Covid-19 has had a profound impact on the way healthcare providers deliver care to patients. As a result of the pandemic, healthcare providers have been financially challenged as they have been forced to focus their efforts away from elective procedures and, instead, to treating Covid patients. Innovative services such as telemedicine, virtual care and remote patient monitoring have all disrupted the market, creating new strategic opportunities for dealmakers.
It is more critical than ever for Healthcare dealmakers to focus their attention current opportunities and pitfalls and keep pace with the latest developments in the M&A market.
Join The Deal and a roster of senior corporate executives, private equity and institutional investors, and corporate advisers for The Deal’s Healthcare M&A Seminar. This virtual event features two days of online sessions exploring the current state of Healthcare M&A and the opportunities, obstacles and risks dealmakers face, and how to navigate through them. Your registration provides access to all of the sessions. View them live as they happen or on demand at a time that is convenient for you.
Thomas M. Moriarty is an accomplished business strategy, legal and policy executive who has held leadership positions at some of the largest and most innovative health care companies in the country.
The new environment of the healthcare market continues to create new strategic and business opportunities as a result of the Covid-19 pandemic. Healthcare providers have been prompted to shift their priorities to maintain stability during the crisis, creating openings for disruptors offering innovative services such as telemedicine, virtual care and remote patient monitoring. What are the likely near-term and longer-term drivers behind healthcare M&A and strategic partnership transactions? What has the shift done to valuations, and what type of deal structures are we seeing? How do dealmakers continue to find innovative companies and get capital to those that need it most?
Panelist: Adam Feinstein, Managing Partner, Vesey Street Capital Partners
Panelist: Geoff Lieberthal, Partner, Torquest Partners
Panelist: Todd Rosenberg, Partner, Crowell & Mooring
The digital health sector has experienced massive growth with the adoption of remote monitoring, telehealth and telemedicine services causing enormous disruptive changes in the market. Will the industry finally see advances in highly scalable machine learning and artificial intelligence solutions? Many experts feel that a shift to cloud-based EHR platforms that enable providers to access patient data anywhere, and communication and collaboration tools have strong potential for growth. What’s next for the digital health sector, and how are disruptive technologies changing the landscape of deals?
Panelist: Carl Culicchia, Principal, SV Health Investors
Panelist: Ezra Mehlman, Managing Partner, Health Enterprise Partners
Panelist: Gregg Michaelson, Partner, Edison Partners
Panelist: Wilfried Piskula, Managing Director, Eurazeo
The COVID-19 pandemic has had a profound impact on the way we live and work and with it comes uncertainty, altered daily routines, financial pressures and social isolation. In addition to the medial worries related to the virus, there is a drastic increase in mental health issues including depression, substance abuse, anxiety and suicide. The healthcare market is seeing a continued increase in demand for mental health services. This panel will explore how behavioral health M&A has become one of the most sought-after sectors in healthcare services and will examine the opportunities available for investors and innovative companies in the space.
Panelist: Christian Chauvet, Principal, Lee Equity Partners
Panelist: Matthew Evans, Managing Director & Head of Healthcare Finance, Monroe Capital
Panelist: Michael Fisher, Partner, Varsity Healthcare Partners
Panelist: Mike Kaplan, Advisory Partner, Granite Growth Health Partners
Panelist: Erin Lansky, Vice President, Blue Sea Capital
Panelist: Todd Rudsenske, Partner, Webster Equity Partners
Speaker: Thomas Moriarty, Executive Vice President, Chief Policy and External Affairs Officer, and General Counsel, CVS Health
With the shift in power in Washington and the ongoing pandemic, healthcare and pharmaceutical M&A is in the spotlight. There are strong indications that transactions in the sector could draw closer scrutiny from the Biden administration, potentially resulting in more conditions and legal challenges. How should investors and corporates navigate this terrain? Which types of health-related transactions would be welcomed by the antitrust agencies, and what sorts of combinations are most likely to face turbulence? Would significant mergers raise more antitrust problems than acquisitions of startups, or would both face heightened risk? If mergers are presented as accelerating breakthroughs, such as vaccines, are they more likely to be allowed to proceed? The Covid-19 public health crisis also is a key variable for dealmakers. Are companies reshaping negotiations, delaying closings, and altering strategies as the pandemic impacts the merger process?
Panelist: Alexis Gilman, Partner, Crowell & Mooring
Amazon, Google, Apple and Facebook have a track record of disrupting major industries. Amazon acquired PillPack and Health Navigator and last year launched Amazon Pharmacy. The Apple Watch doubles as a virtual healthcare assistant, and their platform called Apple ResearchKit provides a platform for medical research. Alphabet’s moves in the health space include the purchase of Senosis Health, an app developer focused on using smartphone sensors as monitoring devices, and Google’s acquisition of wearable device company Fitbit. This panel will delve into the strides taken by the tech giants in the healthcare space and what they might mean for the deal landscape.
Panelist: Ge Bai, Associate Professor of Health Policy & Management, Johns Hopkins Bloomberg School of Public Health
Private Equity has record amounts of capital that needs to be deployed, but valuations and pricing are being severely affected by current market volatility. Dealmakers continue to be more cautious and selective, but buyers are looking to take advantage of opportunistic acquisitions. What businesses are seeing increased attention from healthcare private equity investors? How will the recovery effect pricing, valuations and risk allocation? This panel of dealmakers will share their perspective on the current state of private equity healthcare investing.
Moderator: Gregory Schernecke, Partner, Dechert
Panelist: Brad Armstrong, Partner, Lovell Minnick
Panelist: Benjamin Daverman, Managing Director, GTCR
Panelist: Andrew Kaplan, Principal, Bain Capital, Private Equity
Panelist: Alissa Walker, Senior Associate, LorientCapital
Special Purpose Acquisition Companies (SPACs), also known as blank-check companies, have been around for the last 20 years or so, but have seen a recent resurgence as the market deals with high levels of liquidity, depressed valuations and a strong appetite for growth companies. SPACs raise money in an IPO and place it in a trust while the sponsor looks for a target to acquire. Once the companies complete the merger, the target company becomes a listed stock. What are the challenges that surround these transactions, and how are SPACs different from typical M&A transactions? Are their trends in Healthcare SPAC M&A that dealmakers need to be aware of?
Panelist: Andrew Bab, Partner, Debevoise & Plimpton
Much of the financial hardship that hospitals and health systems are facing comes from reductions in elective procedures due to the Covid-19 pandemic. With many health systems preoccupied with managing the financial and operational struggles caused by the pandemic, M&A activity was down in 2020. Will we see a surge in pent-up M&A activity as independent hospitals and smaller systems explore partnerships in order to ensure the continued delivery of quality healthcare to the organizations’ communities? What opportunities does this present for both small and large health systems and investors?
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