The last year (and particularly the last few months) of the Biden Administration brought a flurry of activity from the Federal Trade Commission (FTC) in the life sciences space, continuing a yearslong pattern of close scrutiny and culminating most notably in the issuance of a complaint against the leading pharmacy benefit managers (PBMs). It was not all bad news, however, as 2024 still featured several notable deal clearances, including the long-awaited approval of the Novo Holdings / Catalent deal and clearances of multiple transactions involving radiopharmaceutical, neurology, and obesity/diabetes assets.
Looking forward in the United States, the return of a Republican-led FTC likely signals a return to an enforcement regime and enforcement priorities that more closely resemble the pre-Lina Khan period. While the FTC under new Chairman Andrew Ferguson may be more predictable, we expect continued scrutiny of life sciences transactions and commercialization practices, particularly to the extent those areas dovetail with President Trump’s broader domestic policy agenda.
Antitrust + Competition lawyers Arman Oruc, Andrew Lacy, Sarah Jordan, Elliot Silver, Eram Khan, Charlotte Brunsdon, Anuj Ghai, Sophie Entwisle, and Danielle Fong discuss transaction developments and predictions in the Antitrust and Competition Life Sciences Year in Review 2024.
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