Antitrust + Competition Life Sciences Quarterly Update Q1 2022

Despite the aggressive rhetoric, the change in the leadership and composition at the U.S. Federal Trade Commission (FTC) did not result in more enforcement in 2021. As the calendar turned to 2022, the FTC seems to be stepping up its enforcement track record in the life sciences sector. There are some high level observations relevant to future dealmaking:

• While there is a sense that otherwise "easy" transactions might be getting more scrutiny during the HSR waiting period, the enforcement actions have focused on deals that likely would have been reviewed in a similar way in prior administrations;
• The enforcement actions have been in generics and dialysis clinics, two areas that have been in the FTC's crosshairs for a long time;