A robust auction process, a period of exclusivity for Bristol-Myers Squibb Co. that temporarily slammed the door on competing bidders and a speedy deal closing are a few of the unique characteristics of the global biopharmaceutical company's $2.5 billion deal for Inhibitex Inc., according to Daniel Wolf, a partner at Kirkland & Ellis LLP. Wolf, who was part of the legal team that advised Bristol-Myers on this deal, adds that a notable issue in the overall hepatitis C space involves risks from developments made in clinical trials, which the buyer typically takes on. "I think you're going to start seeing that in deals even outside the pharma space," he predicts. - Sarah Hashim-Waris