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Are Efforts to Speed Up Antitrust Merger Reviews Working?

Last September, Makan Delrahim, the Assistant Attorney General for the Antitrust Division of the Department of Justice (“DOJ”), announced efforts to streamline antitrust merger reviews with a stated goal of completing the process within six months from the time an investigation begins. According to Mr. Delrahim, the process would benefit from, among other things, (i) earlier engagement with transacting parties, (ii) faster and earlier production of relevant documents, (iii) modifications to timing agreements, and (iv) the elimination of what Mr. Delrahim called the “gamesmanship” of the privilege process. The Federal Trade Commission (“FTC”), in prepared remarks delivered last October to the U.S. Senate Committee on the Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights, made similar sweeping remarks about the need to study ways to hasten the pace in which the FTC completes a merger investigation.

According to a recent survey, however, the results of these efforts have been mixed. During a rolling 12-month period ending in the second quarter of 2019, the average investigation, from announcement to completion, appears to have taken approximately 11.4 months. Moreover, while DOJ appears to be moving the process along faster, approximately 75 percent of the investigations led by the FTC during this surveyed time period lasted more than 16 months. Almost a third of all of these investigations (DOJ and FTC combined) have been in the health care and pharmaceutical industries.

The bottom line is that while the enforcers are making an effort to expedite the merger review process, clearly more needs to be done. Furthermore, parties to a transaction subject to a significant investigation should be prepared to wait as much as a year or more before the investigation is completed.

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About this Author

John Steren, Epstein Becker Law Firm, Health Care Litigation Attorney
Member

E. John Steren is a Member of the Firm in the Health Care & Life Sciences and Litigation & Business Disputes practices, in the Washington, DC, office of Epstein Becker Green. Mr. Steren devotes a significant portion of his practice to helping health care organizations manage the antitrust risks of joint ventures and other business arrangements. He also focuses his practice on other complex commercial and civil litigation matters.

202-861-1825
Patricia M. Wagner, Epstein becker green, health care, life sciences
Member

PATRICIA M. WAGNER is a Member of the Firm in the Health Care and Life Sciences and Litigation practices, in the firm's Washington, DC, office. In 2014, Ms. Wagner was selected to the Washington DC Super Lawyers list in the area of Health Care.

Ms. Wagner's experience includes the following:

Advising clients on a variety of matters related to federal and state antitrust issues 

Representing clients in antitrust matters in front of the Federal Trade Commission and the United States Department of Justice, and state antitrust authorities 

Advising clients on issues related HIPAA Privacy and security

Advising clients on issues related to state licensure and regulatory requirements

202-861-4182