at multiple points, the judge held that there was no evidence that HDMI LA’s licensing agreement had harmed competition or that Availink had suffered antitrust harm.

Vice President Pierre Lissot and Colleagues Probe Effective Strategies for Anti-Dumping Complaints

Tue, 31 Mar 2026 15:24:36 Z

The EU has recently increased its use of traditional trade defense tools – anti-dumping measures in particular – as part of its strengthened economic defense arsenal. In a piece published in Le Moci, a media outlet specializing in international trade, Analysis Group Vice President Pierre Lissot and Dimana Todorova and Jean-Marie Salva of Fendler Salva Partners examine how the complementary expertise of lawyers and economists can effectively support companies preparing and lodging anti-dumping complaints before the European Commission.

Drawing on a recent conference organized by Analysis Group and lawyers from Fendler Salva Partners that brought together firms and trade experts, the article explains how rigorous data collection and processing constitute a first step in filling a complaint, and how the causal link between dumped imports and injury must be carefully demonstrated relying on robust methodologies accepted by the European Commission. In addition, it examines, in the context of the Union Interest Test, how and why firms must anticipate economic arguments from importers and users, particularly regarding product substitutability and the pass-through of potential anti-dumping duties to prices. The authors also include factors to ensure an effective strategy.

Read the article (in French, subscription required)

Vice President Pierre Lissot and Colleagues Probe Effective Strategies for Anti-Dumping Complaints

Tue, 31 Mar 2026 15:18:55 Z

Read the article (in French, subscription required)

Pro Bono Testimony and Report of Vice President Kristof Zetenyi Supports Win for Unhoused Angelenos

Mon, 30 Mar 2026 14:21:53 Z

Analysis Group provided pro bono services to the Legal Aid Foundation of Los Angeles (LAFLA) on behalf of civil rights groups and unhoused individuals in the greater Los Angeles area, the plaintiffs in litigation filed against the city of Los Angeles.

The matter, Janet Garcia, et al. v. The City of Los Angeles, centered on Los Angeles Municipal Code Section 56.11 (LAMC 56.11), which was codified to “balance the needs of all the City’s residents.” This provision was cited by the city to enact cleanups of unhoused residents’ encampments, which in some cases destroyed the property of unhoused residents. The plaintiffs alleged that the destruction of tents and other belongings necessary for survival under LAMC 56.11 violated their Fourth and Fourteenth Amendment rights because such destruction amounted to unreasonable seizures of personal property and deprived people of required due process. LAFLA argued that the city was legally required to store and return any seized property.

An Analysis Group team led by Vice President Owen Hearey and Advanced Analytics Specialist Varsha Sabhnani supported Vice President Kristof Zetenyi, who submitted an expert report and testified at deposition. Dr. Zetenyi analyzed data provided by the city to evaluate the extent to which unhoused residents’ property was stored or disposed of during cleanups and how often such property, when stored, was returned to its owners. In his report, Dr. Zetenyi found that in the vast majority of cleanups the city did not return any of the unhoused residents’ property or send such property to storage.

Judge Dale S. Fischer of the US District Court for the Central District of California ruled in favor of the plaintiffs, granting terminating sanctions against the city.

Analysis Group Continues Expansion of International Arbitration Expert Bench

Thu, 26 Mar 2026 15:48:29 Z

Analysis Group is pleased to welcome Tim Allen to the firm as a senior advisor in our growing global team of international arbitration experts. Based in London, Mr. Allen has 30 years of experience as a damages expert witness, specializing in cross-border disputes in litigation and international arbitration proceedings under International Chamber of Commerce (ICC) International Court of Arbitration, UNCITRAL, London Court of International Arbitration (LCIA), International Centre for Settlement of Investment Disputes (ICSID), and American Arbitration Association (AAA) rules. He has testified in international arbitration and court proceedings on more than 50 occasions on issues related to breach of contract, acquisition disputes, and investment treaty claims. His work spans sectors such as mining, oil and gas, power generation, telecommunications, financial services, and manufacturing.

Mr. Allen is the second senior advisor in recent months to join Analysis Group’s team of more than 50 experts with testifying experience in international arbitration matters. US-based energy economist and valuation expert Kenneth Grant joined Analysis Group in August, bringing specialist experience in energy-related matters involving competitive analysis, valuation, antitrust, and market design. The additions of Mr. Allen and Mr. Grant deepen Analysis Group’s core expertise in liability, quantum, and valuation, and reinforce our ability to access internal industry knowledge across international arbitration’s most active sectors, most notably finance and energy.

The growth of Analysis Group’s International Arbitration team continues the firm’s 40-year track record of leveraging economic, financial, and accounting expertise to support clients facing high-stakes disputes in a wide range of industries. Our experts have provided analyses and testimony in some of the largest commercial and investor-state disputes to date; our teams have assisted with analyses of liability, quantum, jurisdictional issues, contract breaches, technical issues related to alleged violations of bilateral investment treaties (BITs), and expropriation of various types of assets.

Analysis Group Continues Expansion of International Arbitration Expert Bench

Thu, 26 Mar 2026 15:44:27 Z

Global Competition Review Names FTC v. Meta Behavioural Matter of the Year

Wed, 25 Mar 2026 16:55:09 Z

Analysis Group’s competition work in FTC v. Meta was recognized by Global Competition Review (GCR) during its annual GCR Awards. The firm congratulates affiliate Catherine Tucker and the Analysis Group team on their work on behalf of Meta in the matter, which was named “Behavioural matter of the year – Americas” during a ceremony on March 24 in Washington, DC.

“Behavioural matter of the year – Americas”: FTC v. Meta

In a landmark antitrust matter, Meta (then known as Facebook) successfully defended itself against claims by the Federal Trade Commission (FTC) that it held a monopoly in the market for personal social networking (PSN) and that it maintained its dominant position by purchasing Instagram in 2012 and WhatsApp in 2014 to eliminate competition in the PSN market, in violation of the Sherman Act.

An Analysis Group team led by Managing Principal Aaron Yeater and Vice President David Toniatti was retained on behalf of Meta and supported Catherine Tucker, who testified at deposition and trial. Professor Tucker opined that the success of Meta’s advertising business was due to innovation in ad quality rather than to an exercise of market power. Judge James Boasberg of the US District Court for the District of Columbia determined that the acquisitions of Instagram and WhatsApp were not anticompetitive, giving Meta a complete victory. Judge Boasberg relied heavily on Professor Tucker’s trial testimony to support his finding that Meta’s advertising strategy was not evidence of anticompetitive conduct but, rather, of an improvement in advertising features and an increase in ad quality, setting a precedent for the evaluation of antitrust harm in markets with so-called “zero-price” products.

Analysis Group Experts Win Two 2026 Concurrences Antitrust Writing Awards

Wed, 25 Mar 2026 14:19:24 Z

Analysis Group proudly congratulates seven of its competition experts, authors of two articles that won the jury awards in their respective categories at the 2026 Concurrences Antitrust Writing Awards.

“The Relationship Between Pricing Transparency and Price Competition in the US Health Care Industry” was named best business article in the General Economics category. Coauthored by Analysis Group Manager Juan Carvajal, Vice President Christopher Ody, and affiliate Christopher Whaley of Brown University, the article detailed pricing transparency initiatives enacted to help combat rising prices in US health care. The authors summarize federal and state legislative efforts, consider the economic benefits and drawbacks of each, and examine the empirical evidence on their effects. They conclude that the overall effect of these regulations has been ambiguous, but that they are most effective when combined with incentives for insured patients to engage in price shopping. “The Relationship Between Pricing Transparency and Price Competition in the US Health Care Industry” was originally published by the American Bar Association (ABA) Antitrust Law Section.

“Recent Developments in Labor Market Antitrust Enforcement in the United States, Europe, Canada, and China” won the award for best business article in the Concerted Practices category. In the article, Analysis Group Managing Principal Jee-Yeon Lehmann, Manager Olivia Althans, and Vice Presidents Yeseul Hyun and Federico Mantovanelli survey recent developments in labor market antitrust enforcement and litigation around the world and assess the current status of these efforts. They provide a detailed perspective on how such enforcement efforts are unfolding in different jurisdictions and how varying approaches in North America, Europe, and Asia may continue to evolve in the future. “Recent Developments in Labor Market Antitrust Enforcement in the United States, Europe, Canada, and China” was originally published by the ABA Antitrust Law Section.

Congratulations to our authors!

Read more about the awards

Analysis Group Experts Support Meta’s Successful Derivative Securities Settlement

Tue, 24 Mar 2026 15:24:50 Z

Analysis Group was retained on behalf of individual directors of Meta Platforms (then Facebook) in a derivative securities litigation filed in the Delaware Court of Chancery. The plaintiffs claimed that Mark Zuckerberg and other Facebook directors breached their fiduciary duties by failing to adequately oversee compliance with a 2012 Federal Trade Commission (FTC) consent order related to users’ data privacy. The plaintiffs’ suit also included insider trading claims against Mark Zuckerberg.

Analysis Group supported four experts who submitted reports and testified at deposition.

Professor Catherine Tucker examined how Facebook’s protocols and privacy practices during the at-issue period aligned with Facebook’s business model and incentives to provide value to users.

Randal Milch opined on the custom and practice for how boards of directors oversee regulatory and compliance risk management and for firm information sharing with boards.

Professor Patrick Traynor opined on the function and uses of APIs and Facebook’s technical processes and timeline for transitioning third-party app developers’ access to user data.

Professor Ilya Strebulaev was retained as a damages expert.

The parties settled the matter during trial, with Meta agreeing to pay $190 million and institute new internal policies, which included revisions to its whistleblower program, code of conduct, and insider trading policy. Plaintiffs had sought over $8 billion in damages.

An Analysis Group team led by Managing Principals Gaurav Jetley, Richard Starfield, and Mihran Yenikomshian; Principal Xinyu Ji; Vice Presidents Nick Dadson, Lindsay Greenbaum, Rozi Kepes, Elizabeth Milsark, Lolo Palacios, Shannon Seitz, and Carletta Wong; and Managers Marimer Guevara and Ivan Kirov supported the four experts.

ABA Antitrust Law Spring Meeting

Fri, 13 Mar 2026 10:41:32 Z

Consultant and affiliates from Analysis Group’s Antitrust & Competition practice will join panels at the 2026 ABA Antitrust Law Spring Meeting in Washington, DC.

Manager Stephanie D. Cheng will join the Fundamentals – Economics panel, which will cover core economic principles in antitrust cases, including damages and econometrics. The panel will be moderated by Sergei Zaslavsky (O’Melveny & Myers LLP), and panelists will include Craig R. Malam (Edgeworth Economics), Jeremy Sandford (Econic Partners LLP), and Emily N. Walden (NERA Economic Consulting).
Affiliate On Amir (Rady School of Management at UC San Diego) will join All-Inclusive? The Risky World of Pricing, a session examining regulatory and litigation trends related to pricing practices, consumer perception, and subscription models. The panel will be moderated by William C. MacLeod (Kelley Drye & Warren LLP), and panelists will include Emily Chissell (Keystone Strategy), Matthew Michaloski (Utah Office of the Attorney General), and John Roberti (Zaiger Linden Roberti & Pepe LLC).
Affiliate Keith N. Hylton (Boston University School of Law) will participate in Evidently, We Need More—Burden’s On You!, a panel addressing evolving evidentiary standards for private antitrust plaintiffs across jurisdictions. The panel will be moderated by Heather T. Rankie (Zelle LLP), and panelists will include Euan Burrows (White & Case LLP), Jennifer Reeves (Geradin Partners), and Nana Wilberforce (WilmerHale).

9th Annual USD School of Law Transfer Pricing Innovation Symposium

Thu, 12 Mar 2026 17:22:10 Z

Analysis Group consultants will present on a panel at the 9th Annual University of San Diego School of Law Transfer Pricing Innovation Symposium, where professionals in global tax, finance, accounting, and law will engage with experts on legal and economic trends impacting transfer pricing compliance, planning, and disputes.

Managing Principal Alan White, Vice President Steve Allen, and Kevin Kiyan (Andersen) will evaluate two transfer pricing methodologies – comparable uncontrolled transaction (CUT) and the comparable profit method (CPM) – in the session “CUT vs CPM – Would the Best Method please stand up!!”

ASCO Genitourinary Cancers Symposium

Mon, 09 Mar 2026 19:57:05 Z

Researchers from Analysis Group’s HEOR, Epidemiology & Market Access practice will present six posters at the American Society of Clinical Oncology’s (ASCO’s) annual Genitourinary Cancers Symposium, which will be held February 26–28, 2026, in San Francisco, CA.

The firm’s poster presentations will include:

Poster Session A: Prostate Cancer – February 26

Abstract 338: “Patient (pt) preferences for treatment (tx) of non-metastatic hormone-sensitive prostate cancer (nmHSPC): A discrete choice experiment (DCE)” coauthored by an Analysis Group team – including Managing Principal Hongbo Yang, Vice President Weiguang Xue, and Manager Yan Meng – in collaboration with researchers from START Carolinas/Carolina Urologic Research Center, University Hospital Schleswig-Holstein, and Astellas Pharma.

This study was sponsored by Astellas Pharma.

Abstract 106: “Real-world comparison of prostate-specific antigen (PSA) response in metastatic castration-sensitive prostate cancer (mCSPC) patients treated with apalutamide (APA) without docetaxel vs darolutamide (DARO) without docetaxel,” coauthored by an Analysis Group team – including Vice President Dominic Pilon, Manager Carmine Rossi, Associate Frederic Kinkead, and Senior Research Professionals Alessio Palladino and Gordon Wong – in collaboration with researchers from Chesapeake Urology, New Jersey Urology, the Winship Cancer Institute of Emory University, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Abstract 343: “Real-world clinical outcomes among patients with localized prostate cancer (LPC) undergoing radical prostatectomy (RP),” coauthored by an Analysis Group team – including Vice President Dominic Pilon, Manager Carmine Rossi, Associate Frederic Kinkead, and Senior Research Professionals Francesca Lee, Yuxi Wang, and Gordon Wong – in collaboration with researchers from Advent Health Urology, Chesapeake Urology, New Jersey Urology, START Carolinas/Carolina Urologic Research Center, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Abstract 180: “Real-world (RW) outcomes associated with enzalutamide (enza) vs apalutamide (apa) in metastatic castration sensitive prostate cancer (mCSPC): Analysis of United States (US) oncology electronic health record (EHR) data,” coauthored by an Analysis Group team – including Managing Principals Maral DerSarkissian and Mei Sheng Duh, Vice President Priyanka Bobbili, and Associate Naiyu Chen – in collaboration with researchers from the Dana-Farber Cancer Institute, Astellas Pharma, and Pfizer.

This study was sponsored by Astellas Pharma and Pfizer.

Poster Session B: Prostate Cancer and Urothelial Carcinoma – February 27

Abstract 709: “Quality of care (QoC) measures among patients with recurrent, papillary-only Bacillus Calmette-Guérin (BCG)-experienced high-risk non-muscle invasive bladder cancer (HR-NMIBC),” coauthored by an Analysis Group team – including Vice Presidents Bruno Émond and Dominic Pilon, Managers Rebecca Bungay and Carmine Rossi, and Senior Analyst Steven Liu – in collaboration with researchers from the Stanford University School of Medicine, Medstar Georgetown University Hospital, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Abstract 708: “Front-line (1L) treatment and recurrence patterns among patients with high-risk non–muscle-invasive bladder cancer (HR-NMIBC) with papillary carcinoma (PAP) or carcinoma in situ (CIS) following Bacillus Calmette-Guérin (BCG) or other intravesical therapies (IVT),” coauthored by an Analysis Group team – including Vice Presidents Bruno Émond and Dominic Pilon, Managers Rebecca Bungay and Carmine Rossi, and Senior Analyst Steven Liu – in collaboration with researchers from the Stanford University School of Medicine, Medstar Georgetown University Hospital, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Generative AI for Disease Modeling

Mon, 09 Mar 2026 18:09:24 Z

Principal Jimmy Royer, Director of Data Science Max Leroux, and Senior Data Scientist Intekhab Hossain will lead an American Statistical Association webinar on generative AI (GenAI) and its use in disease modeling. The webinar will highlight Analysis Group’s Dynamic Evaluation of Cardiometabolic Obesity Disease (DECODE) GenAI model, a digital twin that can simulate long-term benefits of weight loss on cardiometabolic conditions. Webinar attendees will learn how DECODE uses longitudinal data to model obesity progression, and how GenAI models can inform health economics and outcomes research and policy decisions.

Antitrust Updates – Damages, Big Data and FTC Trends

Fri, 06 Mar 2026 17:56:04 Z

At a conference hosted by the State Bar of Georgia’s Antitrust Law Section, Principal Juliette Caminade will discuss evolving trends in injury and damages analysis in the era of two-sided platforms and monopolization cases. The discussion is part of the broader conference program titled Antitrust Updates – Damages, Big Data and FTC Trends.

The conversation will be moderated by David Schwartz (Bryan Cave Leighton Paisner) and will also feature Rosa M. Abrantes-Metz (BRG).

2026 Intellectual Property Institute

Thu, 05 Mar 2026 15:56:05 Z

Analysis Group Managing Principal Jeff Kinrich will join the panel “Calculating Victory: In-House Strategies and Recent Updates for Patent Damages” at USC’s 2026 Intellectual Property Institute in Santa Monica.

The session will bring together in-house counsel, outside counsel, and damages experts to discuss the evolving role of in-house legal teams in shaping patent damages strategies. Panelists will examine strategic decisions typically addressed by outside counsel and experts, provide updates on recent pivotal cases – including Rex Medical v. Intuitive Surgical and EcoFactor, Inc. v. Google LLC – and explore current trends in apportionment and licensing comparability that influence damages claims.

Analysis Group Collaborates with Research Partners to Explore Disparities in Treatment of Patients with Chronic Spontaneous Urticaria

Mon, 02 Mar 2026 19:53:23 Z

Chronic spontaneous urticaria (CSU) is a condition characterized by itching, hives, and tissue swelling lasting over six weeks without an identifiable trigger. The recommended first-line treatment for CSU is H1-antihistamines, and more advanced treatments, such as biologics, can provide targeted approaches to achieving clinical remission. Systemic corticosteroids (prescription medications that reduce inflammation) are recommended for short-term use during acute flare-ups, however frequent and/or prolonged use of systemic corticosteroids can result in serious adverse events (AEs). Despite such treatments, a large proportion of patients experience a prolonged disease journey and health inequities in the care CSU patients receive are not fully understood.

An Analysis Group team led by Vice President Irina Pivneva, Manager Jason Doran, and Associate Frederic Kinkead collaborated with researchers from Novartis on three posters on CSU presented at the American College of Allergy, Asthma & Immunology (ACAAI) 2025 Annual Scientific Meeting. Their research used data from a large US health insurance claims database to evaluate disparities in the management of CSU.

In the first poster, the researchers assessed the treatment patterns and health care resource utilization (HCRU) of CSU patients according to race and ethnicity and insurance coverage. The highest proportion of corticosteroid use and emergency room visits were among Black patients with Medicaid, suggesting more uncontrolled disease in this population. Despite this, only 10% of Black patients with Medicaid received advanced, or biologic, treatment, suggesting disparities in CSU management.

For the second poster, the team examined treatment patterns and HCRU in CSU patients according to specialist visits, including dermatologist and allergist visits. They observed that patients with both allergist and dermatologist visits received higher proportions of biologics as compared with other groups, and that patients who only visited an allergist had a higher degree of biologic use and a shorter wait time to initiate this advanced treatment option as compared with patients who only visited dermatologists or primary care physicians. The researchers observed a high proportion of patients with CSU-related corticosteroid use, inpatient admissions, and emergency room and urgent care visits, suggesting both a high level of uncontrolled disease across all groups and an unmet need for more effective treatment options.

In the third poster, the researchers described systemic corticosteroid use and its associated outcomes in CSU patients in the US. Corticosteroid use, they observed, was associated with the occurrence of adverse events (AEs) such as lipid disorders and hypertension, and prolonged use was generally associated with more frequent AEs and greater AE-related HCRU. The team concluded by noting that provider guidelines support restricting corticosteroids to short-term use and only as a rescue treatment for managing CSU.

The researchers concluded that, while more research is needed, disparities in CSU management do exist and there is an unmet need for more CSU treatment options.

View poster: Racial, Ethnic, And Socioeconomic Disparities in Chronic Spontaneous Urticaria: A United States Claims Database Study

View poster: Treatment Patterns in Patients With Chronic Spontaneous Urticaria: Results From a US Claims Database Study

View poster: Adverse Events Associated With Corticosteroid Use in Chronic Spontaneous Urticaria Management

Team of Analysis Group Consultants Considers the Costs and Benefits of a Sub-Annual Market for the PJM Region

Thu, 26 Feb 2026 18:51:18 Z

For PJM Interconnection – a regional transmission organization (RTO) that coordinates wholesale electricity in 13 states and the District of Columbia – a team from Analysis Group completed a study of its capacity market as part of an effort to meet future power needs. The study was conducted in response to an issue charge brought by Pennsylvania Governor Josh Shapiro. According to the charge, PJM’s existing annual market auction structure was “suboptimal.” Furthermore, in order to account for accelerated demand growth since the implementation of PJM’s 2007 capacity market, “there is a pressing need to implement a sub-annual capacity model, which could provide ‘near-term achievable improvements to the market’s ability to meet resource adequacy requirements in an efficient, least-cost manner.’”

The Analysis Group team included Principal Todd Schatzki; Vice President Joseph Cavicchi; Manager Phillip Ross; Associates Dan Dychala, Claire Paoli, and Kirill Rudov; and Senior Analysts Aditya Acharya and Sanjam Chhabra. The team evaluated the potential benefits of a sub-annual market given PJM’s evolving loads and mix of generation resources, and assessed tradeoffs in sub-annual market design options. It also conducted a quantitative analysis using a capacity market simulation model, which estimated changes in prices, payments, production costs, and reliability under current and long-run market conditions.

The team identified multiple benefits to PJM from adopting a sub-annual market, including more accurate pricing to improve short-term resource allocation and long-term resource investment, more accurate accounting for resource and system features, improved alignment of resource compensation with performance, and greater flexibility in adapting to market conditions.

The study follows previous work by Analysis Group on New England’s RTO which includes the adopted recommendation to develop prompt and seasonal markets.

Read the study

ASCO Genitourinary Cancers Symposium

Wed, 25 Feb 2026 15:31:37 Z

The firm’s poster presentations will include:

Poster Session A: Prostate Cancer – February 26

Abstract 338: “Patient (pt) preferences for treatment (tx) of non-metastatic hormone-sensitive prostate cancer (nmHSPC): A discrete choice experiment (DCE),” coauthored by an Analysis Group team – including Managing Principal Hongbo Yang, Vice President Weiguang Xue, and Manager Yan Meng – in collaboration with researchers from START Carolinas/Carolina Urologic Research Center, University Hospital Schleswig-Holstein, and Astellas Pharma.

This study was sponsored by Astellas Pharma.

Abstract 106: “Real-world comparison of prostate-specific antigen (PSA) response in metastatic castration-sensitive prostate cancer (mCSPC) patients treated with apalutamide (APA) without docetaxel vs darolutamide (DARO) without docetaxel,” coauthored by an Analysis Group team – including Vice President Dominic Pilon, Manager Carmine Rossi, Associate Frederic Kinkead, and Senior Research Professionals Alessio Palladino and Gordon Wong – in collaboration with researchers from Chesapeake Urology, New Jersey Urology, the Winship Cancer Institute of Emory University, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Abstract 343: “Real-world clinical outcomes among patients with localized prostate cancer (LPC) undergoing radical prostatectomy (RP),” coauthored by an Analysis Group team – including Vice President Dominic Pilon, Manager Carmine Rossi, Associate Frederic Kinkead, and Senior Research Professionals Francesca Lee, Yuxi Wang, and Gordon Wong – in collaboration with researchers from Advent Health Urology, Chesapeake Urology, New Jersey Urology, START Carolinas/Carolina Urologic Research Center, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Abstract 180: “Real-world (RW) outcomes associated with enzalutamide (enza) vs apalutamide (apa) in metastatic castration sensitive prostate cancer (mCSPC): Analysis of United States (US) oncology electronic health record (EHR) data,” coauthored by an Analysis Group team – including Managing Principals Maral DerSarkissian and Mei Sheng Duh, Vice President Priyanka Bobbili, and Associate Naiyu Chen – in collaboration with researchers from the Dana-Farber Cancer Institute, Astellas Pharma, and Pfizer.

This study was sponsored by Astellas Pharma and Pfizer.

Poster Session B: Prostate Cancer and Urothelial Carcinoma – February 27

Abstract 709: “Quality of care (QoC) measures among patients with recurrent, papillary-only Bacillus Calmette-Guérin (BCG)-experienced high-risk non-muscle invasive bladder cancer (HR-NMIBC),” coauthored by an Analysis Group team – including Vice Presidents Bruno Émond and Dominic Pilon, Managers Rebecca Bungay and Carmine Rossi, and Senior Analyst Steven Liu – in collaboration with researchers from the Stanford University School of Medicine, Medstar Georgetown University Hospital, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

Abstract 708: “Front-line (1L) treatment and recurrence patterns among patients with high-risk non–muscle-invasive bladder cancer (HR-NMIBC) with papillary carcinoma (PAP) or carcinoma in situ (CIS) following Bacillus Calmette-Guérin (BCG) or other intravesical therapies (IVT),” coauthored by an Analysis Group team – including Vice Presidents Bruno Émond and Dominic Pilon, Managers Rebecca Bungay and Carmine Rossi, and Senior Analyst Steven Liu – in collaboration with researchers from the Stanford University School of Medicine, Medstar Georgetown University Hospital, and Johnson & Johnson.

This study was sponsored by Johnson & Johnson.

MIT Sloan Healthcare and Bioinnovations Conference

Fri, 20 Feb 2026 19:02:24 Z

At the MIT Sloan Healthcare and Bioinnovations Conference, Analysis Group Vice President Priyanka Bobbili will moderate the “Next Frontier of Cardiovascular Innovation” panel, which will explore emerging breakthroughs in cardiovascular therapeutics and management, spanning pharmaceutical, medical device, and digital health innovation. Panelists will examine how advances across these areas intersect with challenges related to access, integration, and care delivery across the full patient journey.

Panelists will include Elazer Edelman (Massachusetts Institute of Technology; Harvard Medical School; Brigham and Women’s Hospital), Glen Fantuzzi (Johnson & Johnson), Cecilie Heerdegen Jepsen (Novo Nordisk), and Shyamal Patel (Oura).

Analysis Group is a proud sponsor of this event.

Analysis Group Congratulates Authors of Four Articles Distinguished with Nominations for 2026 Concurrences Antitrust Writing Awards

Wed, 18 Feb 2026 17:00:35 Z

Analysis Group congratulates 12 of its competition experts, the authors of four articles nominated for the 2026 Concurrences Antitrust Writing Awards. A joint initiative with The George Washington University Competition Law Center, the Antitrust Writing Awards will present both juried and readers’ choice winners at a gala dinner in Washington, DC, on March 24, 2026, the day before the opening of the American Bar Association’s Antitrust Spring Meeting.

Online voting for readers’ choice awards is open until March 3, 2026.

Our nominated articles:

Academic Articles: Mergers

“Sustainability Considerations in EU Merger Control,” Jay Modrall, Associate Claire Paoli, and Vice President Joshua White; Journal of Antitrust Enforcement, November 25, 2025

Business Articles: General Economics

“The Relationship Between Pricing Transparency and Price Competition in the US Health Care Industry,” Manager Juan Carvajal, Vice President Christopher Ody, and Affiliate Christopher Whaley; American Bar Association Antitrust Law Section Website, November 5, 2024
“The Role of Private Equity in the Entrepreneurial Ecosystem,” Managing Principal Lauren Hunt, Vice President Dasha Anosova, and Affiliate Yael Hochberg; American Bar Association Antitrust Law Section Website, June 16, 2025

Business Articles: Concerted Practices

“Recent Developments in Labor Market Antitrust Enforcement in the United States, Europe, Canada, and China,” Managing Principal Jee-Yeon Lehmann, Manager Olivia Althans, and Vice Presidents Yeseul Hyun and Federico Mantovanelli; American Bar Association Antitrust Law Section Website, October 11, 2024

View the list of nominated Analysis Group Articles

View the complete list of nominated Academic Articles

View the complete list of nominated Business Articles

Analysis Group Consultants Summarize ABA Antitrust Webinar on Innovation Competition

Wed, 18 Feb 2026 15:41:04 Z

In a webinar recap published by the American Bar Association (ABA) Antitrust Law Section, Analysis Group Vice President Olga Kozlova Guglielmi, Associate András Jagadits, and coauthor Laia Chueca Azlor of Amadeus IT Group summarize a September 2025 ABA panel discussion exploring how innovation is reshaping competition analysis and merger enforcement. Moderated by Dr. Kozlova Guglielmi, the panel featured Professor Florian Ederer (Boston University), Meghan Rissmiller (Freshfields), Rahul Rao (White & Case; former deputy director of the FTC Bureau of Competition), and Michaela Spero (Amadeus IT Group).

The panel examined emerging antitrust challenges associated with innovation-driven mergers, including the assessment of nascent competition, “killer acquisitions,” and patterns of repeated acquisitions. Panelists discussed the difficulty of applying traditional market-definition tools to forward-looking transactions involving products and technologies that may not yet exist, as well as the treatment of innovation competition under the 2023 Merger Guidelines. The discussion underscored the inherent difficulty of evaluating innovation-driven mergers, where competitive effects depend on uncertain technological trajectories, evolving business models, and products that may never fully materialize.

The conversation also addressed the impact of mergers on innovation incentives, the limits of structural remedies in innovation-intensive markets, and the growing importance of cross-jurisdictional coordination in merger review. Drawing on recent enforcement actions and court decisions in the US and Europe, the panelists emphasized that innovation competition remains one of the most complex and dynamic areas of antitrust law, with firms facing heightened scrutiny and evolving regulatory approaches.

Read the recap

Analysis Group Consultants Examine Potential Risks and Mitigating Factors of Acquihires

Tue, 17 Feb 2026 22:57:13 Z

A Federal Trade Commission (FTC) leader recently raised concerns over the talent acquisition practice known as “acquihiring.” Speaking at a Concurrences Tech Antitrust Conference in January 2026, FTC Commissioner Mark Meador warned that companies buying smaller firms solely for recruiting talent may be engaging in anticompetitive behavior.

Meador’s comments, which included the phrase “buy and kill but for the skill,” highlighted the increase in “acquihires,” concerns from regulators, and questions concerning the pro- and anticompetitive aspects of the practice.

Analysis Group consultants dive into this question in a recent CPI Antitrust Chronicle article, in which they explain that “[r]egulators and scholars have raised four principal concerns. That acquihires may function as disguised ‘killer acquisitions,’ reduce incentives for startup investment, enable inefficient ‘talent hoarding,’ or create labor market power.”

The article, coauthored by Managing Principal Rebecca Kirk Fair, Principal Juliette Caminade, Manager Zsolt Udvari, and Associate Jeanne Vellard Smith, examines potential concerns raised by regulators and academics around acquihiring. The research includes consideration of “reverse acquihiring,” in which a business hires the startup’s employees and licenses its intellectual property rather than buying the company outright. Some competition watchdogs worry that “reverse acquihires” are an attempt to avoid the typical scrutiny applied to traditional acquisitions, even though they consider such deals to be, in substance, acquisitions under a different name. As such, these watchdogs suggest that these deals should be subject to similar oversight.

However, the authors note the mitigating factors that can temper such concerns. One such factor differentiating these deals from other asset acquisitions is the independence of labor movement: Research showing that acquihired employees leave their jobs at a higher rate than other workers suggests that structural changes to the labor market from acquihiring are less durable than changes to other markets, therefore limiting the potential for long-term competitive harm from acquihires compared to traditional acquisitions. Another mitigating factor is that a startup’s acquisition does not automatically signal an end to the startup’s operations. Since post-merger integration “may be neither the objective nor the outcome of the transaction,” the authors write, some concerns voiced by competition authorities may not apply. Ultimately, the authors emphasize the need to reflect on the relative risks and benefits of further regulatory oversight.

Read the article

Revisiting Airline Antitrust

Tue, 17 Feb 2026 17:24:16 Z

Managing Principal Maria E. Garibotti will moderate the American Bar Association Antitrust Law Section’s Revisiting Airline Antitrust webinar. The program will examine recent developments in airline competition policy, including the US Department of Justice and US Department of Transportation’s withdrawal of support for antitrust immunity for the Delta Air Lines–Aeromexico joint venture, the injunction against the American Airlines–JetBlue Northeast Alliance, the abandoned JetBlue–Spirit merger, and the agencies’ call for comments on the state of competition in the airline industry.

Panelists include Daniel Culley (Cleary Gottlieb), Ed Duffy (Baker Botts), and Jeffrey Prince (Indiana University). Together, they will explore what distinguishes airline antitrust enforcement and consider the implications of recent agency actions for joint ventures and industry structure.

Affiliate Russell Wermers and Analysis Group Coauthors Discuss the Evaluation of Target Date Fund Performance in the Journal of Investment Management

Fri, 13 Feb 2026 19:38:55 Z

Target date funds (TDFs) are professionally managed portfolios that provide dynamic asset allocation and asset management, typically with the goal of reducing risk exposure as investors approach retirement. TDFs play a pivotal role in US retirement plans, accounting for more than one-third of 401(k) plan assets. TDFs have also attracted substantial assets from investors in other types of accounts, with total TDF assets exceeding $4 trillion.

In an article published in the Journal of Investment Management, Analysis Group Managing Principal D. Lee Heavner, Vice Presidents Ahmer Nabi and Katie Williams, and affiliate Russell Wermers overview the strategies and structures of TDFs, discuss the heterogeneity across TDFs, and provide a framework to guide the evaluation of the quality and performance of TDFs. The paper identifies several considerations that may inform investors’ fund evaluation, including the fund’s historical performance, qualitative aspects of the fund manager’s experience and research capabilities, and the choice of benchmark to which the fund is compared. The authors explain that an evaluation of TDFs should assess both the TDF’s investment strategy and glide path, as well as fund characteristics that could impact the fund’s likelihood of producing the desired risk level and expected return.

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Established Financial Consultancy Ricol Lasteyrie Joins Analysis Group

Fri, 13 Feb 2026 14:03:11 Z

Analysis Group has formalized its agreement to join forces with Ricol Lasteyrie, a long-established Paris-based consultancy known for its financial, extra-financial, and governance expertise in France and in Europe. The partnership, first announced in November, will expand the reach and capabilities of both firms across Europe and worldwide.

Founded in 1986, Ricol Lasteyrie has long been recognized for its rigor, independence, and strength in strategic financial matters and complex disputes. Together, the firms will offer clients expanded expertise in areas such as competition, commercial disputes, arbitration, accounting, valuation, and compliance with environmental, social, and governance (ESG) standards. Analysis Group will extend its presence in Europe, with the ability to offer clients insight into market-specific dynamics to complement our well-known expertise in economics, finance, and antitrust, while Ricol Lasteyrie will add depth to its record of supporting a wide variety of European corporations, investors, and institutions with their most complex strategic, financial, and litigation matters.

In December, René Ricol, Jean-Charles de Lasteyrie, Gilles de Courcel, Pierre Deheunynck and their teams joined Analysis Group’s Paris office alongside Antoine Chapsal, Emmanuel Frot, Lisa Pinheiro, Marc Van Audenrode and their colleagues. The combined European team – based in Paris, London, and Brussels – will now include more than 100 professionals. They will continue to collaborate closely with Analysis Group’s North American offices, strengthening the firm’s transatlantic capabilities.

About Analysis Group

Analysis Group is one of the largest international economics consulting firms, with more than 1,500 professionals across 15 offices in North America, Europe, and Asia. Since 1981, we have provided expertise in economics, finance, health care analytics, and strategy to top law firms, Fortune Global 500 companies, and government agencies worldwide. Our internal experts, together with our network of affiliated experts from academia, industry, and government, offer our clients exceptional breadth and depth of expertise.

About Ricol Lasteyrie

Founded in 1986 by René Ricol, Jean-Charles de Lasteyrie, and Gilles de Courcel, and managed by Pierre Deheunynck, Ricol Lasteyrie is a French consulting firm recognized for its expertise in financial strategy, litigation support, valuation, and compliance/ESG advisory. Based in Paris, the firm serves executives, corporations, and investors with a focus on rigor, independence, and ethics.

Analysis Group Earns Top Three Spot in Vault’s Consulting 50

Thu, 12 Feb 2026 15:54:50 Z

Analysis Group is proud to announce that it has been ranked as one of the top three consulting firms to work for by Vault’s Consulting 50. The firm’s third-place standing marks an increase from last year’s eighth-place position among all North American consulting firms. The survey showed high scores in categories such as relationships with supervisors, job satisfaction, and several measures related to inclusion. In delivering its ranking, Vault referenced Analysis Group’s “culture of training and mentorship,” as well as the firm’s flexible internal staffing system, which “allows its consultants to explore new practice areas and take ownership of their career growth.”

“We place a lot of emphasis on mentorship at all levels of the organization starting with analysts,” said Analysis Group CEO Pierre Cremieux. “Supporting our colleagues as they develop new skills and methods of problem solving is key to maintaining the firm’s unique culture and rigorous approach to assisting our clients in all our work – from complex litigation to health care, technology, and energy-related issues.”

For the second year in a row, Analysis Group took the top spot for economic consulting. The firm also moved up the ranking for data analytics consulting – rising from 12th to eighth place.

The Vault Consulting 50 is based on multiple criteria, including prestige, firm culture, work-life balance, compensation, and overall business outlook. Vault collects input from external consulting professionals and survey feedback from firm employees. A weighted formula is applied to the data, which then determines the final scores.

The following comments are examples of the feedback collected in support of Analysis Group’s rankings:

“The company exceeds expectations in fostering a welcoming and supportive work environment. From the hiring stage, emphasis is placed on selecting individuals who are not only skilled but also pleasant to work with.”
“Analysis Group is committed to inclusion, and it is widely recognized as an important part of our company’s culture.”
“The best aspect is that there is extensive and unique on-the-job mentoring due to the nature of [the] work supporting world-leading testifying experts. This work results in a lot of one-on-one interaction between junior staff and very notable economists, [academics, and scientists].”

View the rankings

Learn more about Analysis Group’s ranking

Vice President Cyril Hariton Joins Competition Panel, Highlights Economic Consideration Related to Third-Party Access for Digital Infrastructures

Wed, 11 Feb 2026 18:44:11 Z

Vice President Cyril Hariton joined a Concurrences panel entitled “Access, Innovation, and Competition in the Digital Age.” The panel was moderated by Aymeric de Moncuit (Mayer Brown) and featured Giuseppe Conte (European Commission), Tero Louko (Google), and Laila Medina (Court of Justice of the European Union).

Much of the panel discussion focused on the judgment by the Court of Justice of the European Union, on questions raised in the context of a dispute between Google’s parent company, Alphabet, and Italy’s competition and market authority. In its ruling, the court determined that an owner’s refusal to ensure interoperability between their open digital infrastructure – that is, one not built exclusively for its owner’s needs – and a third-party app may constitute an abuse of a dominant position, even if that infrastructure isn’t essential to the third party.

As the conversation shifted to the “semi-open” nature of some infrastructures, Dr. Hariton, who specializes in industrial organization and competition economics, encouraged focusing on the competitive effects of specific access regimes instead of the form of the infrastructure that third-parties seek access to. Dr. Hariton recommended that regulators should focus on how the infrastructure owners’ business models can incorporate specific forms of third-party access, and what the potential effects of that access are likely to be on the incentives to invest and innovate.

Dr. Hariton further made the point that increased regulatory scrutiny of open digital infrastructures could result in a decline in investments aimed at improving them, even in cases when the added scrutiny does not lead to the development of more closed infrastructures.

Read the key takeaways

Vice President Cyril Hariton Joins Competition Panel, Highlights Economic Consideration Related to Third-Party Access for Digital Infrastructures

Wed, 11 Feb 2026 18:37:25 Z

Read the key takeaways

Analysis Group Consultants Use Humira to Examine Biosimilar Competition Landscape

Thu, 05 Feb 2026 16:41:23 Z

Several large pharmacy benefit managers (PBMs) have removed Humira (the branded name for the anti-inflammatory biologic adalimumab) from their national preferred formularies over the past two years, leaving only biosimilars covered. This and other similar events provide insights into how a range of factors continue to shape the broader competitive landscape for biologics and biosimilars.

In an article published in Law360, Analysis Group Managing Principals Andrée-Anne Fournier and Pavel Darling and Vice President Michael Carson examine these dynamics and their implications for both economic and legal analyses. The authors outline how the US Food and Drug Administration’s (FDA’s) updated draft guidance may accelerate biosimilar uptake by streamlining pathways for their approval, and they highlight the growing presence of private-label- distributed biosimilars such as Cordavis’ Hyrimoz. The authors also explore how biosimilar adoption shifted after the April 2024 CVS Caremark formulary change, with commercial plans exhibiting meaningfully higher uptake than government-funded plans.

Ms. Fournier, Mr. Darling, and Mr. Carson note that Humira offers an important real-world test of the Biologics Price Competition and Innovation Act framework, and they highlight how additional factors such as rebate structures, patent-related challenges, and evolving regulatory standards may shape future litigation involving biologics and biosimilars. Because heterogeneity in pricing, rebate structures, and other factors may well persist, they emphasize the need for continued research into the economic drivers of biosimilar adoption, as well as the importance of grounding legal and policy decisions in robust empirical evidence.

Read the article

AI & Antitrust Series, Episode 2: Foundation Models and LLMs

Wed, 04 Feb 2026 19:30:16 Z

Analysis Group Principal Juliette Caminade will serve as moderator for the American Bar Association Antitrust Law Section’s AI & Antitrust Series, Episode 2: Foundation Models and LLMs. The webinar will examine the extent to which AI foundation models and large language models are raising competition questions. The panel will demystify how these technologies work, explore developing vertical theories of harm and enforcement priorities, and consider how antitrust frameworks can adapt to fast-moving AI innovation. Panelists include Christina Ma (Wachtell Lipton Rosen & Katz), Doha Mekki (University of California, Berkeley School of Law), and James Allan (University of Massachusetts Amherst), and Kostis Hatzitaskos (Cornerstone Research).

Analysis Group Researchers Co-Investigate the Real-World Effects of Berotralstat on Hereditary Angioedema Attack Rates

Wed, 04 Feb 2026 15:06:24 Z

Hereditary angioedema (HAE) is a rare genetic disorder that can cause painful and sometimes fatal episodes of tissue swelling. While patients with HAE can experience substantial clinical and economic burdens related to their disease, berotralstat (an oral long-term prophylactic treatment) has been clinically shown to prevent HAE attacks and prior studies have associated it with reduced HAE attack rates.

To further explore this topic, an Analysis Group team led by Principal François Laliberté, Manager Sean MacKnight, and Associate Ramya Ramasubramanian collaborated with researchers from BioCryst; ENT and Allergy Associates; the University of California, Los Angeles; and Allergy and Asthma Research Associates on a first-of-its-kind study analyzing self-reported HAE attack rates before and after berotralstat initiation, stratified by patients’ HAE type and baseline attack frequency. The analysis used specialty pharmacy data from Optime Care, Inc., the sole dispenser of berotralstat in the US. In an article on their research, the authors detail their methods for comparing monthly attack rates after versus before berotralstat initiation using regression models and assigning HAE type based on laboratory values. They conclude that “people diagnosed and living with HAE had fewer HAE attacks after starting berotralstat,” regardless of the frequency of attacks that patients were experiencing before starting berotralstat.

Read the article

GCR Antitrust Awards 2026: Affiliate Catherine Tucker and Analysis Group Competition Work Nominated Across Several Categories

Tue, 03 Feb 2026 20:40:08 Z

Analysis Group is pleased to share that academic affiliate Catherine Tucker has been selected as a nominee for Economist of the Year by Global Competition Review in connection with the 2026 GCR Awards, which recognize “creative, strategic, and innovative” competition work in 2025. In addition, Analysis Group provided economic analyses for five competition matters that have been nominated for awards in various categories, including Matter of the Year.

Congratulations to Professor Tucker, Analysis Group’s affiliates and clients, and to all the GCR Award nominees. The following were among the nominees selected for online voting, which is open until February 9:

“Economist of the year”: Catherine Tucker (Analysis Group)

Professor Tucker is an industrial organization economist whose expertise in the competition dynamics of digital platforms and advertising-supported business models was exemplified in her recent testimony on behalf of Meta in two high-profile antitrust matters. In Federal Trade Commission v. Meta Platforms, Inc., Judge James Boasberg of the US District Court for the District of Columbia relied on Professor Tucker’s opinion that the success of Meta’s advertising business resulted from innovation in ad quality rather than an exercise of market power in a ruling that gave Meta a complete victory. In Maximilian Klein, et al., v. Meta Platforms, Inc. (users), Professor Tucker testified at deposition on both class certification and merits issues, rebutting the plaintiffs’ expert’s assumption that Meta would compensate Facebook users for using the platform and opining that the expert could not reliably show class-wide harm using common methods. Judge James Donato denied certification of the class of Facebook users and granted summary judgment in favor of Meta, citing Professor Tucker’s reports in his opinions.

“Matter of the year” and “Behavioural matter of the year – Americas”: FTC v. Meta

An Analysis Group team led by Managing Principal Aaron Yeater and Vice Presidents Hitesh Makhija and David Toniatti was retained on behalf of Meta and supported Catherine Tucker, who testified at deposition and trial. Professor Tucker opined that the success of Meta’s advertising business was due to innovation in ad quality rather than to an exercise of market power. Judge Boasberg determined that the acquisitions of Instagram and WhatsApp were not anticompetitive, giving Meta a complete victory. Judge Boasberg relied heavily on Professor Tucker’s trial testimony to support his finding that Meta’s advertising strategy was not evidence of anticompetitive conduct but, rather, of an improvement in advertising features and an increase in ad quality, setting a precedent for the evaluation of antitrust harm in markets with so-called “zero-price” products.

“Behavioural matter of the year – Europe”: European Commission RPM probe into luxury fashion companies

In this matter, the European Commission (EC) opened an investigation into Italian luxury fashion brand Guccio Gucci SpA, along with two other luxury fashion companies, for allegedly interfering with independent multi-brand retailers’ ability to set their own prices for Gucci products in violation of EU competition rules. Gucci was accused of engaging in resale price maintenance (RPM) practices that allegedly included restricting retail prices, maximum discounts, and online sales for Gucci products such as apparel, handbags, and leather goods.

Analysis Group was retained on behalf of Gucci to provide economic consultation in connection with the EC’s investigation. Managing Principal Antoine Chapsal and Principal Emmanuel Frot conducted a market study of the luxury industry and on the information conveyed by prices in this sector as well as a theoretical model of RPM in the luxury industry. Gucci cooperated with the EC under the antitrust cooperation procedures, with the EC noting that Gucci provided “evidence with significant added value” early in the investigation. Gucci’s cooperation resulted in a 50% fine reduction.

“Litigation of the year – Cartel defence”: Banks win dismissal of LIBOR manipulation in US class action

In a high-profile and long-running antitrust multidistrict litigation (MDL), a group of plaintiffs accused several major banks of engaging in a horizonal price-fixing conspiracy to suppress the US Dollar London Interbank Offer Rate (LIBOR), an interest-rate benchmark. The plaintiffs – a certified class of investors who purchased LIBOR-based financial instruments and numerous opt-out plaintiffs – claimed that the defendants conspired to suppress LIBOR, resulting in financial harm, including through lower interest rates on plaintiffs’ investments.

Analysis Group was retained on behalf of the defendants; a team led by Managing Principals Michael Beauregard and Marissa Ginn supported academic affiliate Professor R. Glenn Hubbard, who analyzed class certification issues and rebutted the plaintiffs’ experts’ calculation of what LIBOR would have been in a “but-for” world without the alleged suppression. Judge Naomi Reice Buchwald of the US District Court for the Southern District of New York rejected all the plaintiffs’ claims, excluded the testimony of some of the plaintiffs’ experts, and granted the defendants’ motions to decertify the class of individual plaintiff investors and for summary judgment. Repeatedly referencing Professor Hubbard’s rebuttal analysis, the judge rejected the plaintiffs’ allegations as “economically senseless.”

“Litigation of the year – Non-Cartel defence”: Maximilian Klein v. Meta Platforms

In a massive, high-profile antitrust class action, Facebook users (the proposed “user” class) claimed that Meta misrepresented its data protection and privacy practices, allowing it to attract more users, obtain and maintain market power in the alleged social networking services market, and diminish competition. The plaintiffs claimed that, but for Meta’s alleged market power, the company would have had to pay users to use Facebook.

Analysis Group was retained on behalf of Meta, and a team led by Managing Principal Aaron Yeater and Vice Presidents Ishita Rajani and Carlos Chiapa supported three experts who testified at deposition on class certification and merits issues. Catherine Tucker opined that the plaintiffs’ expert’s methodology could not reliably show antitrust injury because the expert’s novel theory that Meta would compensate users for using Facebook was unsupported by either economics or real-world business practice. Professor Yael Hochberg evaluated the plaintiffs’ claim that accounting profit margins serve as a legitimate indicator of monopoly power, and Analysis Group Managing Principal Rebecca Kirk Fair evaluated the plaintiffs’ survey evidence. Citing Professor Tucker’s submissions, Judge James Donato of the US District Court for the Northern District of California excluded the opposing expert’s opinions, which resulted in a denial of certification of the user class and summary judgment in favor of Meta.

“Litigation of the year – Non-Cartel prosecution”: Regeneron Pharmaceuticals v. Amgen

In a groundbreaking antitrust matter, Regeneron Pharmaceuticals succeeded in challenging competitor Amgen’s practice of offering cross-product discounts, conduct that was previously investigated by the US Department of Justice (DOJ). Regeneron alleged that Amgen had undercut sales for Praluent, Regeneron’s cholesterol-reducing biologic, by illegally bundling it’s competing drug, Repatha, with rebates for discounts for unrelated drugs. Regeneron argued that the bundling violated the Sherman Act by making it economically unfeasible for Regeneron to continue to sell Praluent.

Analysis Group Managing Principal Divya Mathur testified at trial on behalf of Regeneron on her assessment of damages for Amgen’s alleged anticompetitive conduct along with other experts. An Analysis Group team lead by Managing Principal Aaron Yeater and Vice President Ishita Rajani supported. A jury in the US District Court of Delaware found in Regeneron’s favor, holding that Amgen’s bundling scheme violated the Sherman Act. The jury assessed compensatory damages of $135.6 million, the exact amount calculated by Dr. Mathur in her submissions, and punitive damages of $271.2 million.

Online ballots may be submitted here.

Aditi Mehta, Former DOJ Antitrust Leader, Joins Analysis Group as Managing Principal

Thu, 29 Jan 2026 19:47:30 Z

Analysis Group is pleased to welcome Aditi Mehta, a highly accomplished antitrust economist and competition policy expert, to the firm as a Managing Principal. Dr. Mehta, who will be based in the firm’s Washington, DC, office, brings more than 15 years of experience at the US Department of Justice Antitrust Division, where she most recently served as the economics director of enforcement. Her addition strengthens Analysis Group’s Antitrust & Competition practice and will broaden the scope of its regulatory and enforcement work.

Dr. Mehta specializes in antitrust economics, merger analysis, and competition policy, with deep expertise in both merger and conduct investigations. During her tenure at the Antitrust Division, she played a leading role in many of the agency’s highest-profile investigations and litigation matters, including US v. Google, US v. Apple, and US v. AT&T. As economics director of enforcement, Dr. Mehta oversaw economic analysis across the division’s entire merger and conduct docket, supervising teams of economists across multiple sections and advising on enforcement strategy decisions in some of the most consequential competition matters in the US.

Before serving as director, Dr Mehta spent a decade as an assistant chief and chief in the Economics Analysis Group, where she led teams of economists working on prominent investigations across a wide range of industries and played a key role in developing and refining the Antitrust Division’s analytical and empirical approaches to merger review and competition policy. She has presented her work at leading institutions, including the Fordham University School of Law and the Brookings Institution, and previously served as an adjunct professor of economics at Johns Hopkins University.

“Aditi’s depth of experience at the very highest levels of antitrust enforcement is exceptional,” said Pierre Cremieux, CEO of Analysis Group. “Her arrival significantly bolsters our antitrust practice and enhances our ability to support clients facing complex merger reviews and competition matters in an increasingly rigorous enforcement environment. We are thrilled to welcome her to the firm.”

Dr. Mehta received her Ph.D. in economics from Boston University and her B.A. in economics from Wesleyan University.

17th Annual SCOPE: Powering the Future of Clinical Research, February 2-5, 2026

Thu, 29 Jan 2026 14:04:04 Z

At SCOPE 2026, Managing Principal Mei Sheng Duh will speak on the panel “Innovating Siteless Registries: How Payors, Pharma, and Analytics are Shaping the Future of Evidence Generation.” The session will examine how payor-based data ecosystems and integrated analytics can improve patient registry recruitment and accelerate timelines, drawing on real-world evidence and siteless registry approaches.

The panel will feature moderator Krystyna Amalfe (Evernorth Health Services) and co-panelists Ria Westergaard (Evernorth Health Services), Sameer Ghate (Merck), and Shawn Edmonds (CVS Health).

Analysis Group Helps Client Secure Federal Approval for $26.6 Billion Energy Merger

Wed, 28 Jan 2026 15:08:27 Z

Analysis Group was retained by Energy Capital Partners (ECP) and Calpine in the $26.6 billion merger of Calpine with Constellation. Calpine is one of the largest US producers of electricity from natural gas and geothermal power. The transaction created the United States’ largest producer of electricity as well as one of the largest competitive retail electric suppliers in the country, with a combined 2.5 million customers.

An Analysis Group team led by Principal Eric Korman, Vice Presidents Megan Accordino and Joseph Cavicchi, and Managers Robert Calzaretta and Phillip Ross helped ECP and Calpine secure approval for the merger from the US Department of Justice and the Federal Energy Regulatory Commission.

BYU Law Winter Deals Conference

Tue, 27 Jan 2026 19:35:29 Z

At BYU Law’s 2026 Winter Deals Conference, Managing Principal Lauren Hunt will join a panel commenting on the paper “Private Equity, Public Capital, and Litigation Risk” by Ludovic Phalippou (Saïd Business School, University of Oxford) and Wiliam J. Magnuson (Texas A&M University School of Law). Analysis Group is pleased to be a sponsor of this event.

In Two Coauthored Articles, Analysis Group Consultants Consider Future of EU Merger Review in Light of Sustainability Mandates

Tue, 27 Jan 2026 18:20:14 Z

As the European Commission (EC) works to revise its Horizontal and Non-Horizontal Merger Guidelines, it faces the challenge of balancing the imperatives of preserving competition, encouraging innovation, and integrating sustainability objectives. How it will do so is unclear, and it may well be a significant milestone in the tenure of Teresa Ribera, the EC’s Executive Vice-President (EVP) for a Clean, Just and Competitive Transition. In two articles, Analysis Group Vice President Joshua White, Associate Claire Paoli and coauthor Jay Modrall of Norton Rose Fulbright consider several issues around how the EC’s task might be accomplished, and the possible consequences.

In “Sustainability Considerations in EU merger control,” an article published in the Journal of Antitrust Enforcement, Mr. White, Ms. Paoli, and Mr. Modrall examine the EC’s decisional practice and economic evidence around integrating sustainability benefits into merger assessments. They discuss how sustainability considerations have emerged as a parameter of competition in market definition and competitive assessments, potentially disadvantaging transactions between parties that advance sustainability objectives. The authors consider whether the current framework for the “efficiency defence” can accommodate sustainability considerations, and how revisions to the Merger Guidelines could enable a more balanced assessment of a transaction’s potential benefits and harms.

In “Will the New EUMR Guidelines Be a Significant Impediment to Sustainability?,” an article published in Concurrences, the authors undertake a practical examination of how the current Merger Guidelines account for sustainability benefits, outlining several considerations for the Commission’s ongoing review. They argue that modernizing the treatment of efficiencies – by broadening the scope of consumer benefits, extending time horizons, and applying consistent evidentiary standards – would better align EU merger control with EVP Ribera’s mandate and the objectives of the Clean Industrial Deal.

Read the Journal of Antitrust Enforcement article (subscription required)
Read the Concurrences article

In Two Coauthored Articles, Analysis Group Consultants Consider Future of EU Merger Review in Light of Sustainability Mandates

Tue, 27 Jan 2026 17:24:59 Z

Click here to read the Journal of Antitrust Enforcement article (subscription required)

Click here to read the Concurrences article

Analysis Group Researchers Examine Surrogate Measurements for Overall Survival in Bladder Cancer Studies

Mon, 26 Jan 2026 16:47:43 Z

In clinical trials, overall survival (OS) is the gold standard of primary endpoints for evaluating novel cancer therapies. However, as novel treatments for various types of bladder cancer rapidly advance, there is an increasing need for clinical endpoints that allow for more efficient evaluation of survival outcomes. Endpoints such as event-free survival (EFS) and complete response rate (CRR) have been recommended by the International Bladder Cancer Group and the Society for Immunotherapy of Cancer to facilitate drug evaluation and accelerate patient access to novel treatments, but their validity as surrogate measurements for OS remains under study.

To help bridge this gap, Analysis Group teams collaborated with academic and industry researchers to conduct a pair of studies assessing the surrogacy relationship between EFS and OS and between CRR and OS among patients with bladder cancer.

In the first study, a group led by Vice President Yan Song, Manager Aozhou Wu, and Associate Yipeng Gao, collaborated with researchers from Merck and Weill Cornell Medicine to evaluate EFS as a surrogate endpoint for OS in neoadjuvant-treated muscle-invasive bladder cancer (MIBC). In an article on their research, the authors indicate that EFS may be used to assist regulatory and reimbursement decision making regarding new and existing MIBC therapies.

In the second study, a team headed by Vice Presidents Kalé Kponee-Shovein and Yan Song and Associates Yipeng Gao and Jingyi Liu worked with collaborators from Merck and The University of Texas MD Anderson Cancer Center on first-of-its-kind research examining the surrogacy between both EFS and OS and CRR and OS among patients with high-risk non-muscle-invasive bladder cancer (HR NMIBC). Detailing their findings in an article, the authors conclude that EFS could reliably predict treatment effects on OS among Bacillus Calmette-Guérin (BCG) vaccine-naïve or -remote patients with HR NMIBC. They also found an association between OS and CRR, noting that further evidence from larger clinical trials will be critical going forward to help understand CRR’s role.

Read the MIBC article
Read the HR NMIBC article

Analysis Group Consultants Examine Potential Risks and Mitigating Factors of Acquihires

Tue, 20 Jan 2026 16:48:05 Z

Read the article

Making AI Work: What Firms and Workers Need

Thu, 15 Jan 2026 19:08:58 Z

Analysis Group Manager Timothy J. Spittle will join a moderated panel discussion at Making AI Work: What Firms and Workers Need, a conference hosted by the Georgetown University Center for Business and Public Policy and the World Bank. The panel will explore how firms and workers can learn to effectively work with AI, alongside academic, industry, and policy experts. Mr. Spittle will draw on Analysis Group’s recent in-house randomized field experiment with Georgetown University’s Dr. Timothy DeStefano on the use of structured, task-specific guidance in AI-enabled workflows, as well as the firm’s internal efforts to integrate AI into consulting work and the Data Science team’s experience developing AI solutions for clients.

Analysis Group and Affiliate Judith Chevalier Help Google Defeat Advertiser Class Certification in Major Antitrust Litigation on Digital Advertising

Wed, 14 Jan 2026 21:57:29 Z

Analysis Group was retained on behalf of Google in a major multi-district class-action antitrust litigation related to Google’s digital advertising exchange business practices. The proposed class, consisting of advertisers that placed ads on third-party websites using the Google Ads ad-buying tool, alleged that Google acquired and maintained monopoly power in the claimed digital advertising exchange market by implementing certain pricing rules and other anticompetitive practices in its digital advertising auctions. The plaintiffs claimed that Google’s actions increased sales volume on its AdX digital advertising exchange and caused advertisers to pay higher prices to place ads than they would have but for the allegedly anticompetitive practices.

Analysis Group academic affiliate Judith Chevalier submitted an expert rebuttal report and provided deposition testimony evaluating the plaintiffs’ damages expert’s analysis of the volume of business allegedly affected by Google’s auction practices and the amount by which advertisers allegedly overpaid for ad impressions as a result of Google’s alleged market power. Professor Chevalier challenged the opposing expert’s damages model, observing that a substantial proportion of at-issue transactions were placed on Google’s AdSense platform rather than its AdX exchange.

Judge Kevin Castel of the US District Court for the Southern District of New York denied certification of the advertiser class and cited Professor Chevalier’s rebuttal analysis in his opinion: “One of Google’s experts, Judith Chevalier, Ph.D., has opined persuasively that [the plaintiffs’ expert’s] analysis fails to explain how the claimed auction manipulations directed to AdX impacted the prices that advertisers paid on AdSense transactions.” The court held that the lead plaintiff’s claims were not representative of the class and that the plaintiffs failed to establish a common method across class members to demonstrate antitrust injury and damages.

Professor Chevalier was supported by an Analysis Group team led by Managing Principal Chris Borek and Vice Presidents John M. Browning, Shogo Hamasaki, Peter C. Jones, Riccardo Marchingiglio, and Kate Schofield.

Working with Expert Witnesses in the Generative AI Era: Practical Guidance for Counsel

Wed, 14 Jan 2026 17:16:30 Z

Managing Principal Lisa Pinheiro will lead a Boston Bar Association webinar on generative AI (GenAI) and its use in litigation. The webinar will provide a non-technical, practitioner-focused primer on how GenAI works and its limitations, particularly in the context of expert work. Joined by Analysis Group Associate General Counsel Elizabeth Mooney, Ms. Pinheiro will highlight real-world litigation examples and ongoing research related to GenAI guidance and training. Participants will come away with practical suggestions for responsible use of GenAI and for conducting productive conversations with expert witnesses.

Analysis Group Congratulates Authors of Four Articles Distinguished with Nominations for 2026 Concurrences Antitrust Writing Awards

Tue, 13 Jan 2026 16:34:57 Z

Online voting for readers’ choice awards is open until March 3, 2026.

Our nominated articles:

Academic Articles: Mergers

“Sustainability Considerations in EU Merger Control,” Jay Modrall, Associate Claire Paoli, and Vice President Joshua White; Journal of Antitrust Enforcement, November 25, 2025

Business Articles: General Economics

“The Relationship Between Pricing Transparency and Price Competition in the US Health Care Industry,” Manager Juan Carvajal, Vice President Christopher Ody, and Affiliate Christopher Whaley; American Bar Association Antitrust Law Section Website, November 5, 2024
“The Role of Private Equity in the Entrepreneurial Ecosystem,” Managing Principal Lauren Hunt, Vice President Dasha Anosova, and Affiliate Yael Hochberg; American Bar Association Antitrust Law Section Website, June 16, 2025

Business Articles: Concerted Practices

“Recent Developments in Labor Market Antitrust Enforcement in the United States, Europe, Canada, and China,” Managing Principal Jee-Yeon Lehmann, Manager Olivia Althans, and Vice Presidents Yeseul Hyun and Federico Mantovanelli; American Bar Association Antitrust Law Section Website, October 11, 2024

View the list of nominated Analysis Group Articles

View the complete list of nominated Academic Articles

View the complete list of nominated Business Articles

9th Biennial Next Generation of Antitrust, Data Privacy & Data Protection Scholars Conference

Mon, 12 Jan 2026 17:19:14 Z

At the 9th Biennial Next Generation of Antitrust, Data Privacy & Data Protection Scholars Conference, Principal Juliette Caminade will serve as a session discussant for the “Competition, Privacy and Data Issues” session. The session will explore the intersection of algorithmic decision making, privacy regulation, and competition in digital markets. Panelists will include Aditya Karanam (The University of Texas at Dallas), Shunyao Yan (Santa Clara University), Guangyin Chen (University of Southern California), and H. Tai Lam (University of California, Los Angeles).

2026 Power Markets Conference

Fri, 09 Jan 2026 17:29:28 Z

Principle Todd Schatzki will join a panel at the 2026 Power Markets Conference to discuss rising electricity costs. The panel, “Decoding the Electricity Bill – Poles, Power & Policy,” will be moderated by Nicholas Hutchings (NextEra Energy Resources), and the other panelists will include Dan Dolan (New England Power Generators Association), Ron Gerwatowski (Rhode Island Public Utilities Commission), and Sandy Grace (National Grid). The conference is presented by the Northeast Energy & Commerce Association, and will feature additional panels and presentations on rising demand, resource challenges, and future investment in affordable energy.

Analysis Group is pleased to be a corporate sponsor of the conference.

Slam Dunk Settlement for Racing Teams Owned by Michael Jordan, Denny Hamlin, and Bob Jenkins in NASCAR Antitrust Suit

Wed, 07 Jan 2026 19:22:02 Z

Analysis Group was retained by Winston & Strawn on behalf of 23XI Racing and Front Row Motorsports, the plaintiffs in an antitrust litigation against the National Association for Stock Car Auto Racing (NASCAR). Front Row Motorsports and 23XI Racing are both stock car racing teams; Front Row Motorsports is owned by entrepreneur Bob Jenkins, and 23XI Racing is co-owned by retired basketball star Michael Jordan and decorated stock car driver Denny Hamlin. The two teams alleged that NASCAR took anticompetitive actions in the premier stock car racing market, including acquiring racetracks and imposing restrictive agreements that prevented the tracks from hosting non-NASCAR events; requiring teams to use proprietary cars – which stayed under NASCAR ownership – and only allowing car parts to be bought from NASCAR-approved suppliers; and imposing non-compete clauses on teams and team owners.

An Analysis Group team led by Managing Principal Brad Rice, Vice Presidents Ahmer Nabi and Kristof Zetenyi, and Managers Diego Focanti and Neal Tan supported affiliated expert Edward Snyder, who filed multiple expert reports and testified at deposition and trial on liability and damages issues. Professor Snyder conducted an industry analysis, analyzed NASCAR’s alleged anticompetitive conduct, identified how the market for premier stock car racing teams would operate absent NASCAR’s actions, and estimated damages to the plaintiffs. He opined that as early as 2015, NASCAR allegedly created barriers to entry by preventing potential competitors from obtaining venues, teams, and cars. He also opined that NASCAR Cup Series teams were compensated below a competitive market rate. A second Analysis Group team led by Dr. Rice, Vice Presidents Jaclyn Cotton, Ali Dahir, and Hadrien Vasdeboncoeur, and Manager Christopher Lako supported Managing Principal Maureen Chakraborty, who filed an expert report and testified at deposition, rebutting NASCAR’s claim that it would have been insolvent had it needed to pay the increased revenue shares to teams.

After eight days of testimony, a mid-trial settlement was reached in the US District Court for the Western District of North Carolina. According to a joint statement from NASCAR, 23XI Racing, and Front Row Motorsports, NASCAR will amend existing charter agreements to reflect the updated terms as well as provide for an “evergreen” charter. Winston & Strawn released a statement saying that the settlement “delivers long-term structural stability for all NASCAR Cup Series teams, and creates the conditions for meaningful competitive and commercial growth across the sport.”

Affiliate Catherine Tucker and Analysis Group Coauthors Contribute Chapter on Privacy, Competition, and Regulation to Research Handbook on Data, Privacy and Competition Law

Tue, 06 Jan 2026 20:18:35 Z

For the Research Handbook on Data, Privacy and Competition Law, academic affiliate Catherine Tucker, Vice President Philipp Tillmann, and Manager Olga Kozlova Guglielmi coauthored a chapter on the economics of consumer privacy and competition. In “The Interplay of Consumer Privacy, Competition, and Regulation,” the authors explore the economics of consumer privacy and competition and discuss how regulation of consumer privacy interacts with competition.

The authors review literature suggesting consumers’ valuation of privacy is heterogeneous and context dependent and note that consumers’ observed choices (e.g., their willingness to share photos online) and their general reported preference for data privacy are often contradictory. This “privacy paradox” may reflect consumers’ limited capacity to review and understand privacy terms as well as their willingness to trade off privacy for product benefits such as more relevant search results. The authors explain that, although consumer privacy can be framed as a product feature on which firms compete, greater competition does not necessarily lead to better privacy protections. For example, when product functionality is negatively correlated with privacy, such as with dating apps that leverage personal information to improve the quality of matches, competition may lead firms to invest in or promote product features that are more reliant on data sharing, which can reduce privacy. The authors conclude that the increasingly stringent regulation of privacy can have “nuanced and sometimes unintended effects on consumer privacy and competition.” Specifically, they evaluate evidence that regulation may disproportionally favor larger companies due to the costs of compliance and because both firms and consumers may be more willing to share their data with established vendors.

Research Handbook on Data, Privacy and Competition Law is available for sale on the Edward Elgar Publishing website.

The NABE Econ + Law Summit

Sun, 04 Jan 2026 22:33:26 Z

Analysis Group consultants will join panels at the NABE Econ + Law Summit, where economists, attorneys, and policy leaders will explore questions at the intersection of markets and legal decision making.

Managing Principal Rebecca Kirk Fair will join “Outlook for Economics Careers in Regulation, Enforcement, and Litigation.”
Principal Paul Hibbard and Vice President Megan Accordino will join “Economics of Energy & Environment Litigation and Consulting.”
Principal Jimmy Royer will join “AI Transformation and the Future of Litigation and Legal Decision Making.”
Vice President Jonathan Borck will join “How Economic Experts Are Built and Chosen.”

Analysis Group is pleased to be a founding partner sponsor of the event.

Analysis Group Launches In-House Experiment to Understand Impact of Structured Guidance on Use of AI

Fri, 19 Dec 2025 19:00:12 Z

The rapid rise of AI has fueled hopes of major productivity gains across industries. Yet many organizations still struggle to provide guidance on AI adoption, and many have failed to identify measurable improvements in performance or output. According to a recent survey, 61% of organizations opt to restrict employee use of tools like ChatGPT, and more than a quarter have banned them outright. Beyond the question of whether or not tomorrow’s firms will use tools like ChatGPT, which seems like a foregone conclusion, a pressing issue is to determine how AI can be deployed in real-world workflows to ensure safe, reliable, quality- and productivity-enhancing effects.

An Experiment to Understand the Impact of Structured Guidance on the Use of AI

Analysis Group and Professor Timothy DeStefano – Associate Research Professor at Georgetown University’s McDonough School of Business and an applied economist specializing in digital technology, AI, and firm productivity – have partnered in an ongoing study of AI integration, including a series of scientifically designed and implemented field experiments. The firm recently launched a randomized field experiment focused on systematic literature review (SLR) tasks that demand accuracy, synthesis, and judgment in evaluating previously published works. The experiment compared employee performance when using AI tools independently versus using AI tools paired with structured guidance and training tailored to the task, in order to isolate the impact of AI on work quality and efficiency.

Initial findings are promising, indicating that structured, task-specific guidance grounded in workflow design, rather than mere tool familiarity, can transform AI use so that, in addition to being a time-saving step, it’s also a quality-improvement tool.

Pilot study participants highlighted that the structured guidance helped them shift their cognitive focus, as they were able to reallocate their time and effort from manual extraction to critical review, reconciliation, and decision making. Participants also noted that they benefited from the emphasis within the structured guidance on how to systematically review the work of the AI outputs, which improved their overall quality of work.

Key Takeaway

These early findings point to a powerful insight for organizations: The real value of AI may depend less on the technology itself and more on the structure that surrounds its use. Firms eager to adopt AI tools often focus on access and speed, but effective integration requires thoughtful design around human workflows, guidance, and feedback loops. The likely result will be not only greater productivity, but higher-quality insights.

What’s Next

Professor DeStefano is supported by an Analysis Group team led by Managing Principals Chris Borek and Mihran Yenikomshian, Principal Jimmy Royer, Managers Timothy Spittle and Gregory Weiss, and Associate Karen Yang. They will continue to expand this research, broadening the participation and tracking outcomes over a sustained period. Findings will be shared in an upcoming paper.

Vice President Joshua White Considers Role of Denigration in Competition Analysis at CompLaw Pharma

Fri, 19 Dec 2025 16:36:22 Z

Analysis Group Vice President Joshua White participated in “Denigration: Implications of Teva and Vifor,” a panel at the CompLaw Pharma conference in Brussels. The session was moderated by Anne Robert (Sidley) and featured panelists Jacob Westin (Sandoz AG), Despoina Samara (GSK), and Aileen Murtagh (Biomarin). The discussion explored the emerging theory of denigration as a form of exclusionary abuse, drawing on the recent cases CSL Vifor and Teva, and considered their broader implications for the life sciences sector.

Mr. White opened by summarizing key elements of the European Commission’s commitments decision in CSL Vifor, which followed an investigation in which Analysis Group advised the company, and then discussed the parallel decision by the UK’s Competition and Markets Authority. The debate then turned to what constitutes objectively reliable evidence in company communications relating to safety and efficacy of medications. On that topic, Mr. White reflected on the European Commission’s preference for randomized controlled trials and underscored the resulting tension with medicines regulators over the role and reliability of real-world evidence (RWE). He noted that RWE is increasingly recognized across the pharmaceutical industry as a key source of information on safety signals, usage patterns, long-term outcomes, and treatment effectiveness. Mr. White added that limiting the ability to communicate based on RWE may constrain the flow of valuable information to health care professionals. He also emphasized the growing importance of rigorous health economics and outcomes research (HEOR) analyses to ensure that RWE is generated and interpreted in a scientifically robust manner.

Mr. White concluded by noting that the stricter advertising rules in the proposed EU pharmaceutical package may encourage a more effects-based approach to denigration cases. He stressed the inherent ambiguity in disparagement cases and highlighted that even scientifically supported communications by an incumbent may constitute an abuse in certain circumstances, according to the current approach of competition authorities. He therefore emphasized the need for a careful assessment of both the potential and the actual impact of communications on competition.

Vice President Joshua White Considers Role of Denigration in Competition Analysis at CompLaw Pharma

Fri, 19 Dec 2025 16:33:35 Z

Affiliate Catherine Tucker and Analysis Group Coauthors Contribute Chapter on Privacy, Competition, and Regulation to Research Handbook on Data, Privacy and Competition Law

Thu, 18 Dec 2025 15:00:59 Z

Research Handbook on Data, Privacy and Competition Law is available for sale on the Edward Elgar Publishing website.

Informa CompLaw: Pharma

Wed, 17 Dec 2025 19:29:57 Z

Vice President Joshua White will participate in a panel discussion at Informa CompLaw: Pharma, exploring the implications of Teva and Vifor for promotional efforts, internal processes, codes of ethics, and broader compliance practices. Panelists will also address how these developments may influence biosimilar litigations. Mr. White will be joined by Anne Robert (Sidley), Jacob Westin (Sandoz AG), Despoina Samara (GSK), and Aileen Murtagh (Biomarin).

Principal Hristina Bojadzieva Bartlett and Affiliate Keri Pearlson Join Analysis Group–Cohosted Panel on Cybersecurity and Arbitration During New York Arbitration Week

Wed, 17 Dec 2025 14:38:35 Z

Principal Hristina Bojadzieva Bartlett and academic affiliate Keri Pearlson joined the Analysis Group and Crowell & Moring panel “Cybersecurity and Arbitration: Emerging Threats and Evolving Standards” during New York International Arbitration Week. The panel was moderated by Randa Adra (Crowell & Moring) and also included Mark Morril (Morril ADR) and Andrew Erber (Honeywell).

Panelists began by sharing insights on the evolving landscape of cyberthreats and risk, discussing the uptick in the frequency and sophistication of cyberattacks, the role of humans and AI in security breaches, and corporate strategies for building resilience to cyberthreats. Reflecting on the surge in disputes involving cybercrime, panelists noted the frequent need for multiple experts in such matters and the complexity of establishing liability and quantifying harm when responsibility for the breach may be shared, such as in disputes where multiple events within the purview of different parties might have contributed to the data breach. Despite rising litigation in this area, multiple panelists suggested that arbitration may be a preferable forum for resolving cybersecurity disputes, especially B2B ones, given the confidential nature of the proceedings, the ability to appoint an expert tribunal, and party autonomy to tailor the expert process to the facts of the dispute.

The discussion concluded with practical lessons for firms and practitioners around cybersecurity and related disputes, including bringing the topic of cybersecurity to the forefront of firm conversations and taking steps to manage risk.

Principal Jimmy Royer and Coauthors Discuss Improving Access to AI Inputs in Management and Business Review

Mon, 15 Dec 2025 16:50:48 Z

To harness the economic benefits of AI, firms must have access to AI “building blocks”: high-quality data, reliable AI models, computing infrastructure and resources, and AI specialists, all of which could require significant investment. AI adoption also involves managing risk, including ethical use considerations, data security risks, and regulatory and legal compliance. Firms that successfully implement AI technologies will be better positioned to compete in the new digital economy, but such outcomes depend on firms accessing these essential AI inputs.

In an article published in Management and Business Review, Principal Jimmy Royer and Professors Lee Tiedrich and Mohsen Foroughifar identify possible barriers that may prevent firms from accessing AI inputs and discuss possible cost-effective solutions such as using infrastructure as a service (IAAS) and licensing commercially available AI tools. The article concludes by reiterating the importance of stakeholder collaboration for improving access to AI inputs: “If policymakers, industry leaders, researchers, civil society, and data rights holders work together to promote legal compliance and trusted technological progress, we will advance innovation, drive economic growth, and encourage the use of AI for social good, building a dynamic and trustworthy market for an increasingly digital world.”

Read the article

Managing Principal Maria Garibotti Testifies in Sentencing Phase of Criminal Antitrust Wage-Fixing Case US v. Lopez

Fri, 12 Dec 2025 15:32:05 Z

The US Department of Justice (DOJ) won a rare criminal conviction in an antitrust wage-fixing case against Eduardo Lopez, the former CEO of Nevada home health agency Community Home Health Care (CHHC). Mr. Lopez was criminally indicted for conspiring with competitors to fix the wages of registered nurses and licensed practical nurses employed by home health agencies in the Las Vegas area, allegedly suppressing competition and restricting wages. A federal jury found the defendant guilty of participating in a wage-fixing conspiracy and of wire fraud related to the sale of his company.

Although not involved in the merits phase of the case, Analysis Group was retained on behalf of the defendant in the sentencing phase to analyze the economic impact of the defendant’s actions. A team led by Managing Principal Andrea Okie and Vice President Kerri Holmsten supported Managing Principal Maria Garibotti, who testified at the criminal sentencing hearing on her analysis of the volume of commerce affected by the defendant’s wage-fixing conspiracy. Dr. Garibotti’s analysis found that the wages paid by home health agencies where the defendant worked were stable or rising during the at-issue period, and that CHHC in particular paid wage rates at the top of or higher than the agreed-to hourly range during the defendant’s employment. She opined that there was no economic evidence that the defendant’s wage-fixing conspiracy impacted actual wages.

Consistent with Dr. Garibotti’s testimony, a federal judge in the District of Nevada returned a sentence that did not institute any antitrust restitution fine.

Blog Post by Analysis Group Authors Considers Sustainability in EU Merger Review

Thu, 11 Dec 2025 16:36:07 Z

In her 2024 mission letter, European Commission President Ursula von der Leyen tasked Teresa Ribera, Executive Vice-President for a Clean, Just and Competitive Transition, with “modernis[ing] the EU’s competition policy to ensure it supports European companies to innovate, compete and lead world-wide and contributes to our wider objectives on competitiveness and sustainability, social fairness and security.” As the Commission advances its review of the Horizontal and Non-Horizontal Merger Guidelines, questions remain as to how sustainability considerations will be integrated into merger assessments under the revised framework.

In a blog post on the Kluwer Competition Law Blog, Analysis Group Vice President Joshua White, Senior Analyst Claire Paoli, and coauthor Jay Modrall (Norton Rose Fulbright) reflect on the implications of this ongoing review. The authors caution that the Commission’s recent public consultation suggests that, rather than expanding the scope for recognising sustainability benefits, the revised Guidelines may further tighten the “efficiency defence.” As a result, they may, paradoxically, disadvantage transactions between firms that advance sustainability objectives despite their potential contributions to advancing the EU’s sustainability goals. “Fortunately,” they write, the EU’s merger review process “provides the Commission considerable flexibility to address EU policy objectives within an updated framework for the consideration of efficiencies.” A more balanced approach, they conclude, would help the Commission deliver on EVP Ribera’s mandate to modernise competition policy in support of the EU’s Clean Industrial Deal.

Read the blog post

ISPOR Europe 2025

Wed, 10 Dec 2025 18:02:23 Z

Analysis Group, a global leader in health economics and outcomes research (HEOR), will present an educational symposium and 11 research posters at ISPOR Europe 2025, which will be hosted at the Scottish Event Campus in Glasgow, Scotland.

Managing Principal Eric Wu, Principal Jimmy Royer, Vice President Rajeev Ayyagari, and Dr. Frank Hu (Harvard T.H. Chan School of Public Health) will present an educational symposium titled “Generative AI: Driving the Next Era of Evidence-Based Medicine.” The symposium will explore the frontiers of GenAI, highlight key developments and challenges, and showcase its applications in HEOR and RWE. It will also introduce a new RWE research initiative jointly launched by Harvard T.H. Chan School of Public Health and Analysis Group to advance precision health and apply AI to deepen our understanding of disease and treatment outcomes.

Further details on the symposium and posters are available in our ISPOR 2025 Presentation Guide and on ISPOR’s website.

AI and Innovation

Tue, 09 Dec 2025 17:52:10 Z

Manager Cecilia Caliandro will join a roundtable discussion with industry and policy leaders exploring how AI is shaping firms’ innovation processes. She will be joined by Cécile Huet (European Commission), Fabio Luzzi (Tapestry Inc.), Ann Nowé (University of Ghent), and Danbee Song (Korea Institute for Industrial Economics and Trade). Cher Li (Aston Business School) will moderate the session.

Access, Innovation, and Competition in the Digital Age

Mon, 08 Dec 2025 18:00:31 Z

Vice President Cyril Hariton will join a Concurrences panel that will debate how Europe can strike the right balance between access, innovation, and competition in digital markets. Panelists will discuss insights from recent EU case law, Article 102 TFEU, the Digital Markets Act, challenges with compliance and operational constraints, and opportunities and risks that arise in innovation-driven collaborations.

Dr. Hariton will be joined by Brice Allibert (DG Comp), Tero Louko (Google), and Laila Medina (Court of Justice of the European Union).

Enforcer Series: Australia and New Zealand

Tue, 25 Nov 2025 14:07:55 Z

Vice President Ishita Rajani will moderate an ABA webinar in which enforcers from Australia and New Zealand will discuss the current state of cartel enforcement in their jurisdictions. Panelists will include Leah Won (Australian Competition and Consumer Commission) and Grant Chamberlain (New Zealand Commerce Commission).

Informa CompLaw: Pharma

Wed, 19 Nov 2025 20:26:42 Z

AI and Antitrust: A Technical Primer

Wed, 19 Nov 2025 19:17:56 Z

Analysis Group academic affiliate Emma Frejinger will lead an American Bar Association (ABA) webinar that will provide a technical primer on AI for antitrust practitioners, moderated by Manager Timothy J. Spittle. The session will explain key AI concepts for antitrust lawyers, including how systems are built, the roles of data and models, and design tradeoffs. The discussants will share a vocabulary and framework that antitrust lawyers can use to engage with AI matters.

Cybersecurity and Arbitration: Emerging Threats and Evolving Standards

Fri, 14 Nov 2025 21:11:58 Z

Analysis Group and Crowell & Moring will cohost a panel of experienced practitioners, experts, and in-house counsel, who will address some of the most pressing issues at the intersection of arbitration and cybersecurity. The panelists will discuss recent developments and best practices in cybersecurity, the rise in disputes related to cyber breaches, and the role of arbitration as a tool for resolving these disputes.

Panelists will include Analysis Group Principal Hristina Bojadzieva Bartlett and affiliated expert Keri Pearlson (MIT Sloan School of Management), as well as Mark Morril (Morril ADR), Andrew Erber (Honeywell), Ian Laird (Crowell & Moring), and moderator Randa Adra (Crowell & Moring).

New England Electricity Restructuring Roundtable

Wed, 12 Nov 2025 16:15:48 Z

Senior Advisor Susan Tierney will join a panel at the New England Electricity Restructuring Roundtable to discuss observations and insights on changes that have occurred in the region’s electricity systems over the 30-year period during which the Roundtable has convened stakeholders in New England. She will be joined by Gordon van Welie (ISO New England), Rebecca Tepper (Massachusetts Executive Office of Energy & Environmental Affairs), and moderator Jonathan Raab (Raab Associates).

33rd Annual US-Canada Executive Energy Conference

Tue, 11 Nov 2025 14:00:39 Z

Analysis Group Principal Paul Hibbard will moderate the annual C-suite fireside chat at the NECBC’s US-Canada Executive Energy Conference. Senior executives will discuss the current state of the sustainable energy transition, impacts of policy and corporate strategy shifts, cross-sector collaboration, and the leadership approaches required to enable and accelerate a reliable, economically viable energy transition across North America. Mr. Hibbard will be joined by Kimberly Harriman (Avangrid), Will Hazelip (National Grid Ventures, US Northeast), Cynthia Hansen (Enbridge), and John O’Brien (JERA Americas).

HardTalk New York

Mon, 10 Nov 2025 18:37:17 Z

Vice President Carletta Wong will join a panel on navigating damages claims with too much or too little information. She will be joined by Lauren Friedman (King & Spalding), Camila Biral (Demarest), Benno Kimmelman (independent arbitrator), and Katie Gonzalez (Cleary Gottlieb).

AI and Innovation

Tue, 04 Nov 2025 16:53:05 Z

GAR Live: Women in Arbitration

Fri, 31 Oct 2025 14:00:19 Z

Principal Jessica Resch will join a fireside chat exploring career paths in international arbitration. Ms. Resch and Clea Bigelow-Nuttall (Greenberg Traurig) will discuss their careers, expertise, and paths to partnership – and how to continue building from there. Marieke Schaink (A&O Shearman) will moderate the discussion.

Analysis Group is pleased to sponsor this event.

GAR Live: Women in Arbitration

Thu, 30 Oct 2025 16:11:45 Z

Analysis Group is pleased to sponsor this event.

GCR Live: Global Merger Control

Wed, 22 Oct 2025 13:58:09 Z

Analysis Group Competition Expert Pierre Régibeau will join the panel Merger control: the new equilibrium at GCR’s upcoming global mergers conference. Panelists will discuss the intersection of industrial policy and merger control, as well as the role of efficiencies in merger reviews, illustrated through several case studies. He will be joined by Alessandro Gropelli (Connect Europe), Annamaria Mangiaracina (Linklaters), and Paul Reeve (RBB Economics), with Nick Levy (Cleary Gottlieb) as moderator.

Analysis Group is pleased to be a sponsor of this event.

Kimchi Premium and Korea Discount: Cryptocurrency, AI, and Shareholder Disputes – A Luncheon Panel Discussion

Tue, 21 Oct 2025 13:25:44 Z

Vice Presidents Mark Berberian and Hyun Lee will join a panel on cryptocurrency, AI, and shareholder disputes, hosted by Freshfields and Analysis Group, at the 2025 Seoul ADR Festival. The panel will bring together legal and economic perspectives to examine how tribunals and courts have addressed emerging valuation and liquidity questions related to AI and cryptocurrency. The panelists will also explore lessons for future cross-border arbitration and Korea’s dynamic financial markets, and share the latest academic research from leading economists.

Mr. Berberian and Dr. Lee will be joined by panelists Sup-Joon Byun (Kim & Chang), John Choong (Freshfields), Saemee Kim (Lee & Ko), and Seokchun Yun (42Dot). Rohit Bhat (Freshfields) will moderate the session, with Nick Lingard (Freshfields LLP) delivering opening remarks.

Merger Control Forum 2025

Fri, 17 Oct 2025 14:39:54 Z

Vice President Joshua White will join the panel “Assessing the Interplay between Merger Control and the ‘Pro-Growth Agenda’” at TL4 Competition’s Merger Control Forum 2025. Panelists will discuss industrial policy and competition, governments’ strategic direction and the CMA, and the impact of FDI and FSR notification process on the “pro-growth agenda.” He will be joined by Alex Williams (Department of Business and Trade), Becket McGrath (Euclid Law), Ronan Scanlan (Steptoe), and Francesca Sala (Oxera).

ISPOR Europe 2025

Fri, 17 Oct 2025 13:16:27 Z

Further details on the symposium and posters are available in our ISPOR 2025 Presentation Guide and on ISPOR’s website.

Global Class Actions Symposium 2025

Thu, 16 Oct 2025 14:38:02 Z

Managing Principal Kris Comeaux will moderate the panel “Impact of Arbitration Clauses in Class Actions and the Rise of Mass Arbitration” at GLG’s Global Class Actions Symposium 2025. The discussion will explore how arbitration clauses affect class action litigation, with a focus on the growth of mass arbitrations. Panelists will examine recent legal strategies and developments and their implications for claimants, defendants, and the courts.

Ms. Comeaux will be joined by Michael McTigue (Skadden), Amy Morrissey Turk (McGuireWoods), and Jonathan D. Waisnor (Labaton Keller Sucharow).

GCR Live: Global Merger Control

Tue, 14 Oct 2025 16:44:35 Z

Analysis Group is pleased to be a sponsor of this event.

Pharma Law USA

Wed, 08 Oct 2025 16:27:59 Z

Vice President Nori Mehta will join the “Navigating the Inflation Reduction Act, 340B Drug Program Litigation & Other Developments in Pricing” panel at the Informa Pharma Law USA conference. Panelists will discuss the administration’s approach to drug pricing negotiations, challenges surrounding the 340B program, updates on the Inflation Reduction Act, and recent court cases involving Johnson & Johnson, Eli Lilly, Novartis, and Sanofi. Ms. Mehta will be joined by Andrew J. Twinamatsiko (Georgetown Law), Charley John (Walgreen Co.), and Judy Haron (PhRMA).

Merger Control Forum 2025

Wed, 08 Oct 2025 12:41:32 Z

ACI’s Forum on Pharma & Biotech Patent Litigation USA

Mon, 06 Oct 2025 13:31:46 Z

Vice President Michael Carson will join a panel on best practices for using expert witnesses in life sciences patent litigation. Panelists will share strategies for finding and choosing experts, using experts effectively, and weighing the impact of expert testimony against the cost of engagement. He will be joined by Mark Kelley (MoloLamken) and Lars Taavola (Mallinckrodt Pharmaceuticals).

Northwestern Empirical Research Conference on Standardization

Wed, 17 Sep 2025 15:34:57 Z

Vice President Yuan Tian will discuss standard essential patents (SEPs) and the value of 5G at the fifth annual Northwestern Empirical Research Conference on Standardization. The event will highlight policy-relevant issues in technology standardization. He will be joined by Justus Baron of Northwestern University.

Analysis Group is pleased to sponsor this event.

Advertising & Marketing Law: What’s New, What’s Next

Mon, 15 Sep 2025 15:07:18 Z

Principal Laura O’Laughlin will join a panel on practical applications for drip pricing and behavioral economics at the OBA’s Advertising & Marketing Law: What’s New, What’s Next conference. Panelists, including Saeid Kermani (Trent University) and Anita Banicevic (Davies), will examine how these economic concepts can inform assessments of consumer impact, shape liability arguments, and influence the quantification of damages.

ISPOR Real-World Evidence Summit 2025

Thu, 04 Sep 2025 20:21:08 Z

At the ISPOR Real-World Evidence Summit, Analysis Group Vice President Jenny Zhou will moderate the symposium “Advances in Real-World Evidence and AI Applications: Aligning Global Objectives with Local Data Realities”. Panelists will include Principal Jimmy Royer, Vice President Jia Zhong and Professor of Statistical Genetics Liming Liang (Harvard T.H. Chan School of Public Health).

The session will explore how collaboration with varied data sources, coupled with innovative analytical strategies and AI-enabled methodologies, can address challenges and maximize the value of real-world data (RWD). Presenters will illustrate how diverse RWD sources – including electronic medical records, disease registries, and population-based cohorts – can be curated and enhanced to support research that is both context-sensitive and globally relevant. In addition, they will present shared data platforms designed to foster international collaboration.

The session will take place from 16:45 to 17:45 JST in room Ho-O-no-Ma 1 at the Tokyo Prince Hotel.

New England Electricity Restructuring Roundtable

Thu, 04 Sep 2025 13:34:52 Z

Principal Paul Hibbard will join a panel evaluating the reliability and affordability of various energy resource options for New England. Mr. Hibbard will address the array of policies and programs needed to deliver peak load reduction and demand response sufficient to reduce costs, enhance reliability, and improve resource adequacy. He will be joined by Alicia Barton (Vineyard Offshore), Nathan Phelps (Vote Solar), Armond Cohen (Clean Air Task Force), and John O’Brien (JERA Americas).

New Frontiers of Antitrust Conference

Fri, 22 Aug 2025 16:00:50 Z

Managing Principal Antoine Chapsal will join a panel examining recent developments in merger control and foreign investment regulation across Europe at Concurrences’ New Frontiers of Antitrust conference. The discussion will cover structural versus behavioral remedies, first-mover advantage as a source of anticompetitive risk, the EU’s Foreign Subsidies Regulation and foreign direct investment regime, and the UK’s National Security and Investment Act. Panelists will include Aude-Laure Delbac (European Commission), Thomas Ernoult (DG Trésor), Karima El Sammaa (ArcelorMittal), Damien Levie (DG Trade), Séverine Schrameck (Cleary Gottlieb), and moderator Francesco Martucci (Panthéon-Assas University).

New Frontiers of Antitrust Conference

Wed, 20 Aug 2025 13:12:06 Z

The Next Big Thing: Innovation Competition Hot Topics

Tue, 19 Aug 2025 13:27:03 Z

Manager Olga Kozlova Guglielmi will moderate an ABA webinar exploring how innovation is reshaping merger enforcement in technology markets. As frameworks for assessing innovation competition continue to develop, the panel will bring together diverse perspectives to examine critical issues such as nascent competition, killer acquisitions, and acquihires.

Panelists will include Florian Ederer (Boston University), Meghan Rissmiller (Freshfields), Rahul Rao (White & Case), and Michaela Spero (Amadeus).

41st International Society for Pharmacoepidemiology (ISPE) Annual Meeting

Wed, 06 Aug 2025 17:35:44 Z

Analysis Group, a global leader in drug safety epidemiology and regulatory real-world evidence (RWE), will present two podium presentations and four research posters at the 41st annual meeting of the International Society for Pharmacoepidemiology (ISPE).

Three Analysis Group vice presidents will participate in podium presentations at the meeting:

Sunday, August 24, 10:30 a.m.–12:00 p.m. ET, Room 202AB

Vice President Marianne Cunnington will co-moderate a session of presentations on pregnancy epidemiology titled “The Algorithm Awakens: Pregnancy and Data”

Monday, August 25, 5:00 p.m. ET, Room 208AB

Vice President Rose Chang will be the presenting author of “Development of a Rule-based Definition of Clinically Ready for Discharge Status in Hospitalized Patients with Complicated Urinary Tract Infection Treated with Intravenous Carbapenems”

Monday, August 25, 5:15 p.m. ET, Room 208AB

Vice President Priyanka Bobbili will be the presenting author of “Patient-Reported Outcomes Among Patients with Triple-Class Refractory Multiple Myeloma in Real-World Clinical Practice: A Prospective, Multi-Site Observational Study – Interim Results”

Additionally, researchers from Analysis Group – including Managing Principals Mei Sheng Duh and Maral DerSarkissian, Vice Presidents Marianne Cunnington and Lynn Huynh, and Managers Catherine Nguyen, Aolin Wang, and Mu Cheng – will present four posters at the meeting on the following topics:

Poster Session A: Sunday, August 24, 8:00 a.m.–6:00 p.m. ET

Leveraging Real-World Data for Regulatory Commitment: Methodological Considerations in a Post-Approval Safety Study Evaluating the Risk of Atrial Fibrillation (AF) Following Respiratory Syncytial Virus (RSV) Vaccination
Real-World Effectiveness of Ravulizumab in Adults With aHUS who Switched to Ravulizumab Within 3 Months of Eculizumab Treatment (aHUS IMPACT)

Poster Session B: Monday, August 25, 8:00 a.m.–6:00 p.m. ET

Integrating the Patient Perspective Within Real-World Evidence: A Case Study Linking Routinely Collected Patient-Reported Outcomes and Electronic Health Records from Mass General Brigham Healthcare System

Poster Session C: Tuesday, August 26, 8:00 a.m.–1:30 p.m. ET

Association of Hepatitis B Surface Antigen Loss (HBsAg) with Clinical Outcomes Among Patients with Chronic Hepatitis B Virus (HBV) Infection: A Retrospective Cohort Study in the United States (US)

Further details on the podium presentations and posters are available in our 2025 ISPE Presentation Guide. Analysis Group is a proud gold sponsor of this meeting.