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August 7, 2017

Drinker Biddle Represents Physicians Dialysis in Multistate Acquisition of Dialysis Facilities

Attorneys from the firm’s Health Care Team represented Physician Dialysis (PDA), a Florida-based health care provider, and its capital partner, GMF Capital LLC (GMF), in the acquisition of seven dialysis facilities. The facilities, located in New Jersey and Texas, were acquired from DaVita Inc. As a result of this transaction, Physicians Dialysis has doubled in size and now has 15 locations across eight states.

DaVita had entered into an agreement to acquire Renal Ventures Management, LLC (RV), but the Federal Trade Commission (FTC) was prepared to sue to block the acquisition. As a result, DaVita agreed to divest the seven dialysis facilities that our clients agreed to purchase. Drinker Biddle attorneys assisted PDA and GMF in negotiating the sale and getting approval from the FTC to purchase the seven divested centers, enabling DaVita to close its RV merger. The transaction closed on May 1, 2017.

Kelley Hearne handled the negotiation of definitive agreements and oversight of the due diligence and Corey Kestenberg assisted with the closing and regulatory filings. Ken Vorrasi led the team in securing antitrust approval of PDA-GMF as the buyer before the FTC, and Gina Armstrong and Chad Lange handled the financing for the transaction.

Physicians Dialysis has been operating, developing and acquiring clinic and home-based dialysis programs for nearly 30 years. For additional information, please see the PDA announcement and the FTC press release.

Drinker Biddle’s Health Care Team represents hospital and health systems with strategic affiliation transactions including pre-transaction counseling, due diligence, regulatory and antitrust reviews, negotiations and post-transaction integration. The team is actively advising on health care affiliations in New Jersey, Illinois, Pennsylvania, Georgia, Michigan, California and other markets across the U.S.

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