Overview
Investing in Care®
Private equity firms and other investors seeking to acquire or invest in businesses in the health care and life sciences sector must accurately assess the compliance risk of the target company as well as the health care regulatory trends that are relevant. Few law firms have the health care regulatory attorneys and consultants who are equipped for this complex and nuanced task.
Many investors and their deal counsel turn to Epstein Becker Green for this assistance. We provide health care regulatory and compliance counseling in advance of and throughout the life cycle of an acquisition or investment.
Epstein Becker Green is the “go to” firm for private equity funds and other investor entities of all types and sizes because the firm has more than 150 attorneys devoted to health law. Our attorneys also have significant experience in the various subsectors within the health care and life sciences industry. Clients rely on our extensive knowledge of health care laws and regulations, our in-depth research on market opportunities and industry trends, and our ability to efficiently analyze the regulatory exposure of target companies and recommend ways to alleviate it.
Health Care Regulatory/Compliance Due Diligence
Our clients are sophisticated investors who understand the special risks involved in health care-related transactions. They count on us to perform timely and comprehensive state and federal health regulatory and compliance due diligence reviews to help them identify and assess risks, regulatory obligations, and trends stemming from a proposed transaction.
Our lawyers partner with potential investors or a client’s corporate counsel to evaluate the health regulatory and compliance profile of a health care or life sciences transaction target. We also address health regulatory and compliance exposures in the transaction agreements and conduct compliance audits. Because we have performed hundreds of due diligence reviews, we can instantly spot red flags—possible exposure to laws addressing fraud and abuse, privacy and security, fee splitting, reimbursement, and other regulatory issues, as well as any changes in the regulatory landscape that could impede the growth of the target company or eat into the client’s bottom line. We communicate the results of our regulatory due diligence review to our clients, and our findings help them identify specific conditions for closing, determine the appropriate pricing and deal structure, and plan for post-closing. We also are experienced with change-of-ownership obligations.
Moving the Deal Forward
Beyond performing due diligence, our lawyers can also help structure and draft the health care-related elements of the transaction documents. We understand the intricate relationships among players in the health care and life sciences spaces and the threats those relationships present to a smooth transaction. We often help clients secure financing and obtain representation and warranty insurance. Post-closing, we frequently provide regulatory counsel to portfolio companies, advising them on compliance strategies going forward.
A Multidisciplinary Approach
The firm’s multidisciplinary talent across the entire spectrum of health care informs our approach at every deal stage. In addition to our large number of industry-savvy lawyers, we draw freely on consultants from our affiliate, EBG Advisors, Inc.—including clinicians, coding experts, technicians, and compliance and regulatory experts. This formidable lineup helps us translate complex regulatory and compliance concepts into the practical business advice that health care investors need.
Representative Experience
- Advised three private equity firms in the leveraged buyout of HCA.
- Served as regulatory counsel to Apax Partners LP in the $6.3 billion acquisition of KCI, a life sciences wound management company (now Acelity).
- Represented a multibillion-dollar investment adviser as health regulatory counsel in the $4.4 billion acquisition of one of the nation's largest PPO network contractors that manages the claims process for big health insurers with a network of more than 900,000 health care providers.
- Assisted a leading U.S. private equity firm in the $2.5 billion acquisition of a U.S. medical transportation company that serves 48 states.
- Advised Summit Partners on the $1.4 billion acquisition of the largest health maintenance organization in Puerto Rico. We handled the complex state and federal regulatory schemes, approvals in multiple jurisdictions, and compensation from the feds and state to the health plan and from the health plan to the provider network.
- Advised Apax Partners LP on regulatory matters in all phases of the acquisition, growth, and successful $1 billion sale of a generic drug company.
- Provided health regulatory counsel to a private equity firm in the approximate $1 billion acquisition of a dental management organization.
- Served as health regulatory counsel to a private equity firm in the approximate $1 billion acquisition of a national eye-care chain.
- Managed regulatory support to Altaris Capital Partners, LLC, in the carve-out of Kindeva, a global drug delivery business, from 3M for $650 million.
- Advised a private equity investor in its acquisition of three leading home care organizations, creating one of the largest home-based care services in the United States, having over $1 billion in annual revenue. We also provide ongoing counsel to the company and its board of directors.
- Represented a private equity investor in its acquisition of an ambulatory surgery center development group and concurrent affiliation with a national health system.
- Provided health regulatory counsel to a private equity firm in a series of roll-up acquisitions in the medical staffing space.
- Provided advice regarding a global investment firm’s financial support of a publicly traded chain of outpatient surgery centers during the acquisition of one of the chain’s smaller competitors.
- Represented a private equity firm in its first investment in the health care sector, advising on due diligence issues, contracts with clients, and all regulatory issues related to its investment in a digital pharmacy.
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Insights
- PublicationsHouse Report Is Critical of Chair Khan’s Administration of FTC2 minute read
- PublicationsRevisions to HSR Form Released2 minute read
- PublicationsFTC Withdraws from Interagency Memorandum of Understanding2 minute read
- BlogsVideo: New State Legislation Increases Oversight of Health Care Transactions – Thought Leaders in Health Law2 minute read
- PublicationsFTC Disputes Whether States Can Effectively Displace Hospital Competition with COPA Regulation2 minute read
- PublicationsFTC and DOJ Signal Continued Interest in Labor Markets with New MOU2 minute read
- BlogsPodcast: Navigating the Labyrinth of Private Equity Investments in Health Care – Diagnosing Health Care2 minute read
- PublicationsInteragency Strike Force on Unfair and Illegal Pricing Holds First Public Meeting1 minute read
- PublicationsFTC Releases Controversial Interim Staff Report on PBMs’ Purported Impact on Drug Prices3 minute read
- Blogs“Health Over Wealth Act” Would Set Tougher Requirements for Private Equity Firms, For-Profit Corporations Owning ...4 minute read
- PublicationsProposed FTC Budget Signals Continued Enforcement Initiatives2 minute read
- PublicationsBreaking Boundaries: Navigating Challenges to Expanding Across Borders2 minute read
- BlogsNew Proposed Federal Legislation Takes Aim at Concerns Regarding Perceived “Looting” of Health Care Systems by Private ...5 minute read
- Media CoverageSteve Swirsky Quoted in “Where to Turn When Portfolio Company Workers Strike”5 minute read
- PublicationsNewly Appointed Commissioner Holyoak Criticizes FTC’s Direction and Policy2 minute read
- PublicationsAgencies Seek Information on Serial Acquisitions2 minute read
- BlogsPodcast: If Cannabis Is Reclassified, What Will Happen to the Marketplace? – Diagnosing Health Care2 minute read
- PublicationsClose of Comment Period for RFI on Consolidation in Health Care Markets2 minute read
- PublicationsLeslie Norwalk Responds to Joint Agency RFI on Consolidation in Health Care Markets3 minute read
- PublicationsFTC Requests Substantial Increase to FY 2025 Budget2 minute read
- PublicationsCorporate Practice of Medicine: A 50 State Survey2 minute read
- PublicationsFederal Antitrust Enforcement Agencies Launch New Reporting Tool2 minute read
- PublicationsFive Commissioners and a Vote on Noncompetes to Come2 minute read
- BlogsPodcast: Key Changes in Finalized Antitrust Merger Guidelines – Diagnosing Health Care2 minute read
- PublicationsFTC Continues Investigation into PBM Practices2 minute read
- BlogsTime Runs Out in the Oregon State Senate for HB 4130, but Will Likely Return in 20256 minute read
- PublicationsAgencies Focus on Private Equity in Health Care2 minute read
- PublicationsFTC Calls on Congress to “Modernize” HSR Act and Extend Waiting Periods2 minute read
- PublicationsRevised HSR Thresholds Announced2 minute read
- PublicationsUpdated Merger Guidelines Finalized2 minute read
- Firm AnnouncementsSeventh Physician Transactions Conference Is Open for Registration4 minute read
- PublicationsRecap: Top 10 Antitrust Issues in 20232 minute read
- PublicationsPresident Seeks More Antitrust Scrutiny of Health Care Transactions2 minute read
- PublicationsLatest Status of Proposed Merger Guidelines2 minute read
- PublicationsFTC Chairwoman Defends Agency’s Enforcement Record2 minute read
- PublicationsThe Federal Trade Commission Moves Closer to a Full Complement of Commissioners2 minute read
- PublicationsFTC and DOL Sign MOU for Cooperation2 minute read
- PublicationsBeyond Civil Enforcement2 minute read
- PublicationsNew Antitrust Theory: Cross-Market Effects2 minute read
- PublicationsPhysician Practice Transactions with Private Equity: Don’t Forget About the Real Estate!1 minute read
- Firm Announcements
Epstein Becker Green Recognized Among Top 10 Largest Health Care Law Firms by Modern Healthcare
2 minute read - PublicationsDOJ’s Antitrust Division Continues Its Pursuit of Overlapping Directorates2 minute read
- PublicationsAccompanying Statements to Hart-Scott-Rodino Annual Report Exemplify Ongoing Tension at FTC2 minute read
- PublicationsDOJ Withdraws Long-Standing Health Care Antitrust Enforcement Policy Statements2 minute read
- Media CoverageGary Herschman Quoted in “Private Equity's New Target Could Be Good News for ASCs”2 minute read
- PublicationsRecap: Top 10 Antitrust Issues in 20222 minute read
- PublicationsDOJ and HHS Coordinate Enforcement Efforts in Health Care2 minute read
- PublicationsDOJ Continues to Emphasize Antitrust Merger Enforcement2 minute read
- PublicationsFTC Tries Again to Provide Guidance on Enforcement Under Section 5 of FTC ActNovember 17, 20224 minute read
- PublicationsIndependent Physician Association Enforcement Not Forgotten2 minute read