Ensuring certainty and efficiency in the transaction process
The shared goals of any healthcare transaction can quickly become issues and concerns, as all parties seek to balance compliance considerations with tax planning and business strategies. We provide guidance throughout; removing the uncertainties of investing into or selling a healthcare business, and facilitating an efficient transaction process.
Consolidation in the healthcare industry looks set to continue, driven particularly by private equity investment. Innovative healthcare delivery models focused on value-based care, coordinated care and other shared-risk models continue to gain popularity. And they’re serving as the catalyst for a number of public company SPAC transactions and vertical integration among payors and providers. Additionally, the use of telemedicine, technology and artificial intelligence is growing fast and attracting new investors and capital. We help our clients make the most of these growth opportunities.
In healthcare transactions, we understand the need for innovative solutions that address the intense day-to-day realities of the industry. Our quick, creative thinking has often solved tricky regulatory challenges and helped deals close successfully.
We also help with day-to-day matters arising within a fund’s portfolio of healthcare companies. These include negotiating and drafting employment agreements with clinicians, enforcing non-compete restrictions, developing Stark Law and regulatorily compliant physician compensation incentive models, establishing joint ventures, managing payor contracting negotiations, and other contracting and transactional matters.
We’re leaders in the field, having handled more M&A deals than any other law firm in the last 12 years, according to Mergermarket. We’ve also been recognized by Pitchbook as the number one legal advisor to investors for nine consecutive years, and one of the most active legal advisors in several private equity sectors, including healthcare.
Where there’s opportunity for growth, we’ll partner with you to ensure the process is seamless and efficient.
Awards and recognition
- #1 for volume of M&A deals for 12 consecutive years, Mergermarket 2021
- #1 legal advisor to investors for 10 consecutive years, PitchBook 2012-2021
- #1 for deal count, global league table of legal advisors, Mergermarket 2021
- Ranked for USA – Nationwide Healthcare, Chambers USA 2022
- Ranked for Healthcare, Florida, Chambers USA 2022
- Leading Firm, Private Equity Buyouts, Legal 500 US 2022
- Recognized practice and team, Healthcare Service Providers, Legal 500 US 2022
When it comes to mergers and acquisitions, DLA Piper is in an unparalleled position, having handled more M&A deals than any other law firm. From due diligence to post-merger integration, we deliver the transactional resources to help your fund and its healthcare portfolio prosper. We have handled acquisitions and sales of substantial healthcare assets; corporate restructurings of healthcare providers; joint ventures and strategic alliances among providers, physicians and payors; development of provider networks; and structuring syndications and other securities transactions. We are often engaged not only for the initial practice acquisition, but also the add-on and tuck-in acquisitions. Below please find an example of some of the deals we have completed for our clients this year as we continue to reimagine healthcare.
- TherapeuticsMD (Nasdaq: TXMD), an innovative healthcare company focused on developing and commercializing novel products exclusively for women, in its USD150 million divestiture of vitaCare Prescription Services to GoodRx. (Nasdaq: GDRX)
- SOC Telemed (Nasdaq: TLMD), the largest national provider of acute care telemedicine, in connection with its USD302 million public-to-private buyout by Patient Square Capital, a leading dedicated healthcare investment firm.
- CareMax (Nasdaq: CMAX) in its USD135 million acquisition of the Medicare value-based healthcare business of Steward Health Care. This strategic acquisition will enable CareMax to significantly accelerate its growth by bringing CareMax's best-in-class, proprietary value-based care model to the communities in which Steward's value-based care business operates.
- Represented Lionheart Acquisition Corp. II., special purpose acquisition company (SPAC), in its USD32.6 billion agreement to merge with MSP Recovery LLC, a Medicaid and Medicare claims recovery company. Following the close of the transaction, MSP Recovery will trade on the Nasdaq under the symbol MSPR.
- CareMax (Nadsaq: CMAX) in its acquisition of Advantis, a South Florida-based healthcare provider of primary care, pharmacy and patient transportation services.
- CareMax (Nasdaq: CMAX) in its acquisition of the assets of a leading Miami Lakes medical practice. CareMax will use this acquisition to further expand healthcare for Medicare-eligible beneficiaries in the South Florida region.
- ICV Partners, a leading private equity investment firm focused on lower middle market companies, in its acquisition of Urgent Care Group and a subsequent merger with ICV’s portfolio company, Total Access Urgent Care. The combined organization will operate more than 50 healthcare clinics in four states and provide improved scale and exposure to the rapidly growing Southeastern US market.
- Unio Health Partners (formerly Urology Partners of America), a Triton Pacific Capital Partners portfolio company, in its acquisition of physicians formerly affiliated with the Skyline Urology group. The former Skyline partners join the platform as the newly formed Greater Los Angeles Division, the second major division in Unio.
- Fulcrum Equity Partners in its USD11 million growth equity investment in HomeFirst Home Healthcare that enabled the home health provider to acquire Mountain Home Health, which has multiple locations in North Carolina and Georgia, and BridgeWay Home Health, which has two locations in the Atlanta area.