Our Approach

Joint ventures and complex partnerships are increasingly becoming the transaction vehicles of choice across the healthcare industry, especially as evolving industry dynamics force companies to innovate in their core businesses and seek out new revenue streams.

For instance, the shift from volume to value in U.S. healthcare is driving insurance companies and providers to ink more JV deals in efforts to align their incentives and share risk as they advance population health initiatives with new investments and care management strategies. Hammered by cost pressure, payers are also using joint ventures as collaborative investment vehicles to access critical assets like technology with sufficient scale. Meanwhile, other integration plays are occurring in the adjacent pharmacy space: pharmacy benefit managers, wholesalers, retail networks, and central fill businesses are employing joint ventures to improve their purchasing power, optimize efficiencies, and integrate data and benefit management capabilities. The largest technology companies are also embarking on JV deals to bring their innovation competencies to serve an emergent, newly consumer-oriented healthcare market. Finally, new business, R&D, and commercialization ventures continue to remain top-of-mind for life sciences companies, who partner to bring new therapies to market and access desirable capabilities and markets.

Water Street has supported this entire spectrum of healthcare deals, lending deep partnership expertise to shareholders and JV executives focused on both the successful structuring of new JVs and the effective management and governance of existing ventures. Our clients appreciate both our fluency in healthcare dealmaking as well as our extensive cross-industry JV experience, which we employ to help them anticipate and resolve their most common JV challenges, including: building alignment between fundamentally different types of partners; navigating strategic inflection points accelerated by the pace of the market; and architecting effective governance systems and alliance management functions to help healthcare JVs survive the test of time and optimize their performance.

Who We Serve

Water Street supports a diverse continuum of healthcare companies, including: for-profit and not-for-profit healthcare and ancillary insurance companies; large regional and small local provider systems; healthcare technology firms; pharmacy benefit managers; retail pharmacy networks; pharmaceutical wholesalers; international biotechnology, pharmaceutical, and device companies – and others. In the U.S., we support healthcare companies pursuing reform-driven deals such as integration plays and triple aim initiatives. Internationally, we also serve a set of pharmaceutical and biotechnology companies in their cross-border deals.