The Life Sciences Capital Markets team advised the underwriting syndicate for PACS Group on the completion of its upsized $690 million underwritten public offering of 19,034,482 shares of its common stock, which includes (i) 2,777,778 shares of its common stock sold by the company and (ii) 16,256,704 shares of common stock sold by certain selling stockholders, and which also includes the exercise in full by the underwriters of their 30-day option to purchase an additional 2,482,758 shares of common stock from the selling stockholders, at a public offering price of $36.25 per share, for total gross proceeds of approximately $101 million to the company and approximately $589 million to the selling stockholders, before deducting underwriting discounts and commissions and offering expenses. PACS did not receive any proceeds from the sale of shares by the selling stockholders.
Goodwin previously represented the same lead underwriters in PACS’ $450 million IPO in April 2024.
PACS is a holding company investing in post-acute healthcare facilities, professionals, and ancillary services. Founded in 2013, PACS is one of the largest post-acute platforms in the United States. Its independent subsidiaries operate 276 post-acute care facilities across 15 states serving up to 29,000 patients daily.
The Goodwin team was led by Ben Marsh, Adam Johnson, Karin Yoo, and Haylee Brown, and included Dan Karelitz (Tax) and Maggie Wong (Opinions), with invaluable assistance from David Taub.