International law firm McDermott Will & Emery represented Premier, Inc. (NASDAQ: PINC), a national healthcare alliance, in connection with its initial public offering of 32,374,751 shares of Class A common stock, including 4,222,793 shares issued upon the exercise in full by the underwriters of their option to purchase additional shares to cover over-allotments.
The offering was priced at $27.00 per share, resulting in aggregate net proceeds of approximately $821.7 million, after underwriting discounts and commissions but before expenses. The McDermott team also advised Premier in connection with the reorganization of its business model and corporate structure in preparation for the IPO. J.P. Morgan Securities LLC, BofA Merrill Lynch and Wells Fargo Securities, LLC served as joint book-running managers for the offering. Citigroup, Piper Jaffray & Co., Raymond James and William Blair served as co-managers.
Premier’s healthcare alliance consists of approximately 2,900 U.S. hospitals, 100,000 alternate sites and 400,000 physicians with a common goal of improving and innovating in the clinical, financial and operational areas of their businesses to meet the demands of a rapidly evolving healthcare industry. Headquartered in Charlotte, North Carolina, Premier operates one of the nation’s largest group purchasing organizations and offers a broad array of technology-enabled performance improvement services, including informatics software as a service, advisory services, member collaboratives and insurance management services. The Premier alliance has created one of the most comprehensive databases of actionable data, best practices and cost reduction strategies. Premier’s membership includes many of the country’s most progressive and forward-thinking healthcare organizations.
“We are very pleased to have been part of the team that executed this successful IPO,” said McDermott Health Industry Advisory partner David Klatsky. “Premier is an innovative, industry leader and this IPO will enable the alliance to continue to improve the delivery of healthcare across the nation.”
In addition to Mr. Klatsky, the McDermott team included partners Mark Mihanovic, Amy Ferrer, Andrew Turney, Gary Karch, Andrew Liazos, Eric Gordon, Ashley Fischer, Jennifer Geetter, Edwin Laurenson and Gary Rosenbaum; Counsel Anne Plimpton; and Associates Michael Pilo, Christine Corkran, LiLing Poh, Joseph Urwitz and Rogan O’Handley.
McDermott Will & Emery has one of the largest and most prestigious health law practices in the world. It is the only law firm to receive Tier 1 rankings in health care nationally by all of the industry’s top legal directories: Chambers USA, The Legal 500 USA and U.S. News–Best Lawyers.
