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Latham & Watkins Advises Lifecore Biomedical on Cooperation Agreement With 22NW

July 1, 2024
Firm’s shareholder activism defense team represented the CDMO in agreement, which provides for the addition of four new directors to the board.

Lifecore Biomedical, Inc. (NASDAQ: LFCR), a fully integrated contract development and manufacturing organization (CDMO), announced it has reached a cooperation agreement with 22NW, LP, which provides for the addition of four new board members immediately following Lifecore Biomedical’s 2023 annual meeting of stockholders. Large stockholders Legion Partners Asset Management, LLC and Wynnefield Capital, Inc., and their respective affiliates, have entered into similar cooperation agreements. 

Latham & Watkins LLP represented Lifecore Biomedical on the cooperation agreements with a shareholder activism defense team led by Chicago partner Christopher Drewry, Global Co-Chair of the firm’s Shareholder Activism & Takeover Defense Practice, Bay Area partner Tessa Bernhardt, Orange County partner Darren Guttenberg, and Washington, D.C. partner Michele Anderson, with associates Jack Vanderford and Kennedy Holmes, and with assistance from Los Angeles litigation partner Manny Abascal. Advice was also provided on capital markets matters by Chicago partner Scott Westhoff, with associates Greer Gaddie and Chelsea Carlson, and on securities matters by Washington, D.C. partner Brian Miller.