Healthcare Investment Insights: Navigating Recent Developments

Greg Heltzer, recognized by The Legal 500, named a Super Lawyers Rising Star, and rated a Thomson Reuters Stand-Out Lawyer, has extensive experience counseling clients on antitrust matters, with particular focus on transactional antitrust matters and mergers and acquisitions. Greg has successfully defended mergers for ABC Supply, Baxter, Constellation Brands, DaVita, JAB Partners, Mars, Martin Marietta Materials, Motorola Solutions, Olam, TreeHouse Foods, Worthington Industries, and many private equity firms among others.

His advice enables C-suite executives to assess the antitrust viability of potential transactions early, ensuring resources are not wasted on deals unlikely to gain clearance. When transactions move forward, he works closely with clients to streamline the regulatory review process, minimizing the burden of Second Requests and reducing potential delays.

Beyond merger clearance, Greg provides comprehensive antitrust guidance on issues such as information exchange, compliance programs, integration planning, Noerr-Pennington immunity, and interlocking directorates. He also has significant experience handling complex litigation and government investigations. In 2021, Greg was appointed by the Federal Trade Commission as an independent monitor to oversee the Decision and Order in the Matter of Corpus Christi Polymers LLC, et al.

Greg speaks and writes often on antitrust issues and has been nominated for several Antitrust Writing Awards by Concurrences, and won JD Supra's Top Author “Reader’s Choice” and Top Antitrust Blog for “Antitrust Alert,” which he founded and continues to manage.

Greg has broad industry knowledge developed through his representation of clients in numerous industries, including the following:

• Aerospace/Defense products (e.g., missiles, propulsion, simulation and training; aircraft)
• Agriculture, dairy, ingredients and food service equipment
• Alcohol (beer, wine and spirits)
• Aluminum and steel products
• Chemicals (industrial)
• Construction products and building supply (e.g., roofing, wallboard, insulation, lighting, aggregates, asphalt, cement)
• Consumer electronics
• Consumer products (branded and private label), including bars, meat products, dairy, ice cream, pudding, packaged food, pet food and treats, fragrances and cosmetics
• Distribution (e.g., MRO, building supply, food service)
• Energy (generation, transmission)
• Gift cards
• Health care services (dialysis, LASIK, eyeglass lenses), pharmaceuticals (animal and human), biometric solutions, laboratory and medical devices
• Medical technology (atrial fibrillation tools, spinal instruments)
• Packaging (e.g., flexible, paperboard)
• Physician practice groups
• Retail/chains (e.g., quick service restaurants, gas stations)
• Software (enterprise, institutional, communication/911) and other office products

Prior to joining the Firm, Greg served as a judicial law clerk for the Honorable John A. Terry of the DC Court of Appeals.

Sarah Kitchell focuses her practice on transactional and regulatory matters affecting a wide range of clients in the health care industry, including nonprofit and for-profit health systems, academic medical centers, community hospitals, drug and device manufacturers, contract research organizations, and post-acute and sub-acute providers such as home health and hospice providers, therapy providers, behavioral health providers and senior living facilities.

Sarah concentrates her transactional practice on strategic affiliations, mergers and acquisitions, physician-hospital alignments, venture capital investments and complex contractual arrangements. She also represents research sites, sponsors and contract research organizations with all aspects of clinical research contraction and formation of research networks. She also has provided assistance to medical centers and other research participants involving compliance matters, including internal compliance audits and revisions to policies and procedures involving topics such as research misconduct.

While in law school, Sarah was editor in chief of the Boston University Law Review and served as a summer associate at the Firm. Prior to law school, she worked for the National Cancer Institute's Cancer Information Service at the University of Iowa Hospitals & Clinics and at a rural health clinic in Tennessee.

Sarah is a member of the Firm's Associate Development Committee, Associate Recruiting Committee, and Pro Bono and Community Service Committee. She focuses her pro bono efforts on representation of small nonprofit arts organizations and matters for the Medical-Legal Partnership of Boston.

Laura McLane co-leads McDermott’s white-collar and government investigations practice as well as the Firm’s False Claims Act (FCA) practice, and is a nationally renowned FCA litigator. For over 25 years, Laura has defended companies touching all aspects of the healthcare and life sciences industries in government investigations, qui tam litigation under the FCA, and related matters. Clients call Laura “an exquisite lawyer, very smart and incisive,” a “fierce advocate for her clients,” and “simply a brilliant attorney with a tremendous ability to navigate difficult circumstances.” (Chambers USA). Laura was named Boston’s Lawyer of Year in Healthcare Litigation by Best Lawyers in America for 2025-2026.

Laura’s experience spans the spectrum of government oversight in healthcare and life sciences. Her clients include healthcare providers of all types as well as laboratories, pharmaceutical and device manufacturers, private equity investors, and an array of other entities that reach the healthcare space. Laura represents clients in FCA matters throughout the country, as well as in federal courts of appeals and the Supreme Court of the United States. She has extensively litigated the myriad issues that typically arise in FCA cases, including representing her client in the landmark Escobar case in the Supreme Court. Clients state that Laura is “fantastic, . . . efficient and able to pull in knowledgeable resources right to the issue” (Legal 500 US) and “Laura is clearly a leader in the FCA space.” (Chambers USA). In addition to her healthcare experience, Laura defends clients facing FCA and other forms of government scrutiny in other industries, such as defense contracting and technology.

Beyond defending clients in investigations and litigation, Laura’s practice includes working closely with clients on FCA risk management and compliance assessments, and counseling buyers and sellers in transactions involving enforcement issues.

Steven J. Schnelle is a trusted advisor to investors, executives, general counsel, and business operators in the healthcare and life sciences sectors, delivering actionable strategies to help them achieve market leadership, drive transformative growth, and navigate complex regulatory landscapes. With a national reputation for his transactional acumen and regulatory insights, Steven brings clarity and alignment to multifaceted arrangements, empowering organizations to excel in today’s dynamic healthcare environment.

Steven is a recognized authority in national reimbursement strategy, enabling clients to maximize the value of healthcare services and products. His counsel is particularly sought after by executive leadership teams and general counsel in hospital systems, as well as by professional groups; pharmacy service providers; clinical laboratories; and manufacturers of pharmaceuticals, medical devices, and durable medical equipment. He has extensive experience in advising on cutting-edge regulatory developments and innovative business models, ensuring his clients remain competitive and compliant.

Core Areas of Experience:

• Healthcare Mergers and Acquisitions (M&A). Guiding transactions involving changes of ownership and control with a focus on seamless regulatory coordination
• Federal Healthcare Oversight. Managing audits, investigations, and compliance with federal programs
• Third-Party Payer and Reimbursement. Addressing challenges and opportunities in payer participation and payment structures
• Medicare Administrative Appeals. Driving favorable outcomes in high-stakes appeals
• Sector-Specific Regulations. Navigating the nuanced regulatory requirements of health facilities, corporate practice, pharmacy, clinical laboratories, hospice care, and pharmaceutical/device manufacturing
• Pharmacy Matters. Counseling pharmacies on state and federal regulatory frameworks, Medicare enrollment disputes, and revocations

Steven has also cultivated a niche practice in navigating the complexities of the 340B Drug Pricing Program, providing tailored guidance on program development, audit response, manufacturer repayments, and litigation. His ability to resolve intricate issues relating to duplicate discounts and alleged diversion has earned him accolades from healthcare providers and pharmacy services providers alike.

Thought Leadership

Steven’s thought leadership has been widely recognized, with accolades from Chambers USA and other prestigious legal directories. He is a sought-after speaker at industry conferences, addressing topics ranging from healthcare M&A trends to reimbursement innovation. His insights have also been featured in leading publications, and he frequently mentors the next generation of legal talent in the healthcare sector.

Monica A. Wallace focuses her practice on complex regulatory and transactional counseling to healthcare organizations, including health systems, hospitals, ambulatory surgery centers, physician groups, dental providers, behavioral health clients, integrated delivery systems, academic medical centers, DMEPOS and pharmaceutical manufacturers and suppliers, home health agencies, and venture capital and private equity firms and their health-related portfolio companies. Monica is a practice area leader for the Healthcare Regulatory & Compliance practice.

Monica concentrates her regulatory practice on healthcare fraud and abuse, Medicare and Medicaid enrollment, reimbursement and billing, legal assessments and audits, compliance programs, and other general regulatory matters including licensure, survey/certification and accreditation. Her transactional practice includes mergers, acquisitions and affiliations, divestitures, hospital/physician joint ventures and corporate reorganization.

Previously, Monica worked with hospital executive management at the University of Iowa Hospitals and Clinics on strategic academic medical center issues.