ARTICLE
HPE Europe 2023 | Key Takeaways
September 21, 2023
Read time: 5 min
240+ leading individuals in healthcare, life sciences and private equity gathered at The Langham Hotel in central London for HPE Europe 2023 for a day packed with fireside chats, in-depth plenary sessions and an abundance of networking opportunities. We’ve distilled the key findings around investment trends, market challenges, innovative advancements, financing dynamics and forecasts for 2024.
INVESTING IN THE FUTURE OF HEALTHCARE
Healthcare private equity professionals remain bullish about the outlook for transactions going forward, despite a slow year for deals. We have seen more and more specialist investors emerging in Europe over the past decade and institutional investors are increasingly keen to back managers that recognise that healthcare is heterogenous and its many sub-sectors all come with their own complexities, headwinds and drivers.
- We are entering a golden age of innovation in healthcare, with many new drugs being discovered and advances in cell and gene therapies building on significant learnings gained during the pandemic. Further, the fast-moving integration between drug development and diagnostics is contributing to a major step-change in how things are being done.
- Some of the sub-sectors that are currently in focus for healthcare investors in Europe include pharma services, medtech, personalized medicine, generics and specialty pharma, with a particular appetite for assets embracing the use of data science and artificial intelligence.
- The tide is turning for healthcare deals, with opportunities being created in Europe by regulatory and political change, technology adoption that is now more tangible than ever, and the need to address pinch points in value chains.
CLOSING DEALS IN THE CURRENT MARKET
Despite strong views on the medium to longer term, much of the discussion at HPE Europe centred around the challenges that currently stand in the way of deals getting done, and how those might be overcome.
- After a challenging period for dealmakers, we are now seeing a bifurcation of deal activity. There is a big disparity in appetite between Tier A and Tier B assets, with the financing and demand there for premium companies but not necessarily for others.
- The tight M&A environment and depressed public markets are driving innovation in deal structures, with more take-privates, club deals, minority deals and continuation funds. We expect these themes to continue as the deal landscape improves, with further use of structuring to close the gap between buyer and seller pricing expectations.
- Value creation strategies focused on embracing technology to drive efficiencies and geographic expansion to diversify risk across markets are a focus for investors. When it comes to exits, there is a shift in the buyer landscape in favour of strategics.
CHALLENGES AND OPPORTUNITIES IN THE FINANCING MARKETS
Another big focus for healthcare investors today is clearly the changing dynamics in the financing markets, where the era of cheap debt is undoubtedly over and access to finance providers is much more limited than it is has been in recent years. Panellists felt the uncertainty was highlighting the paramount importance of strong relationships with lenders, who themselves are now much more focused on risk than they are on absolute returns.
- Challenges and Opportunities in the Financing Markets
- Another big focus for healthcare investors today is clearly the changing dynamics in the financing markets, where the era of cheap debt is undoubtedly over and access to finance providers is much more limited than it is has been in recent years. Panellists felt the uncertainty was highlighting the paramount importance of strong relationships with lenders, who themselves are now much more focused on risk than they are on absolute returns.
PREDICTIONS FOR 2024
Many of the speakers and delegates present at HPE Europe were asked to look into their crystal balls and predict what the next 12 to 18 months might have in store. For most, the expectation was of a busy year for healthcare deals in 2024, thanks in part to pent up demand from both buyers and sellers, as well as significant dry powder sitting on the sidelines and keen to transact.
The healthcare private equity deal markets in Europe may not immediately return to the heady levels of 2021, but many in the industry feel there is plenty more investment activity to look forward to in the year ahead.

Life Sciences Boot Camp for In-House Counsel | Chicago 2023
IN-PERSON
Life Sciences Boot Camp for In-House Counsel | Chicago 2023
Chicago, IL
October 11, 2023
October 11, 2023
This half-day boot camp for in-house counsel will address a variety of critical and emerging issues facing life sciences companies. Join a cross-section of panelists from McDermott’s Healthcare and Life Sciences teams to hear the latest on everything from reimbursement, fraud and abuse, and Anti-Kickback Statute trends and antitrust compliance to developments in digital health and therapeutics.
FEATURED SESSIONS INCLUDE:
- Fraud & Abuse: Reimbursement Issues for Life Sciences Companies: Life sciences companies that expand into the healthcare provider/supplier space must navigate numerous foundational principles, including reimbursement issues related to fraud and abuse. This panel will provide insight on the important requirements for provider enrollment with third-party payors, types of reimbursement models and government reimbursement programs, and key fraud and abuse frameworks, including the Stark Law and the Civil Monetary Penalties Law. The session will also highlight important updates on the Inflation Reduction Act, the new Medicare Drug Price Negotiation Program and their potential implications for life sciences companies.
- Anti-Kickback Statute Trends: The vast majority of False Claims Act enforcement actions in healthcare—and for life sciences companies, in particular—concern federal Anti-Kickback Statute allegations. This panel will discuss current enforcement trends and government guidance, including manufacturer-sponsored speaking programs and other financial relationships with physicians, recent Advisory Opinions regarding relationships with customers and genetic testing labs, emerging issues with patient support programs and clinical decision tools, and practical actions companies can take to mitigate compliance risks.
- Developments in Digital Health and Therapeutics: Life sciences companies are increasingly developing and investing in digital health and therapeutics solutions to reach new participants and enhance services. This panel will provide key information on evolving privacy regulations, the regulatory framework for the provision of virtual care and other areas of concern. The panel will also discuss challenges, opportunities and the important role that life sciences companies play in digital health.
- M&A Compliance: Antitrust Developments Impacting Life Sciences Companies: This session will focus on recent developments in M&A compliance, including major proposed changes to the FTC / DOJ Merger Guidelines and the Hart-Scott-Rodino Act filing regime. The panel will also provide insights on evolving antitrust issues involving loyalty discounts, bundled discounts, aftermarket parts and service for medical devices, and other contracting and business conduct issues.
Ex-Atlanta Mayor Moves to McDermott from Squire Patton
NEWSROOM
Ex-Atlanta Mayor Moves to McDermott from Squire Patton
October 9, 2023
Read time: 2 min
Media Contact

Los Angeles Real Estate Networking Event
IN-PERSON
Los Angeles Real Estate Networking Event
Los Angeles, CA
November 30, 2023
November 30, 2023
McDermott Will & Emery’s Real Estate team invites you to join us for networking, cocktails and hors d’oeuvres on the rooftop of Catch with breathtaking views of downtown Los Angeles and the Hollywood Hills
This will be a great opportunity to connect with friends and colleagues in the Los Angeles real estate industry.
We look forward to seeing you and hope you can join us!

Life Sciences Boot Camp for In-House Counsel | Boston 2023
IN-PERSON
Life Sciences Boot Camp for In-House Counsel | Boston 2023
Boston, MA
September 26, 2023
September 26, 2023
Don’t miss out on this valuable training session designed for busy in-house legal teams just like yours. Register above to join us for a half-day program of CLE-eligible panel presentations, plus networking with peers from leading life sciences companies on the East Coast over breakfast and lunch.
FEATURED SESSIONS INCLUDE:
- Antitrust Developments Impacting Life Science Companies: Get smart on recent developments in M&A, including major proposed changes to the FTC / DOJ Merger Guidelines and Hart-Scott-Rodino filing regime, and evolving antitrust issues involving contracting and business conduct issues.
- IP Developments and Considerations Necessary for Life Sciences Companies: Learn the latest in IP developments that affect a Life Sciences company’s patent strategy and portfolio development, including issues relating to navigating recent enablement decisions, the first steps of Europe’s Unified Patent Court, as well as offering pragmatic views on Life Sciences portfolio and patent strategy in view of today’s changing landscape.
- Multi-State Considerations for Life Sciences Employers: Make sure your company is in the right when it comes to changing employment law, especially when it comes to areas like restrictive covenants, pay transparency, and wage and hour concerns. This panel will focus on the key, practical considerations that life-sciences employers should keep in mind at every step, from recruitment to onboarding and beyond.
- Life Sciences and Digital Health: Insights and Opportunities: Learn about the privacy regulations and the regulatory framework for the provision of virtual care necessary to navigate the changing clinical trial and research landscape. The panel will also discuss some of the common challenges of leveraging digital health tech in life sciences research, strategies for seizing opportunities, and the important role that life science companies have in digital health.

Hospital Service Line Joint Ventures: A New Era in Healthcare
VIRTUAL
Hospital Service Line Joint Ventures: A New Era in Healthcare
Webinar
September 14, 2023
September 14, 2023

Join us for a comprehensive exploration of hospital service line joint ventures, the innovative partnerships reshaping today’s healthcare landscape. We’ll examine both the development of de novo service line joint ventures, and the contribution of existing operations to a joint venture, with an eye to related benefits, challenges and practical insights for establishing a successful joint venture.
Drawing on real-world examples, our speakers will provide practical insights into structure, contribution of assets, and management and control from the perspective of hospital partners. We’ll also review the latest legal developments to help you look around the corner as you evaluate, negotiate and structure your next collaboration. Here is a sample of the important topics we’ll discuss together:
- Structuring and negotiating joint ventures around the hospital’s strategic goals
- Navigating crucial legal issues such as licensing and accreditation, intellectual property, and data privacy and security
- Managing due diligence and division of assets for maximum benefit.

Chicago Boot Camp for Private Equity Professionals 2023
IN-PERSON
Chicago Boot Camp for Private Equity Professionals 2023
Chicago, IL
September 14, 2023
September 14, 2023
McDermott is delighted to invite you to our Chicago Boot Camp for Private Equity Professionals, designed specifically to enhance your skills as an entry or mid-level private equity professional.
This complimentary half-day workshop will delve into the crucial legal considerations and recent trends that encompass the entire private equity transaction lifecycle. You will gain invaluable insights that will enable you to get an edge in your deals, steer clear of potential pitfalls and discover actionable strategies for successful dealmaking.
Plus, there will be opportunities to network with 100+ professionals from leading funds across the Chicago area. If you have colleagues in New York that are interested in attending the New York Boot Camp for Private Equity Professionals, learn more here.
For questions or more information, please contact Devon Leib.

Key Takeaways | AI and the Next Frontier: Understanding What’s Ahead for Business, Transactions and IT
IN-PERSON / VIRTUAL
Key Takeaways | AI and the Next Frontier: Understanding What’s Ahead for Business, Transactions and IT
Webinar
September 13, 2023
September 13, 2023
During this webinar, Shawn Helms and Jason Krieser explored the rapidly evolving world of artificial intelligence (AI)—its transformative power, notable implications for businesses and likely challenges for those seeking to harness its potential.
Top takeaways included:
1. The Rise of Generative AI: Unlike traditional AI, which relies on predefined rules, generative AI learns patterns and generates outputs based on models and training data. This shift in methodology enables machines to create high-quality text, images and other content without specific programming. It also enhances efficiency and consistency in various fields, such as pathology, where AI can quickly review thousands of slides and provide pathologists with faster results and higher diagnostic accuracy.
2. The Evolution of AI Technology: AI is constantly evolving, and many tech giants are investing heavily in AI research and development. A current trend? Companies with large datasets are partnering with providers of AI models to analyze the datasets and make predictions based on said data. Companies that embrace AI technology can gain a compettive edge.
3. Generative AI Risks: Generative AI introduces specific risks, including:
- Incorrect results due to small sample sizes, discrimination based on irrelevant factors and data manipulated by hackers
- Disclosure of confidential information if employees inadvertently provide software source code or marketing research to generative AI products
- Hallucinations, where generative AI provides confident but wrong answers. For example, when Shawn asked ChatGPT to name famous William Jewell College alumni, it named Walt Disney, Robert Gates and Harry Truman. None of them went to school there.
4. How to Manage Generative AI: Although AI presents risks, don’t prevent your business from using it. To balance AI’s potential with safeguarding against negative outcomes, implement generative AI use policies, governance frameworks and standard practices for third-party contracts.
5. The IP and AI Crossover: The question of IP ownership in AI is complex and evolving. Courts have recently ruled that AI output cannot be protected by copyrights or patents unless it involves significant human interaction. Whether a particular level of human interaction is enough has yet to be determined. In agreements involving AI, setting rules for ownership of various IP categories is crucial, especially when it comes to customer data, AI output and improvements to the AI engine. Clearly allocating IP ownership and protection—when available—prevents disputes, fosters innovation and protects business outcomes.
To register for upcoming webinars in the AI and the Next Frontier series, visit the AI Law Center.

Blended Finance Structures to Tackle Climate Change
IN-PERSON
Blended Finance Structures to Tackle Climate Change
New York
September 18, 2023
September 18, 2023
Our Sustainable Finance group invites you to attend an insightful and thought provoking panel discussion on blended finance models and climate change during Climate Week NYC.
Join us on the 67th floor of our New York office in One Vanderbilt and hear from our Partner, Ranajoy Basu, alongside the esteemed panel that includes representatives from Climate Policy Initiative, The World Bank and OutcomesX.
Following the panel discussion, we will enjoy a networking happy hour whilst enjoying the spectacular views from one of New York’s tallest and greenest buildings.

SECURE 2.0: The Impacts of Employer Matching for Student Loan Payments
VIRTUAL
SECURE 2.0: The Impacts of Employer Matching for Student Loan Payments
Webinar
September 12, 2023
September 12, 2023

Following the Supreme Court’s rejection of substantial portions of the Biden Administration’s plans for student loan debt relief and with the end of the student loan repayment moratorium in sight, student loan debt is set once again to impact the pocketbooks of millions of American workers. Fortunately, starting next year, employers will have new ways to help employees dealing with student loan debt. Provisions of the SECURE 2.0 Act will allow employers to provide employer-matching contributions based on their employees’ qualified student loan repayments outside the plan.
In this webinar, McDermott Will & Emery lawyers Jeffrey M. Holdvogt and Teal N. Trujillo were joined by Tom Robertson C(k)P® of Graystone Consulting for a discussion exploring how organizations can provide this exciting new benefit to their workforces and leverage this important tool to increase employee satisfaction and retention.
Topics included:
- Reasons why your organization should consider student loan debt/repayment benefits.
- Options available to employers to provide tax-advantaged benefits related to student loan debt and repayment.
- Key aspects of the SECURE 2.0 Act related to student loan repayment benefits as part of an employee retirement plan.
- Questions, challenges and tips for employers implementing a SECURE 2.0 student loan benefit in their retirement plans.
