United States: M&A/Private Equity

M&A execution is increasingly governed by speed and competitive tension, forcing transaction parties to form views on valuation, risk allocation and integration feasibility within constrained diligence periods. As auction processes intensify and execution windows compress, diligence has evolved from a comprehensive verification exercise into a disciplined allocation of attention toward what is material to enterprise value, deal certainty and post-closing risk.

Life sciences M&A activity surged in the first half of 2026 with 86 transactions totaling $196 billion, marking a 141% increase over the previous year and the strongest start since 2019. The resurgence is driven by an impending patent cliff threatening $305 billion in revenue, abundant dry powder on pharma balance sheets, and attractive target valuations. With companies increasingly focused on de-risked Phase II and beyond assets, and private equity emerging as optimization partners, the industry is positio

On Friday, California Office of Health Care Affordability (“OHCA”) published proposed final regulations that implement a 2026 law that significantly expanded OHCA’s review authority over health care transactions involving private equity (“PE”) groups, hedge funds, and management services organizations (“MSOs”). Stakeholders involved in California health care transactions should re-assess whether their ongoing or contemplated transactions are implicated by these regulations, because newly covered transactions will need to comply with the 90-day advance notice requirement established in the original OHCA regulations.