The Prescription for Success: S&C’s Healthcare Dealmakers
With the booming M&A market returning to activity levels not seen since 2007, the Healthcare industry has led the pack.
As the target industry with the highest volume of M&A deals in 2014 and 2015 per Thomson Reuters, Healthcare has accounted for over $1 trillion in announced M&A matters worldwide. Sullivan & Cromwell’s Healthcare and Life Sciences Group has been at the forefront of this record Healthcare M&A activity, bringing its creativity, culture of collaboration and deal expertise to advise an assortment of clients across the Healthcare spectrum on some of the biggest and most significant matters. Since 2014, the group has advised on a staggering $365 billion in announced transactions worldwide, including many multi-billion-dollar transformative, cross-border matters spanning multiple jurisdictions. Included on S&C’s notable roster of client representations is AbbVie’s $55 billion proposed acquisition of Shire; Bayer’s $14.2 billion acquisition of the consumer care business of Merck; CVS Health’s $12.7 billion acquisition of Omnicare; Idenix Pharmaceuticals' $3.8 billion acquisition by Merck; LabCorp’s $6.1 billion acquisition of Covance; Synageva BioPharma’s $8.4 billion acquisition by Alexion; Teva Pharmaceutical’s $40.5 billion acquisition of Allergan’s generic drug business and $50.5 billion proposed unsolicited acquisition of Mylan; UnitedHealth’s $12.8 billion pharmacy care business combination with Catamaran Corporation; and Valeant’s $15.8 billion acquisition of Salix and $56 billion proposed acquisition of Allergan.
It’s no wonder that The American Lawyer has recognized several members of S&C’s Healthcare and Life Sciences practice recently, including the Group Co-Heads Matt Hurd and Keith Pagnani, as “Dealmakers of the Week” for their high-stakes, high-value strategic work. Keith Pagnani and Melissa Sawyer received the honor for their work with UnitedHealth’s bid for Catamaran Corp., a transaction with tremendous benefits of scale for UnitedHealth, which now fulfills more than a billion patient prescriptions a year. Matt Hurd was recognized for his creative solutions on Bayer’s acquisition of some of Merck’s most valuable over-the-counter products—one of the largest carve-out transactions in M&A history. Matt was also recognized, along with Krishna Veeraraghavan, for their role advising Synageva BioPharma in its acquisition by Alexion Pharmaceuticals, the highest premium ever paid in a healthcare M&A transaction exceeding $5 billion in value. The American Lawyer also recognized Alison Ressler’s efforts on behalf of longtime client Valeant Pharmaceuticals in its acquisition of Salix, an extraordinary feat, given that it took merely a month from start to signing. Krishna also received the honor for managing a multi-billion cash-and-stock transaction to allow LabCorp to merge with Covance, creating the world’s largest healthcare diagnostics and testing company.
These partners join Frank Aquila, who has been recognized three times by The American Lawyer for his expertise in M&A, most recently for his work with Amgen Pharmaceuticals in the $10.4 billion acquisition of Onyx Pharmaceuticals and its portfolio of anticancer treatments.
Together, these lawyers have helped clients of all sizes, from start-ups to investment funds to the largest global healthcare businesses, on complex transactions from both sides of the table. Their expertise extends across the sector, from over-the-counter medications to early-stage drug development to medical devices to health insurance. S&C’s client work has been critical for the companies’ growth and has brought cutting-edge technology and care to patients around the world.