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22 WWW.CFOSTUDIO.COM 2nd QUARTER 2015 and our GC where we review audit reports and discuss business risk mitigation.” However, if I see an issue, or Craig sees an issue, in any area, we don’t wait for a committee meeting; we pick up the phone and talk to each other.” A good GC will address “legal policy issues associated with taxes and certain other finance obligations,” adds Bleifer. “We need a well-structured partnership with the CFO, particularly if we challenge a tax authority’s approach to a transaction or to the treatment of a stream of revenue.” A Multi-Year Challenge Bleifer joined Sankyo (before it merged with Daiichi) about 14 years ago — as the firm’s first U.S. lawyer. Several years later, after the merger, he became general counsel of the combined company. At Daiichi Sankyo, one of his most important assignments involved defending the patent portfolio of Benicar — a family of high-blood-pressure medicines that to this day represents “the vast majority” of the company’s U.S. revenue. The case brought by Daiichi Sankyo asserted that generic drugmaker Mylan Pharmaceuticals had infringed on the Daiichi Sankyo patent on the active ingredient in Benicar. U.S. District Judge William J. Martini in New Jersey decided in Daiichi Sankyo’s favor, rejecting Mylan’s defense that the patent was “invalid for obviousness.” But that didn’t end the issue. “Over a multi-year period, from about 2006 to 2011, we won a federal court trial and then the appeal to the federal circuit court, and, technically, also won with the U.S. Supreme Court, which declined to review our lower-court victories,” Bleifer says. “During this time legal worked closely with finance to project and account for significant case-related costs.” More recently, the GC and CFO teamed up on the company’s $315 million acquisition of San Diego-based Ambit Biosciences Corp. The deal, which closed in November and reinforced Daiichi Sankyo’s cancer treatment portfolio, “required significant engagement by legal, finance, the business development function, the CEO, and the board of directors in Japan,” all of whom worked together well, Bleifer reports. For her part, Clarke says she’s known some lawyers who approach providing legal counsel “with either ‘yes’ or ‘no.’ But that [way] isn’t productive.” Fortunately, she adds, lawyers like Bleifer “approach each problem as a positive challenge: How do I make this work and achieve the business’ goals, while remaining compliant with laws, regulations, and our own high ethical standards?” C FEATURED CFO What you say matters. At O’Connor Davies, we believe that listening plus expertise equals understanding. We are dedicated to providing a deeper understanding of client needs within our complete range of accounting, auditing, tax and management advisory services. Here, partners and professionals utilize a hands-on approach to listening and leading efforts both domestically and internationally, thanks to our membership in PKF International. This approach results in a high level of client satisfaction and continues to fuel our growth. Hear that? We do. Walter J. Brasch, CPA Partner & Chief Business Development Officer 908.272.6200 www.odpkf.com