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
