Holly Buckley
speaker
187 appearances
9 recordings
1 series
first heard Jan 2025
last heard Jun 2025
Holly Buckley’s voice in public audio — every appearance, attributed to the second.
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Yeah, thank you for that opportunity. We're super excited. As you said, May 14th and 15th in Chicago. Anyone's welcome to reach out to me if they have questions. We've got a packed agenda with kind of deep dive sessions on healthcare provider investments, pharma services, digital health, as well as management of portfolio companies.
We have a portfolio company boot camp on the 13th leading into the conference. It's a pre-conference event. And we have some great keynote panels, including Lance Armstrong. And we have a healthcare leadership panel on the 14th, as well as healthcare private equity and healthcare lending keynote panels as well. So the content is going to be great. The networking opportunities will be even better.
And we'd love to see folks who are interested attending and reach out to me at hbuckley at mcguirewoods.com if you have questions.
Thank you, Scott.
Yeah, Scott, thanks. And thanks as always for having me on. I have three topics to talk about today. The first one is on semaglutide, which is the ingredient used in diet drugs such as Wegovy and Zetbound. And the FDA determined at the end of last month, on February 21st, that there's no longer a shortage of semaglutide medications. Now, what this means is that it's come off the shortage list.
And so compounders cannot compound that drug. And so all of these alternatives to agovian Zetbound that have kind of proliferated on the market that are compounded are no longer able to be made. And the FDA has said it will not take action against those compounders. until April for state-licensed pharmacy or physician compounders or May 22nd for outsourcing facilities that are 503B facilities.
But after that point, the FDA may go after them if they are still compounding semaglutide. And so we're also likely to see an increase in cease and desist letters from manufacturers, such as Eli Lilly and Novo Nordisk, who make SCOBY and ZetBound they may well start to go after more of the compounders if they continue to compound.
That's right. That's right. So because there was a shortage, the FDA kind of put the drug on a shortage list. It meant these compounders could do what they otherwise would not have been able to do. You're right. It was a leeway that they wouldn't normally have. And that leeway is now gone. And so it'll be interesting to see.
A lot of those companies are saying that they're going to pursue other opportunities. But there was kind of a huge market for them that it turned out, is pretty short-lived, right? A lot of them really proliferated in 2024 and now will likely have to do something different.
Yeah, so this is a continuation of something we've talked about a number of other times, and it is this, I'll use the word proliferation again, proliferation of states that are passing healthcare transaction notice laws. And last time we chatted, we talked about California and they had the big veto of the 3129 bill last year. They've come back this year with a couple of different bills.
And we chatted about that in some detail. But in addition, there are a number of other states that have come out with bills as well. So Indiana, which
which already has a bill that requires 90 days advance notice before certain healthcare transactions, has introduced a new bill which would amend the existing bill that would grant the AG approval of the transactions before it was just a notice requirement.
And that one is significantly more stringent in that the AG now can actually say no to transactions whereas before they were just kind of gathering information. New York is another one. The New York governor's 2526 budget proposal includes proposed changes that would expand the scope of the state's existing closure of material transactions law.
This would extend the pre-closing notice period from 30 to 60 days, require the New York Department of Health to conduct a preliminary review to assess whether a cost market impact review is needed. and could delay closing up to 180 days and require submission of annual reports detailing impact on cost, quality, access, health, equity, and competition.
So that's obviously a much more burdensome bill. If that is passed, it's expected to be approved by April 1st. And then Washington State also introduced a new bill, which is House Bill 1881, which would expand the scope of the state's existing healthcare material change notice requirements.
It would also extend the period from 60 to 90 days, would give the AG broad discretion over whether a specific transaction qualifies as material and requires submission and review by both the Washington Health Care Authority and Attorney General. So these laws are making deals certainly more difficult and costly. We're still not seeing deals necessarily be halted by these laws.
but it's definitely making the landscape more complicated, especially where you have companies transacting who do business in many, many states.
And then my final one, which I'm sure everyone has heard about, but I just think is interesting, is the, it sounds like very close and it may have been announced in the time I've been working this morning, the buyout of Walgreens, the take private, which would likely result in the company being split up into kind of the US retail, the kind of boots retail, which is kind of originated out of the UK, and then some other segments such as Village MD and other lines.
And so that's rumored to be a $10 billion transaction. I had read that I think, and I may get this slightly wrong, but in 2014, the company was maybe valued at $100 billion and has just lost an immense amount of that value over the past 11 years. But I think it's super interesting that Walgreens, which is such a household name, is likely to go private in the coming years.
Thank you.
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