Life Sciences
and Health Care

We advised Beacon Biosignals, a leading computational.… Read more

We advised Beacon Biosignals, a leading computational neurodiagnostics and electroencephalogram (EEG) analytics company, on its acquisition of the research and development business of Dreem SAS, a Paris-based pioneer in at-home sleep monitoring.

The acquisition sets the stage for clinical trial assessments at scale via the integration of Dreem’s hardware with Beacon’s next-generation EEG analytics platform.

Lawyers from our restructuring team in Paris led the transaction, with support from our antitrust practice.

We advised Fresenius Kabi, a global health care company.… Read more

We advised Fresenius Kabi, a global health care company, on the divestment of its plant in Halden, Norway, to HP Halden Pharma AS, a company of the Prange Group.

The transaction enables Fresenius Kabi to further execute its Vision 2026 strategy, a comprehensive, global framework for sustainable growth and cost and efficiency improvements.

Lawyers in our Frankfurt office led the transaction, with support from our Berlin, Hamburg, and Munich offices and our antitrust, employment, finance, and regulatory practices.

We advised Kaiser Foundation Hospitals on.... Read more

We advised Kaiser Foundation Hospitals on its launch of Risant Health, a newly formed company designed to expand value-based care in community-based health systems, and Risant’s first acquisition of Geisinger Health, a health system.

Risant plans to acquire up to five additional health systems in the next five years to become a US$30 to US$35 billion annual revenue company.

Lawyers in our Washington, D.C. and New York offices led the transaction, with support from our Denver, Los Angeles, Miami, and Philadelphia offices and our antitrust, employee benefits, employment, environment, health, infrastructure and projects, intellectual property, privacy and cybersecurity, real estate, and tax practices.

We advised Novartis on its acquisition of Chinook Therapeutics…. Read more

We advised Novartis on its acquisition of Chinook Therapeutics, a clinical-stage biopharmaceutical company, for up to US$3.5 billion, including US$300 million of contingent value rights (CVRs).

The transaction expands Novartis’ renal portfolio with the addition of two late-stage assets to treat rare kidney diseases.

Lawyers in our Washington, D.C. office led the transaction, with support from our Amsterdam, London, Los Angeles, New York, Philadelphia, and San Francisco offices and our employee benefits, employment, FDA, intellectual property, litigation, privacy and cybersecurity, real estate, and tax practices. 

Sector performance

M&A activity in the life sciences and health care industry remained resilient in 2023, despite continued regulatory, geopolitical, and macroeconomic headwinds. While the overall volume of deals in the sector fell year on year, overall value increased as a result of megadeals in the pharmaceutical and medtech space.

In the race toward innovation, the industry continued to focus on digitalization through increased investment in digital health, AI, and tech-enabled offerings. The industry also continued a long-standing trend of using milestones and earnouts to bridge valuation gaps.

Hogan Lovells activities

Our Life Sciences and Health Care team hosted events and produced podcasts to help clients stay ahead of industry trends.

We released our annual Life Sciences and Health Care Horizons publication, providing an analysis of key considerations for companion diagnostic collaborations, among other forward-looking transaction topics. We continued to share high-level insights into opportunities and challenges in the sector through our Talking the Cure podcast series.

They are real professionals with a deep understanding of the [life sciences] regulatory environment that allows creativity and out of the box thinking.”

Legal 500 US, 2023


Life Sciences and
Health Care lawyers

Band 1

Life Sciences
Chambers Global, 2023

Our four pillars

Technical Excellence

Technical excellence

Executing transactions effectively

Industry Knowledge

Industry knowledge

Understanding issues in regulated industries

Global Reach

Global reach

Worldwide reach,
local knowledge

Full-Service capabilities

Full-service capabilities

Subject matter knowledge

M&A Year in Review


Dear Clients and Friends,

Welcome to the 10th edition of our Hogan Lovells M&A Year in Review! We created our M&A Year in Review to express our gratitude to you – our clients and friends – for the opportunity to work together and for the successes that we have shared. We hope you enjoy our review of dealmaking during 2023 and our projections for M&A during 2024.

Global M&A activity in 2023 slowed to a 10-year low. Aggregate deal volume decreased by 6%, to a three-year low, and aggregate deal value declined by 17%, marking the first time global deal value failed to reach US$3 trillion since 2013. 

A combination of factors led to this decline in dealmaking, including persistent inflation, heightened cost of capital, increased regulatory scrutiny, fears of recession, and conflicts in Europe and the Middle East.

During 2023, sponsor-related M&A experienced a significant downturn in both volume and value, with deal value falling 40% and deal volume down 26%. For strategic M&A, deal value declined by 3% from 2022, and the number of strategic deals declined 13% during the same period.

Sector activity varied widely during 2023. M&A in the energy and power sector propelled the conversion from traditional to clean energy, with transaction value exceeding more than US$500 billion and accounting for 17% of overall M&A value. The technology sector experienced a 47% decline in M&A value compared to 2022, as companies and investors pursued smaller transactions driven by technology imperatives. Life sciences and health care M&A remained vibrant in 2023, with deal value increasing by 23% compared to 2022 – a trend driven by high-value transactions in the biotech and pharmaceutical sectors.

Our M&A Group is grateful to have worked with you over the course of 2023. Your transactions propelled Hogan Lovells to more than 30 M&A league table rankings worldwide, including for Global M&A and across Europe, France, Germany, Italy, the Nordics, the United States, Latin America, Asia, Australia, and India.

For the year ahead, we forecast measured optimism for meaningful increases in deal value and deal volume, as set forth within our 2024 M&A Outlook.

We appreciate the trust that you continue to place in us, and we look forward to supporting you on your M&A transactions in the year ahead.

Best wishes for continuing success in 2024,

The Hogan Lovells M&A Group