Antitrust & Competition Life Sciences 2022 Year In Review

M&A activity in the life sciences space proceeded largely as usual in 2022, with most transactions receiving expected levels of agency scrutiny and closing in the normal course despite aggressive rhetoric from new leadership at both agencies. Notably, the government has thus far not applied more novel theories of antitrust harm outside of the tech space, and both agencies have met skeptical judges in other ongoing litigations.

Life Science M&A Activity Has Continued but No Mega Deals Since 2020

Transactions in the life sciences space entered 2022 in an uncertain regulatory position. Although large pharma players started the year with about $1.7 trillion to spend,¹ an era of more aggressive antitrust enforcement loomed, with new leadership at the Federal Trade Commission (FTC) and Department of Justice (DOJ). This may have initially chilled some transactions. There have been no megadeals since 2020 with the possible exception of the recently announced