Joseph B. Conahan
Hal J. Leibowitz
2023 M&A ReportPublication
Material: WilmerHale M&A Blog
This blog from WilmerHale’s mergers and acquisitions and private equity teams provides updates and analyses of key trends and developments impacting the M&A and private equity worlds. READ AND SUBSCRIBE
Life Sciences Transactions
- Akouos in its acquisition by Eli Lilly for $610 million, including contingent payments
- AVEO Oncology in its acquisition by LG Chem for $566 million
- Carisma Therapeutics in its merger with Sesen Bio for $300 million
- Danaher in its acquisition of CEVEC Pharmaceuticals for an undisclosed amount
- Disarm Therapeutics in its acquisition by Eli Lilly for up to $1.225 billion
- Emisphere Technologies (special committee) in its acquisition by Novo Nordisk A/S for $1.8 billion
- Epizyme in its acquisition by Ipsen for $247 million, including contingent payments
- Exonics Therapeutics in its acquisition by Vertex Pharmaceuticals for up to $1 billion
- Forendo Pharma in its acquisition by Organon for $954 million
- Gemini in its merger with Disc Medicine for $410 million
- General Catalyst in the merger of Livongo and Teladoc Health, valued at $18.5 billion, and the sale of its portfolio company Clarabridge for $1.125 billion
- IMARA Inc. in its pending merger with Enliven Therapeutics
- Kala Pharmaceuticals in its sale of EYSUVIS and INVELTYS to Alcon for $385 million, including contingent payments
- PerkinElmer in its numerous acquisitions and divestitures including the sale of its Applied, Food and Enterprise Services businesses to New Mountain Capital for $2.45 billion, and acquisitions of BioLegend for $5.25 billion and Oxford Immunotec for $591 million
- Solid Biosciences in its merger with AavantiBio for $150 million
- Tecan Group in its acquisition of Paramit Corporation for $1 billion
- Thermo Fisher Scientific in its numerous transactions including its acquisitions of PPD for $20.9 billion (debt financing counsel), Propel Labs for $220 million, Gatan for $925 million, Finesse Solutions for $221 million, and Phadia Group for $3.5 billion, as well as in the sales of its anatomical pathology business to PHC Holdings Corporation for $1.1 billion and its cell culture, gene modulation and magnetic beads businesses to GE Healthcare for $1.06 billion
- Tidal Therapeutics in its acquisition by Sanofi for $470 million
- ZebiAI Therapeutics in its acquisition by Relay Therapeutics for $270 million
- Acacia Communications in its acquisition by Cisco Systems for $4.5 billion
- Adore Me in its acquisition by Victoria’s Secret & Co. for $400 million, plus up to $300 million in post-closing payments
- Affirmed Networks in its acquisition by Microsoft for $1.4 billion
- Akamai Technologies in its acquisitions of Linode for $900 million, Guardicore for $600 million and Prolexic Technologies for $403 million
- Altiostar Networks in its acquisition by Rakuten Group for $1 billion
- Analogic Corporation in its acquisition by Altaris Capital Partners for $1.1 billion
- Benu Networks in its acquisition by Ciena for an undisclosed amount
- DEPT in its acquisition of 3Q digital for an undisclosed amount
- Endurance in its acquisition by affiliates of Clearlake Capital Group for $3 billion
- Fortive in its acquisitions of ServiceChannel for $1.2 billion
- Houghton Mifflin Harcourt in its acquisition by affiliates of Veritas Capital for $2.8 billion, the divestiture of its HMH Books & Media business for $349 million, the sale of Riverside clinical and standardized testing business to Alpine Investors for $140 million
- Jebbit in its strategic investment by Vista Equity Partners for $70 million
- MKS Instruments in its acquisitions of Electro Scientific Industries for $1 billion and Newport Corporation for $980 million, and its proposed acquisition of Coherent for $6.1 billion
- Progress Software in its acquisitions of Kemp Technologies for $258 million, Ipswitch, Inc. for $225 million and Chef for $220 million
- Rosie in its acquisition by Instacart for an undisclosed amount
- Rudolph Technologies in its merger with Nanometrics Incorporated, valued at $1.7 billion
- SLD Laser in its acquisition by Kyocera for an undisclosed amount
- Spectris in its sale of Omega Engineering to Arcline Investment Management for $525 million
Financial Services and FinTech Transactions
- Barton Associates in its acquisition by H.I.G. Capital for an undisclosed amount
- Bottomline Technologies (co-counsel) in its pending acquisition by Thoma Bravo for $2.6 billion
- DriveWealth in its acquisition of Crypto-Systems for an undisclosed amount
- Eaton Vance in is acquisition by Morgan Stanley for $7 billion
- LevelATS in its merger with Luminex Trading & Analytics for an undisclosed amount
- Lion Semiconductor in its acquisition by Cirrus Logic for $335 million
- Merchants Fleet in its acquisition by Bain Capital and Abu Dhabi Investment Authority for an undisclosed amount
- Miracle Mile Advisors in its combination with Karp Capital Management and investment by Corsair for an undisclosed amount
- Robinhood in its acquisition of Say Technologies for $140 million
- WEX in its numerous acquisitions including those of Electronic Funds Source for $1.4 billion, eNett International (Jersey) Limited and Optal Limited for $1.275 billion, and benefitexpress for $275 million
Other Notable Transactions
- Staples in its acquisition by Sycamore Partners for $6.9 billion
- Vail Resorts in its acquisitions of Triple Peaks for $237 million and Peaks Resorts for $264 million
- XL Fleet in its acquisition of Spruce Power for $600 million
- Xpress Natural Gas LLC in its sale to Basalt Infrastructure Partners for an undisclosed amount
SPAC TransactionsRepresenting private companies, underwriters, financial advisors, placement agents and private equity, venture capital, family offices and other investors in SPAC transactions and SPAC-related PIPEs and other investments, including in the following transactions: Altimeter Capital Management/Grab Holdings, valued at $39.6 billion; Amplitude Healthcare Acquisition Corporation/Jasper Therapeutics, valued $490 million; Thoma Bravo Advantage/ironSource; Longview Acquisition/Butterfly Network; Vesper Acquisition/Hydrafacial; Falcon Capital/Sharecare; HighCape/Quantum SI; and the SPAC IPOs of Jackson Acquisition Company and Crescera Capital.
Among the Top Leading Mergers & Acquisitions Practices in Massachusetts and Washington DC
Recommended for Mergers & Acquisitions
The Legal 500 United States
Recognized as a Top Mergers & Acquisitions Practice
U.S. News – Best Lawyers
- Chambers USA: America’s Leading Lawyers for Business – Named our Corporate/M&A Practice among the best in the 2022 edition, with sources praising WilmerHale’s “well-regarded corporate and M&A practice” and “longstanding pedigree in advising clients in complex and highly regulated industries.” Chambers USA has ranked WilmerHale for Corporate/M&A in Massachusetts for the last 18 years, and for Corporate/M&A & Private Equity in Washington DC for the last 16 years.
- The Legal 500 United States – Recommended WilmerHale’s Mergers and Acquisitions practice for our work in the area of M&A: middle-market ($500M–999M) in its 2010–2022 editions.
- Handelsblatt – Recognized 21 WilmerHale Partners in the 2022 and 2023 editions of its "Best Lawyers in Germany" list.
- The Deal Awards – Recognized on the 2021 Financial Services Deal of the Year (Large Cap) shortlist for “Morgan Stanley adds Eaton Vance,” and the Financial Technology Deal of the Year (Large Cap) shortlist for “Social Finance adds developer Galileo Financial.”
- The American Lawyer – Named WilmerHale the 2020 Law Firm of the Year, and recognized the firm's representation of Hilton Worldwide Holdings in its $6.5 billion investment by HNA Group as the 2017 Global Finance Deal of the Year under the Acquisition Finance category.
- The M&A Advisor – Honored WilmerHale with the Chapter 11 Reorganization Award in 2019 for its work in advising Argos Therapeutics in an asset sale, and previously honored WilmerHale with the 2017 Deal of the Year award for representing Analog Devices.
- U.S. News - Best Lawyers® – In the 2010–2023 “Best Law Firms” rankings, our Corporate, Mergers and Acquisitions, and Venture Capital Practices were ranked in the first tier nationally and in Boston, along with our Corporate Practice also being ranked in the first tier in Colorado, New York and Washington DC. Clients deemed our M&A Practice an “extremely dedicated team that was fully versed with the issues faced and provided excellent analysis and advice in a timely manner.” Our Technology Practice was also ranked in the first tier in Boston and in the first tier nationally.
- Law360 – For four years, named WilmerHale a Technology Practice Group of the Year, an award recognizing the firm’s key role in the significant matters that made headlines and changed the legal landscape. WilmerHale was also named a Massachusetts Powerhouse for 2021, citing “major mergers and acquisitions, including guiding Eaton Vance in its $7 billion acquisition by Morgan Stanley.”
- Super Lawyers – Our corporate lawyers are consistently recognized as “Super Lawyers” and “Rising Stars” in multiple jurisdictions.
- The International Financial Law Review – Named WilmerHale to its shortlist of nominees for its 2018 Deals of the Year Award.
- Chambers Global – Recognized 28 WilmerHale lawyers and 28 practice areas in its 2021 edition.
- Best Lawyers in America – Recognized 128 WilmerHale partners for 2023 to its annual list of the nation's top lawyers.
- LMG Life Sciences United States – Recommended WilmerHale’s Mergers & Acquisitions Practice, naming WilmerHale the Life Cycle Firm of the Year in 2017–2022.