Deals & Corporate Governance

  • June 21, 2024

    3 Firms Build $540M Take-Private Sale Of Healthcare Data Biz

    Digital health company Sharecare Inc. on Friday announced that it has agreed to be bought by healthcare-focused private equity firm Altaris LLC in a $540 million take-private deal built by three law firms.

  • June 21, 2024

    Atrium Accused Of Tanking $62M Medicare Advantage Plan

    An insurance provider that partnered with Atrium Health to offer a new Medicare Advantage plan is now suing for breach of contract, saying in a North Carolina state court complaint that Atrium tanked the rollout by refusing to engage in much-needed marketing efforts.

  • June 21, 2024

    Taxation With Representation: Travers Smith, Potamitis Vekris

    In this week's Taxation With Representation, RSK Group Ltd. gets a £500 million ($632 million) investment, Boston Scientific Corp. acquires Silk Road Medical Inc., Masdar takes a part of Terna Energy SA, and Tate & Lyle PLC buys CP Kelco from JM Huber Corp.

  • June 20, 2024

    $13B Antitrust Suit Is Class Cert 'Antithesis,' Delta Dental Says

    The nation's largest dental insurance system and its members have blasted service providers' bid for class treatment in multidistrict litigation targeting an alleged $13 billion antitrust scheme, telling an Illinois federal judge that the providers' case "is the very antithesis of a proper class action."

  • June 18, 2024

    Fla. Immune To Contract Suit Over COVID Tests, 4th Circ. Says

    The Fourth Circuit reversed on Tuesday a district court decision denying a motion to dismiss by a Florida state agency in a breach of contract case involving COVID-19 tests, finding the lower court erred in ruling that the state did not have sovereign immunity and remanding the case for further proceedings.

  • June 18, 2024

    Novant Drops NC Hospital Merger After 4th Circ. Pauses Deal

    Novant Health has abandoned its plans to purchase two North Carolina hospitals for $320 million after a split Fourth Circuit panel on Tuesday granted the Federal Trade Commission's bid for an emergency injunction putting the deal on hold indefinitely.

  • June 18, 2024

    Biotherapeutics Co. Hires Seasoned Atty As General Counsel

    Boston-based biotherapeutics company Seaport Therapeutics announced Tuesday that a life sciences and corporate attorney with more than two decades of experience in-house and in private practice was named its new general counsel.

  • June 18, 2024

    Latham Leads Boston Scientific On $1.16B Silk Road Deal

    Latham & Watkins-advised Boston Scientific Corp. said Tuesday it has agreed to acquire medical device maker Silk Road Medical Inc., represented by Wilson Sonsini, at an enterprise value of approximately $1.16 billion.

  • June 14, 2024

    Biotech Clinches Latest Funding Round With $55M In Tow

    Biotechnology company Enveda Biosciences on Friday announced that it has closed its most-recent financing round after raising $55 million from investors, bringing the Boulder, Colorado-based company's total capital fundraising to $230 million.

  • June 14, 2024

    NC AG Wants Counterclaims Canned In Hospital Contract Suit

    North Carolina's attorney general has sought to dodge counterclaims in a suit accusing a for-profit health network of reneging on promises it made when it bought an Asheville hospital, saying he should be immune and the claims are otherwise redundant.

  • June 13, 2024

    Pa. Nursing Home Creditors OK With $43.7M DIP Loan

    Creditors of a Pittsburgh-area nursing home network indicated Thursday they were open to $43.7 million in debtor-in-possession financing as the group prepares to potentially sell off a portion of its footprint in a Chapter 11 sale.

  • June 12, 2024

    Yale Hospital OK With Merging Suits Over Stalled $435M Sale

    Yale New Haven Hospital has consented to combining two dueling lawsuits over its stalled $435 million deal to buy three Connecticut facilities operated by California-based Prospect Medical Holdings Inc., agreeing that judicial efficiency and economy is best served by consolidating both entities' claims into one proceeding.

  • June 12, 2024

    Texas Anesthesia Co. Appealing To Duck FTC Suit To 5th Circ.

    U.S. Anesthesia Partners Inc. gave notice Wednesday that it will ask the Fifth Circuit to review a Texas federal judge's mid-May decision refusing to toss Federal Trade Commission allegations of a monopolistic "roll-up" of Lone Star State anesthesia practices.

  • June 12, 2024

    Directors Of Defunct Med Tech SPAC Seek Toss Of Del. Suit

    Directors of a special purpose acquisition company that merged with now-defunct medical technology company Better Therapeutics Inc. urged Delaware's Court of Chancery on Wednesday to toss a shareholder's suit about the $15 million de-SPAC merger, saying it wasn't like other problematic SPAC deals.

  • June 12, 2024

    Sen. Dems Seek Criminal Penalties For PE Hospital 'Looters'

    A pair of Democratic senators are targeting private equity's role in the healthcare industry, introducing new legislation Tuesday that would give federal and state enforcers new tools to go after firms they say are "looting" hospital systems and other providers, including possibly jailing executives if patient deaths result.

  • June 11, 2024

    Ontrak CEO Told Broker To Sell Shares Quickly, Jury Hears

    A stockbroker testifying Tuesday in the California federal insider trading trial for Ontrak's founder said the executive didn't accept his advice to delay selling shares of the healthcare company to avoid the appearance of trading on insider information, but instead insisted on selling the shares immediately.

  • June 11, 2024

    Kirkland-Led InTandem Capital Lands $715M For 3rd Fund

    New York-based healthcare services-focused private equity firm InTandem Capital Partners LLC, advised by Kirkland & Ellis LLP, on Tuesday announced that it has clinched its third private equity fund, above target with $715 million in tow.

  • June 11, 2024

    Rao Tracks His Journey From Stay-At-Home Dad To FTC

    Rahul Rao said that every role he's taken on — from BigLaw attorney to stay-at-home dad to overseeing healthcare mergers at the Federal Trade Commission — has helped shape him into the lawyer he is today.

  • June 10, 2024

    Conn. Hospital Broke $4.25M Property Sale Deal, Buyer Says

    A Connecticut hospital has been accused in state court of breaking its $4.25 million property sale contract after the sale was called off following the hospital's merger with Northwell Healthcare Inc.

  • June 10, 2024

    Addus HomeCare Buys Gentiva's Personal Care Biz For $350M

    Home care services company Addus HomeCare Corp. on Monday unveiled plans to buy the personal care operations from hospice company Gentiva for an anticipated price of roughly $350 million in a deal shaped by three law firms.

  • June 10, 2024

    Ventilator Co. Vyaire Hits Ch. 11 As COVID Demand Wanes

    Vyaire Medical Inc., a company that makes breathing ventilators and other respiratory treatment and diagnosis products, filed for Chapter 11 protection in Delaware after demand for its products waned following the COVID-19 pandemic.

  • June 07, 2024

    Ontrak CEO Had Anxiety Over Souring Cigna Deal, Jury Told

    A former Ontrak Inc. consultant testified Friday in the trial of its founder who's accused of trading on insider information about Ontrak's souring relationship with Cigna Healthcare in 2021, telling California federal jurors he frequently expressed anxiety, saying that Ontrak must "save Cigna" and describing the situation as a nightmare.

  • June 07, 2024

    Yale Hospital Sued For Seeking To Exit $435M Purchase Deal

    California-based Prospect Medical Holdings Inc. has sued Yale New Haven Health for seeking to back out of a $435 million acquisition of three financially distressed Connecticut hospitals, accusing the state's largest hospital of breach of contract and wrongfully leaking a prior lawsuit to the press.

  • June 07, 2024

    Acorda Therapeutics Gets OK On $185M Ch. 11 Sale To Merz

    Drugmaker Acorda Therapeutics Inc. received a New York bankruptcy judge's approval Friday to complete a $185 million sale of its assets to a fellow pharmaceutical company, allowing Acorda to move ahead with a Chapter 11 plan to wind down its business.

  • June 07, 2024

    Taxation With Representation: Vinson, Latham, Ropes & Gray

    In this Week's Taxation with Representation, Waste Management buys Stericycle, Becton Dickinson pays $4.2 billion for Edwards Lifesciences' critical care products unit, Aquiline Capital Partners raises over $3.4 billion in fund capital, and Bain Capital buys PowerSchool Holdings.

Expert Analysis

  • Careful Data Governance Is A Must Amid Enforcement Focus

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    Federal and state regulators' heightened focus on privacy enforcement, including the Federal Trade Commission's recent guidance on consumer protection in the car industry, highlight the importance of proactive risk management, compliance and data governance, say Jason Priebe and Danny Riley at Seyfarth.

  • 5 Steps To Navigating State Laws On Healthcare Transactions

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    As more states pass legislation requiring healthcare-transaction notice, private equity investors and other deal parties should evaluate the new laws and consider ways to mitigate their effects, say Carol Loepere and Nicole Aiken-Shaban at Reed Smith.

  • Feds' Biotech Enforcement Efforts Are Too Heavy-Handed

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    The U.S. Department of Justice's recent actions against biotech companies untether the Anti-Kickback Statute from its original legislative purpose, and threaten to stifle innovation and undermine patient quality of care, say attorneys at Ropes & Gray.

  • Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures

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    The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.

  • A Recipe For Growth Equity Investing In A Slow M&A Market

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    Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.

  • PE-Healthcare Mergers Should Prepare For Challenges

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    State and federal regulators are increasingly imposing new requirements on healthcare transactions involving private equity partners, with mergers that would have drawn little scrutiny a few years ago now requiring a multijurisdictional risk analysis during the deal formation process, say attorneys at Stinson.

  • Behind Indiana's Broad New Healthcare Transactions Law

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    The high materiality threshold in Indiana's recently passed healthcare transaction law, coupled with the inclusion of private equity in its definition of healthcare entities, makes it one of the broadest state review regulations to date, say attorneys at DLA Piper.

  • Highlights From The 2024 ABA Antitrust Spring Meeting

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    U.S. merger enforcement and cartels figured heavily in this year's American Bar Association spring antitrust meeting, where one key takeaway included news that the Federal Trade Commission's anticipated changes to the Hart-Scott-Rodino form may be less dramatic than many originally feared, say attorneys at Freshfields.

  • The Merger Cases That Will Matter At ABA Antitrust Meeting

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    While the American Bar Association's Antitrust Spring Meeting this week will cover all types of competition law issues in the U.S. and abroad, expect the federal agencies' recent track record in merger enforcement to be a key area of focus on the official panels and in cocktail party chatter, say attorneys at Freshfields.

  • Planning For Healthcare-Private Equity Antitrust Enforcement

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    U.S. antitrust agency developments could mean potential enforcement actions on healthcare-related acquisitions by private equity funds are on the way, and entities operating in this space should follow a series of practice tips, including early assessment of antitrust risks on both the state and federal level, say Ryan Quillian and John Kendrick at Covington.

  • Why Oncology Deal Making Continues To Fuel Biotech M&A

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    The biotech sector's potential for advancements in cancer care continues to attract deal-maker interest, and the keys to successful mergers and acquisitions include the ability to integrate innovative therapies, leverage technological advancements and respond to the dynamic needs of patients, say Bryan Luchs and Mike Weir at White & Case.

  • Tips For Healthcare M&A Amid Heightened Antitrust Scrutiny

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    As the Biden administration maintains its aggressive approach to antitrust merger enforcement, prudent healthcare M&A counsel will consider practical advice when contemplating their next transaction, including carefully selecting a merger partner and preparing for a potentially long waiting period prior to closing, say attorneys at Davis Wright.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.