Cornerstone Research Shortlisted for 2024 GCR Awards


Global Competition Review recognizes the firm’s work on high-profile 2023 matters, and shortlists Celeste Saravia as Economist of the Year.

Global Competition Review (GCR) has shortlisted Cornerstone Research for its work on two high-profile matters concluded in 2023, an antitrust trial involving two pharmaceutical companies and a $28 billion healthcare acquisition.

In addition, GCR recognized Dr. Celeste Saravia, a Cornerstone Research vice president and expert, as a finalist for Economist of the Year.

The 2024 GCR Awards honor the world’s leading antitrust lawyers, economists, enforcers, and academics, as well as the biggest cases from 2023.

Cornerstone Research is a finalist in three categories: Litigation of the Year – Non-Cartel Defence, Merger Control Matter of the Year – Americas, and Economist of the Year.

  • Litigation of the Year – Non-Cartel Defence: Cornerstone Research is shortlisted for its support of Celeste Saravia and work on In re HIV Antitrust Litigation. In a rare trial centering on allegations that the settlement of patent litigation between Gilead Sciences and Teva Pharmaceuticals included an anticompetitive reverse payment, the jury found in favor of the defense.
  • Merger Control Matter of the Year – Americas: Cornerstone Research is shortlisted for its work on the Federal Trade Commission’s (FTC’s) lawsuit seeking to block Amgen Inc’s $28 billion acquisition of Horizon Therapeutics plc. Supported by the firm, Professor Darius Lakdawalla of the University of Southern California analyzed the FTC’s claims and assessed its experts’ analyses. Professor Lakdawalla described the nature of price competition in the pharmaceutical industry and assessed Amgen’s ability and incentives to engage in the alleged leveraging behavior. Following the submission of the merging parties’ expert reports, the FTC and Amgen reached an agreement for the acquisition to proceed.
  • Economist of the Year – Celeste Saravia: Saravia is shortlisted for her work on In re HIV Antitrust Litigation. She testified before a federal jury and opined on several aspects of plaintiffs’ experts’ opinions, enumerating multiple procompetitive benefits of the settlement. Following the trial, the jury ruled in favor of the defense, finding that the settlement did not include an anticompetitive reverse payment. The jury’s opinion was consistent with Dr. Saravia’s testimony and expert opinion.

The award finalists will be announced at an awards ceremony on April 9, 2024.


  • San Francisco

Celeste C. Saravia

Vice President,
Cornerstone Research;
University of California, Berkeley

Darius Lakdawalla

Quintiles Chair in Pharmaceutical Development and Regulatory Innovation, School of Pharmacy,
Professor, Sol Price School of Public Policy,
Director of Research, Leonard D. Schaeffer Center for Health Policy and Economics,
University of Southern California