Goodwin’s quarterly series provides analysis and commentary on antitrust developments in technology, life sciences, and healthcare.
Antitrust scrutiny and enforcement increased significantly in 2022, primarily related to vertical transactions by large technology companies. Antitrust agencies alleged theories of harm ranging from the traditional (i.e., input foreclosure) to the more novel (i.e., a loss of potential future competition). We expect this trend to continue in 2023.
Life Sciences M&A proceeded largely as usual in 2022, despite aggressive rhetoric from both agencies. Notably, the government has thus far not applied more novel theories of antitrust harm outside of the tech space, and FTC and DOJ have met skeptical judges in other ongoing litigations.
The healthcare sector was active in Q4, including a proposed ban on non-competes and appeals by the FTC and DOJ of lower-court decisions. We expect antitrust enforcement to continue to be robust, with a focus on anticompetitive conduct and serial acquisitions, but find reasons for optimism as large transactions closed.
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