Private equity targets billion-dollar healthcare and life sciences deals
Healthcare and life sciences deals are proliferating. Dechert advises on one of the largest healthcare deals ever.
considerations. Our multidisciplinary team has the knowledge and experience, as well as the finesse, to successfully navigate deals like this.” “We also advised GIC on the US$17 billion acquisition of athenahealth,” says partner Bernardo Piereck, “another As PE sponsors execute highly complex deals relating to clinical-stage and approved life sciences assets, Dechert blends decades of history advising on PE deals with holistic knowledge of the pharma ecosystem.” Robert Darwin Partner “
KKR appointed a Dechert team, led by Paris-based private equity and tax partner Sabina Comis, to handle the crucial tax structuring. Healthcare companies and the life sciences market continue to enjoy favorable underlying trends that have enhanced investor demand in the last 18 months and have made the deal landscape even more challenging. Dechert’s combination of private equity expertise and specialized industry experience has seen us lead on many other notable deals in the United States and Europe. These included advising a consortium, including Hohnhaus & Jansenberger and Cathay Capital Private Equity, on the acquisition of medifa healthcare group, a leading provider of medical technology for operating rooms, as well as advising on Cerberus Capital Management’s investment in Lighthouse Autism Center. is more important than ever and our life sciences clients lean on our expertise as commercially- minded advisors to help them standout in a crowd.” Greg Schernecke Partner “ Positioning and execution in competitive auction environments
In one of the most significant leveraged buyouts since the financial crisis, Dechert advised Singapore’s sovereign wealth fund GIC as part of an investor group’s acquisition of a majority stake in medical supply company Medline. With a reported enterprise value of US$34 billion, this was the second-largest buyout in a decade and one of the biggest healthcare buyouts ever. The Medline acquisition was described by The Wall Street Journal as a rebirth of the multi-investor “club” deal that proliferated before the financial crisis. “Life sciences transactions run the gamut – from small bets on nascent start-ups to big bets on mature behemoths,” says partner Eric Siegel. “Larger deals often bring exponentially more complexity, with the need to take into account the interests of multiple parties and additional regulatory demands, legal risks and commercial
complex club deal in the highly regulated healthcare space.” In the context of the ongoing pandemic, life sciences and
healthcare transactions don’t just need deal execution and regulatory expertise: sensitive political dynamics can also require careful handling. Such challenges were evident in KKR’s expansion into France’s healthcare sector via its €3.3 billion takeover of French hospital operator Elsan and acquisition of the C2S Group of generalist clinics from Eurazeo Patrimoine. Recognizing that a successful investment strategy requires more than M&A expertise,
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