Charles River Associates

As the year comes to a close, we at CRA want to take a moment to reflect on the incredible journey we’ve shared and extend our heartfelt gratitude to our remarkable team, their families, and our valued clients and partners. This season reminds us of the many reasons we have to be thankful: the trust and collaboration we’ve built, the goals we’ve achieved together, and the boundless possibilities that lie ahead. It is through the innovation, dedication, and teamwork of our CRA community that we continue to thrive and create meaningful impact. As we embrace the spirit of the holidays—joy, peace, and hope—let’s carry these values into the new year, striving for even greater heights together. From all of us at CRA, we wish you and your loved ones a holiday season filled with warmth and happiness and a new year of health, prosperity, and success. Happy Holidays! The CRA Family

On September 23, 2024, the U.S. Department of Justice, Criminal Division released updated guidance on its Evaluation of Corporate Compliance Programs (ECCP), building on the previous update from March 2023. The revisions emphasize several key areas for companies to address, including emerging technology risks, whistleblower incentives, compliance resources and data access, learning from experience, and post-M&A compliance integration. These updates highlight the need for robust frameworks for risk management, internal reporting mechanisms, data-driven compliance strategies, and continuous program improvement. CRA’s Forensic Services Practice provides expertise in regulatory compliance, offering services such as program design, audits, and investigations. Contact one of our #CRAForensicServices Consultants to learn more here: https://crai.news/q5z 

In a recent insight, #CRATransferPricing consultants reflect on significant developments from 2024 and explore anticipated trends for 2025. Topics include the implementation of Amount B, strategies for managing intercompany transactions amid complex tax landscapes, and the impact of trade policies following the U.S. presidential election. They also compare UN and OECD transfer pricing guidance, offering insights into their implications for multinational enterprises in emerging markets. Highlights from our 2024 projects include global benchmarking, intangible property valuation, compliance documentation, and litigation support. Additionally, we review key court cases, regulatory updates, and the influence of economic conditions on transfer pricing. To read our full reflection and explore our anticipated trends, click here: https://crai.news/8at #TransferPricing

CRA is proud to announce that 10 of our consultants have been recognized in the Lexology Who’s Who Legal Thought Leaders – Global Elite guide. This recognition is awarded to only 5% of Who’s Who Legal-listed practitioners worldwide, highlighting their exceptional expertise, leadership, and impact in their respective fields. Being named to the Global Elite reflects not only their technical excellence but also their ability to inspire confidence among peers, clients, and the broader professional community. Congratulations to our outstanding colleagues for this well-deserved honor! #CRACompetition #CRAForensicServices

Market participants rely on available information to form expectations about a company’s future performance, and stock prices reflect these expectations. A key factor influencing these expectations is the performance of competing firms. In this CRA Insights, #CRAFinance's Sam Lynch and Swati Kanoria, Ph.D. examine market expectations and security prices, using the recent example of a US pharmaceutical company whose stock price declined after its schizophrenia drug failed Phase 2 trials, while a competitor with an FDA-approved drug saw its stock price increase. Read more about market expectations and security prices here: https://crai.news/bd9

On 6 December 2024, the UK Competition Appeal Tribunal approved a settlement of up to £24.5m between class representative McLaren and WWL/EUKOR, in a collective action based on the European Commission’s 2018 decision on the maritime car carrier shipping cartel. #CRACompetition's Raphaël De Coninck, Elina Koustoumpardi, Oliver Wichert, Dominik Fischer, Francesca Garbin, Isabella Pandelli, and Lorenzo Comito, advised WWL/EUKOR and prepared expert economic reports throughout the CAT proceedings and in support of the settlement. To learn more, click here: https://crai.news/7jy 

We are thrilled to share that CRA has been recognized as an Elite Economics Consulting Firm in the 2025 Global Competition Review’s GCR 100 rankings! This recognition reflects the exceptional expertise and dedication of our talented team of economists, who consistently provide innovative and rigorous analyses to help clients navigate complex antitrust and competition challenges. We are incredibly proud of our team’s ability to deliver high-quality insights that drive impactful outcomes in a constantly evolving regulatory landscape. Thank you to our Competition team for their unwavering commitment to excellence, and to our clients and collaborators for their trust and partnership. #CRACompetition

On December 6, 2024, the European Commission unconditionally approved Novo Holdings' $16.5bn acquisition of Catalent, a contract development and manufacturing organization (CDMO), and Novo Nordisk's subsequent acquisition of three Catalent manufacturing sites from Novo Holdings. The transaction increases Novo Nordisk’s fill-finish capacity, enabling faster delivery to obesity and diabetes patients. Following a detailed review, the Commission concluded that sufficient fill-finish and orally disintegrating tablet (ODT) capacity would remain available post-transaction, and that the transaction would not lead to any anticompetitive concerns. A #CRACompetition team, including Raphaël De Coninck, Elina Koustoumpardi, Christoph von Muellern, Samuel Zimmermann, Mariam Arutyunyan, Alina Sagimuldina, Marcel Wieting, Caspar Mueller, and Liam Connolly, supported Novo Holdings and Novo Nordisk throughout the process. To read the full engagement, click here: https://crai.news/0aj

#CRALifeSciences Tim Wilsdon and Artes Haderi presented new findings and moderated a discussion at an ISPOR—The Professional Society for Health Economics and Outcomes Research webinar titled: The burden of time - MS treatment and socio-economic impact reduction. Participants at the webinar discussed the broader impact of timely access to effective treatments on patients, caregivers, and society. To access the recording of the event, click here: https://crai.news/lro #CRASpeaks

Can disruptive innovation from generative AI be more successful in overcoming entrenched market power of digital platforms than regulation and lengthy litigation? In their recent article for Competition Policy International’s Antitrust Chronicle, #CRACompetition consultants Simon Chisholm and Charlie Whitehead assess the competitive threats posed by generative AI to online search and whether aspects of regulatory regimes risk being obsolete. To read the full article, click here: https://crai.news/arz