Andrew L. Bab is a corporate partner, member of the firm’s Mergers & Acquisitions and Private Equity Groups, and Co-Head of the Healthcare Group. Mr. Bab has worked extensively on public and private acquisitions, divestitures and joint ventures, including cross-border transactions for both private equity and corporate clients, as well as licensing arrangements and other corporate transactions.
He has experience across many industries, but is particularly active in the healthcare sector. In addition, he frequently advises Deutsche Bank, Guggenheim Securities, J.P. Morgan Securities, Morgan Stanley and other investment banks on major M&A transactions.
Mr. Bab led The Deal’s “Private Equity Deal of the Year” for representing TPG Capital and Welsh, Carson, Anderson & Stowe, together with Humana, in their $4.1 billion acquisition of Kindred Healthcare.
Mr. Bab is recognized for M&A and private equity buyouts by The Legal 500 US (2015–2018), where he is described as a “leader in healthcare transactions.” He has also been recognized as Law360’s Healthcare MVP (2018). Clients have referred to him as “one of the sharpest legal minds [they] have ever worked with” and have noted that “[h]e consistently impresses with his legal and business instincts.”
He is named as one of the 500 leading lawyers in America by Lawdragon (2018), an LMG Life Sciences Star (2018) by LMG Life Sciences, and is also recognized as a leading M&A lawyer by IFLR1000 (2019) and Best Lawyers (2016).
Mr. Bab has written prolifically on a variety of M&A and corporate governance-related topics. He is the co-editor of and contributor to the annual Health Care Mergers and Acquisitions Answer Book(Practising Law Institute, 2018), an extensive reference guide addressing structuring, regulatory, due diligence and documentation issues, among other things, in healthcare M&A and licensing deals.
He is the co-author of “A Look at Recent Efforts to Contain Health Care Costs,” Law360 (January, 2018); “How Section 1332 Waivers Could Impact Health Care Reform,” Law360 (July, 2017); “Shining a Light on GOP Plan for Health Care Reform,” Law360 (March, 2017); “The Outlook for the Pharmaceutical Industry under Trump,” Law360 (January, 2017); “The Outlook on Drug Pricing: At What Cost?,” Law360 (December, 2016); “Key Issues In U.S. Going Private Transactions,” The M&A Lawyer (April, 2016) and “Lot Of Inversion Talk, But Do You Know the Basics?” Law360 (August, 2014).
Mr. Bab is the author of “Got Financing? You May Have to Extend Your Tender Offer,” The Harvard Law School Forum on Corporate Governance and Financial Regulation (April, 2013); “Contingent Value Rights in Healthcare M&A,” Insights (April, 2011); “Poison Pills,” The Harvard Law School Forum on Corporate Governance and Financial Regulation (April, 2011); and “A New Worry,” IR Magazine (2008). He is a co-author of “Soft Dollars and Other Means of Obtaining Business,” a chapter in the Practising Law Institute treatise Broker-Dealer Regulation (2008); “SEC Proposes Amendments to Cross-Border Tender and Exchange Offer and Business Combination Rules,” BNA Securities Regulation & Law (2008); “Tender Offers: Back in Business,” Corporate Governance (2007); and “Gun Jumping Case vs. Qualcomm Shows Risks for Betrothed Companies,” Corporate Governance (2006).
Mr. Bab is the author of “Contingent Value Rights,” Insights (2001) and the co-author of several articles published in The Deal, including “The Revlon Standard” (2007), “Booby Traps” (2003) and “Nerve Tonic” (2003). Mr. Bab is also a frequent speaker on legal developments affecting mergers and acquisitions and on healthcare-related issues.
Mr. Bab joined Debevoise as an associate in 1997 and became a partner in 2002. Mr. Bab received his B.A. magna cum laude from Yale University in 1986, and his J.D. in 1992 from Columbia Law School, where he was a Stone Scholar and book review editor of the Law Review.
From 1992 to 1993, Mr. Bab served as law clerk to the Hon. Thomas J. Meskill, U.S. Court of Appeals for the Second Circuit. From 1986 to 1989, Mr. Bab was an investment banker at Lazard Frères & Co.
- Deutsche Bank, as financial advisor to Eli Lilly, in its $8 billion acquisition of Loxo Oncology.
- Evercore and J.P. Morgan as financial advisors to Akebia Therapeutics in its $1.3 billion merger with Keryx Biopharmaceuticals.
- TPG Capital and Welsh, Carson, Anderson & Stowe, with Humana, in their $1.4 billion acquisition of Curo Health Services.
- Guggenheim and J.P. Morgan as financial advisors to Bioverativ, a global biopharmaceutical company, in Bioverativ’s $11.6 billion sale to Sanofi.
- Deutsche Bank as financial advisor to Mallinckrodt in its $1.2 billion acquisition of Sucampo Pharmaceuticals.
- TPG Capital and Welsh, Carson, Anderson & Stowe in the $4.1 billion acquisition of Kindred Healthcare.
- Sawai Pharmaceutical in the sale of a minority stake of its U.S. subsidiary, Upsher-Smith Laboratories, to Japanese trading house Sumitomo.
- Deutsche Bank, as financial advisor to Halyard Health, in the $710 million sale of Halyard’s surgical and infection prevention business to Owens & Minor.
- Allergan in its $2.47 billion acquisition of ZELTIQ, a medical technology company focused on utilizing its proprietary CoolSculpting controlled-cooling technology platform, the sales leader in the fast-growing body contouring segment of medical aesthetics.
- J.P. Morgan as financial advisor to Surgical Care Affiliates, a leading ambulatory surgery center and surgical hospital provider, in its $2.3 billion combination with Optum, a leading health services company and part of UnitedHealth Group.
- PharMEDium, a Clayton, Dubilier & Rice portfolio company and the leading national provider of outsourced compounded sterile preparations to acute care hospitals in the United States, in its $2.6 billion sale to AmerisourceBergen.
- Clayton, Dubilier & Rice in its acquisition of a controlling stake in Drive DeVilbiss Healthcare, a global manufacturer of medical products.
- Lannett in its acquisition for $1.23 billion in cash, plus additional contingent consideration, of Kremers Urban Pharmaceuticals, the U.S. specialty generic pharmaceuticals subsidiary of global biopharmaceuticals company UCB.
- J.P. Morgan as financial advisor to Allergan in its $40.5 billion sale of a generics unit to Teva Pharmaceutical Industries.
- Actavis in the sale of Aptalis Pharmaceutical Technologies, a pharmaceutical outsourcing and R&D business in the U.S., to TPG.
- Actavis in its acquisition of Nasdaq-listed Durata Therapeutics, a pharmaceutical company focused on the development and commercialization of therapeutics for patients with infectious diseases and acute illnesses, for $675 million plus contingent value rights.
- Clayton, Dubilier & Rice in its $910 million acquisition of Healogics, the largest advanced wound care services provider in the U.S.
- Forest Laboratories in its $2.9 billion acquisition of Aptalis, a gastrointestinal and cystic fibrosis company, from TPG.
- Noven Pharmaceuticals in its acquisition from Novartis of the commercial rights to Minivelle, an estradiol transdermal system, in the U.S. and Canada.
- Guggenheim Securities as financial advisor to Pfizer in Pfizer’s $2.38 billion sale of Capsugel, a leading maker of hard capsule and other drug-delivery systems, to Kohlberg Kravis Roberts.
- Gen-Probe in its collaboration agreement with Pacific Biosciences of California in the research and development of third-generation DNA testing systems for use in disease diagnosis and blood screening.
- Lehman Brothers in numerous financial advisory assignments, including Thermo Electron’s $10.6 billion acquisition of Fisher Scientific Industries to create Thermo Fisher Scientific, and Medco Health Solutions’ $2.3 billion acquisition of Accredo Health, creating the largest specialty pharmacy business in the U.S.
- Credit Suisse, as financial advisor to JACK Entertainment, in the $780 million sale of JACK Cincinnati Casino and Turfway Park to Hard Rock International and VICI Properties.
- J.P. Morgan Securities as financial advisor to Leggett & Platt in its $1.25 billion acquisition of Elite Comfort Solutions.
- J.P. Morgan Securities as financial advisor to CommScope in its $7.4 billion acquisition of ARRIS.
- J.P. Morgan Securities, as financial advisor to Quad/Graphics, in its $1.4 billion acquisition of LSC Communications.
- J.P. Morgan as financial advisor to FS Investment Corporation in its $8 billion merger with Corporate Capital Trust.
- P2 Capital, alongside Silver Lake, in the $3.5 billion acquisition of Blackhawk, a global financial technology company.
- Deutsche Bank, as financial advisor to Invitation Homes, in its $20 billion merger with Starwood Waypoint Homes.
- American International Group in several transactions with Fairfax Financial, a leading global property and casualty insurer and reinsurer, as part of a strategic partnership in 12 jurisdictions across Latin America and Central and Eastern Europe.
- J.P. Morgan Securities and Morgan Stanley as financial advisors to American International Group in its $3.4 billion sale of United Guaranty Corporation, the leading private mortgage insurance company in the United States, to Arch Capital Group.
- J.P. Morgan Securities as financial advisor to Walmart in its $3.3 billion acquisition of Jet.com.
- P2 Capital, with Goldman Sachs Capital Partners, in its $1.6 billion sale of Interline Brands to Home Depot.
- J.P. Morgan Securities as financial advisor to Markit in its merger with IHS, valued at more than $13 billion.
- J.P. Morgan Securities as financial advisor to AspenTech in its offer for KBC Advanced Technologies.
- Deutsche Bank Securities, as financial advisor to Marriott International, in its $12.2 billion acquisition of Starwood Hotels and Resorts Worldwide.
- MBIA in its sale of Cutwater Asset Management, an investment management company with $23 billion in assets under management, to BNY Mellon.
- Morgan Stanley and Zaoui & Co. as financial advisors to NYSE-listed oil-equipment maker Dresser-Rand Group in the $7.6 billion acquisition of Dresser-Rand by Siemens.
- Atkore International in its redemption of Tyco International’s minority investment in Atkore’s parent company, Atkore International Group.
- American International Group in the $7.6 billion sale of its 100% interest in International Lease Finance Corporation to NYSE-listed AerCap Holdings N.V.
- Highland Capital Management in its sale of Communications Corporation of America and White Knight Broadcasting to Nexstar Broadcasting Group and Mission Broadcasting.
- Highland Capital Management, Contrarian, J.P. Morgan and Black Diamond Capital Management in Clean Harbors’ $1.25 billion acquisition of Safety-Kleen.
- P2 Capital Partners in its $1.1 billion take-private acquisition, together with funds managed by the private equity arm of Goldman Sachs, of Interline Brands, a leading distributor of broad-line maintenance, repair and operations products.
- NCI Building Systems in its acquisition of Metl-Span, a leading insulated panel supplier.
- Prudential Financial in its sale of Afore XXI, a Mexican private pension manager, to Banorte.
- Clayton, Dubilier & Rice in its $1 billion acquisition of a 51% ownership stake in Tyco International’s Electrical and Metal Products business.
- American International Group in the proposed sale, later terminated, of AIA Group Limited to Prudential plc for $35.5 billion.
- Prudential Financial in its $4.5 billion sale of a noncontrolling interest in its joint brokerage venture, Wells Fargo Advisors, to Wells Fargo.
- Prudential Financial in the sale of its Mexican asset management business to Grupo Actinver.
- NCI Building Systems in its $245 million acquisition of CENTRIA.
- Morgan Stanley as financial advisor to The Pepsi Bottling Group in its $7.8 billion acquisition by PepsiCo.
- J.P. Morgan Securities in numerous financial advisory assignments, including to Equinix in its pending $689 million acquisition of Switch & Data Facilities Company, to CorSolutions in the $445 million sale of the company to Matria Health Care, to IAC/InterActiveCorp in its $2 billion acquisition of Ask Jeeves and to VNU in its $226 million minority buy-in of NetRatings.
- HarbourVest Partners in its acquisition of the Lehman Brothers Venture Partners business.
- EDO Corporation in its $1.7 billion acquisition by ITT Corporation.
Babcock & Brown in its $1.33 billion acquisition of Coinmach, a leading supplier of outsourced laundry equipment services.
- Clayton, Dubilier & Rice, Bruckmann, Rosser, Sherrill & Co. and other shareholders of RACI Holding in RACI Holding’s sale of Remington Arms to Cerberus Capital.
- Bairnco in the acquisition by Steel Partners II of all of the Bairnco stock that it did not already own.
- Aggreko in its acquisition of General Electric’s GE Energy Rentals business.
- The Carlyle Group in its $2.1 billion going private acquisition, with the company’s controlling shareholders, of Insight Communications.
- Columbia Law School, 1992, J.D.
- Yale University, 1986, B.A.
- New York
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