Overview
Investing in Care®
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 approximately 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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Focus Areas
Experience
Contacts
- Member of the Firm
- Chair-- Board of Directors / Member of the Firm
- Board of Directors / Member of the Firm
Media
Events
Upcoming Events
Past Events
- March 9, 2023
- October 24, 2022
- March 24, 2022
Insights
Insights
- 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
- Firm Announcements
Epstein Becker Green’s Amy Dow Honored in Crain’s 2022 Notable Women in Law
2 minute read - PublicationsFTC Maintains Strong Opposition to COPAsAugust 25, 20222 minute read
- PublicationsFTC Reaches Agreement with NLRB to Further Protect Labor Markets1 minute read
- Firm AnnouncementsLynn Shapiro Snyder Serves on the Nashville Health Care Council’s Board of Directors2 minute read
- Media CoverageGary Herschman, Anjana Patel, Tim McHale Quoted in “Health-Care Dealmaking Slows as US Inflation Hits Record High” ...3 minute read
- PublicationsConstitutionality of FTC’s Structure and Procedures Under SCOTUS Review2 minute read
- Firm Announcements
Thirteen Attorneys Named to the 2022 Washington, DC, Super Lawyers and Rising Stars Lists
5 minute read - Media CoverageGary Herschman Featured in Video: “New Investment Provides ‘Second Bite’ Transaction to Physician Practices” ...2 minute read
- Firm AnnouncementsEpstein Becker Green Again Recognized as One of the Largest Health Care Law Firms2 minute read
- Media CoverageGary Herschman Featured in Video: “Consider a Partner’s Culture Prior to a Private Equity Transaction”3 minute read
- Media CoverageGary Herschman Featured in Video: “Due Diligence Required for Physician Practices Prior to Private Equity ...2 minute read
- PublicationsWhat Happens When Parties Abandon a Transaction Challenged by the FTC?April 21, 20222 minute read
- Media CoverageGary Herschman, Anjana Patel, Tim McHale Quoted in “Health-Care Dealmaking Slows Amid Inflation, Russian Invasion” ...2 minute read
- Media CoverageGary Herschman, Anjana Patel, Timothy McHale Quoted in “Health-Care Deals Stay Strong Amid Fears Over War in Ukraine” ...3 minute read
- Media Coverage
Epstein Becker Green’s Physicians Transactions Conference Featured in Orthopedics This Week: “While at AAOS, Get ...
2 minute read - PublicationsAntitrust Enforcers Continue March to Protect Labor Markets in Health Care and Other Industries2 minute read
- Firm AnnouncementsHealth Care & Corporate Law Attorney Glenn P. Prives Joins Epstein Becker Green4 minute read
- PublicationsRecap: Top 10 Antitrust Issues in 20212 minute read
- Media CoverageGary Herschman, Anjana Patel, Zachary Taylor Quoted in “Investor Appetite for Health Deals ‘Insatiable’ as Omicron ...2 minute read
- Media CoverageGary Herschman, Anjana Patel, Zachary Taylor Quoted in “Health-Care Deals on Record Pace to Hit 3,000 by Year’s End” ...3 minute read
- Media CoverageMichael Foster and Timothy McHale Featured in “Associates Class of 2021”3 minute read
- PublicationsFTC Announces Proposed Changes to Second Request Process, but Commissioner Phillips Raises Concerns3 minute read
- PublicationsFTC Chair Outlines Vision and Priorities3 minute read
- PublicationsA Divided FTC Withdraws 2020 Vertical Guidelines, Introducing Uncertainty into Review of Vertical Mergers4 minute read
- Firm Announcements
Epstein Becker Green Recognized as “Unparalleled M&A Standout” by Clients and Corporate Counsel—BTI M&A Outlook ...
3 minute read - Media CoverageLynn Shapiro Snyder Joins Nashville Health Care Council’s Board of Directors2 minute read
- PublicationsPublic Comment Period on Pharmaceutical Mergers Opens and Exposes Dueling Philosophies Among FTC Commissioners3 minute read
- Firm Announcements
Ten Epstein Becker Green Attorneys Named to 2021 Washington, DC, Super Lawyers and Rising Stars Lists
5 minute read - Media CoverageKathleen Premo Quoted in “Diverse Offerings, Growth May Increase the Value of Medical Practices for Investors” ...4 minute read
- Firm AnnouncementsModern Healthcare Ranks Epstein Becker Green as One of the Nation’s Largest Health Care Law Firms2 minute read
- Media CoverageGary Herschman Discusses Private Equity Expansion in ENT/Allergy in Q&A with Dana Jacoby2 minute read
- Media CoverageGary Herschman Quoted in “Operational Challenges in COVID-19 Pandemic May Increase Transactions among Practices” ...3 minute read
- PublicationsMerger Reviews Likely to Address More Expansive—and Possibly New—Theories of Harm4 minute read