Overview
Kristian (Krist) Werling represents private equity and strategic investors in a wide variety of transactional matters in the healthcare and life sciences industry. In this capacity, he works with cross-disciplinary teams to conduct legal due diligence and execute acquisitions and divestitures as well as provide ongoing legal services to portfolio companies. Krist is a co-head of the Firm’s Private Equity Practice Group and serves as an elected member of the Firm’s Management Committee.
Clients look to Krist for his ability to lead teams of lawyers that develop creative transaction structures that enable deals to close. In the healthcare services arena, Krist has particular experience with transactions and joint ventures involving physician practice management, ambulatory surgical centers, specialty hospitals, dermatology, pain management and anesthesia physician practices and dental practice management companies. He also has deep experience in life sciences transactions, including pharmaceutical and biotechnology licensing and collaboration, product-line carve-outs and pharmaceutical services investments.
Krist had several years of experience serving as in-house counsel to Hospira, Inc., a generic specialty pharmaceutical and medical device manufacturer that was sold to Pfizer.
Results
- Ampersand Capital Partners in its investment in vivitide and its subsequent merger with Biosynth Carbosynth, a UK-based KKR portfolio company, Tjoapack, Canopy Biosciences, Zellwerkraft, Adaptas/ETP Ion Detect, Cadence Fluidics, Pharma Packaging Solutions, Applied Kilovolts, Genome Diagnostics and Sanova Dermatology as well as the sale of Adaptas Solutions to IMI Plc
- Amulet Capital Partners in a number of transactions, including the formation of and investment in US Fertility through the acquisition of Integramed, Shady Grove Fertility and Ovation Fertility as well as the formation and investment in Choice Healthcare Services and a healthcare marketing and growth platform Unlock Health
- WindRose Health Investors in the acquisition and sale of Celerion and Medical Knowledge Group, the acquisition of Trumpet Behavioral Health and its subsequent combination with BlueSprig Pediatrics, a KKR portfolio company, the acquisition of Lykan Biosciences and its subsequent combination with RoslinCT, a GHO portfolio company, its investment in Thirdwave RX and its majority control investments in pharma services companies Veristat, RevHealth and SubjectWell
- Baxter International in a wide variety of transactions, including the acquisition of a portfolio of hemostasis product lines from Mallinckrodt, multiple undisclosed acquisitions of liquid injectable pharmaceutical products, the acquisition of Chatham Therapeutics, strategic licenses with ScinoPharm Taiwan and Merrimack Pharmaceuticals and acquiring the rights to manufacture and sell Scopoderm from GlaxoSmithKline
- Valinor Pharma and Healthcare Royalty Partners in the cross-border sale of US-based Valinor Pharma to German-based Grünenthal for a total deal value of approximately $250 million in upfront cash consideration
- Vanda Pharmaceuticals in the acquisition of US and Canadian rights to PONVORY (ponesimod) from Johnson & Johnson
- Enhanced Healthcare Partners in a range of transactions, including the sale of SCA Pharma to The Vistria Group and Excellere Partners, the formation and acquisition of Eventus WholeHealth Management and the merger of Prospira PainCare with National Spine and Pain
- Iron Path Capital in its investments in Emergence Health, Capitol Pain Institute, Versant Diagnostics and the formation of PureTech Scientific through the carve-out acquisition of the glycolic acid business from The Chemours Company
- Chicago Pacific Founders in its investment in Pinnacle Dermatology and numerous add-on acquisitions and the recapitalization of Pinnacle Dermatology Management by BayPine LP
- Quad-C Management in its investments in PRISM Vision Group, US Endo Partners and in the sale of VMG Health to Northlane Capital Partners
- REGENXBIO in its $1.8 billion strategic partnership with AbbVie to develop and commercialize RGX-314
- Summit Partners in transactions with AdvoServ, Covenant Surgical Partners, Patient Care Management and Abode Healthcare
- Spindletop Capital Management in its investments in San Antonio Pain Management and Sanova Dermatology
- Michelin in the auction and sale of a controlling interest in its US life sciences subsidiary, Solesis, Inc., to Altaris Capital Partners at a $475 million enterprise value
- Neurovance in its sale to Otsuka Pharmaceuticals
- Twelve Six Capital in the acquisition of Radial Health and its subsequent sale to IRC, a Webster Capital portfolio company
- G Square Capital, a London-based private equity fund, in its cross-border acquisition of a controlling interest in 3B Scientific
- Pouschine Cook Capital Management in the acquisition and sale of Golden State Dermatology Management, the acquisition of Southern Dental Alliance and its investment in Curexa Pharmacy
- Advent International, a global private equity fund, in the due diligence of inVentiv Health, Inc.
- Aligned Modern Health, a chiropractic physical medicine, acupuncture and functional medicine provider, in multiple financing rounds
- Alpine Investors in its investment in Summit Dermatology Partners and Midwest Vision Partners
- Calera Capital in its investment in United Dental Partners and Bay State Physical Therapy
- Equum Medical in its growth equity investment from Heritage Group
- Frazier Healthcare Partners in its formation of and investment in United Digestive
- H.I.G. Capital in the acquisition of Symbion, Inc., a national chain of ambulatory surgery centers by H.I.G. Capital portfolio company Surgery Partners
- Cleveland Clinic, Hospital for Special Surgery and Northwestern Medicine in a variety of strategic innovation investments and joint ventures
- Public Pension Capital (PPC) in its investment in Life Science Outsourcing, Inc.
- Physicians Medical Center, a physician-owned hospital, in its sale of a majority interest to SCA, an Optum/UnitedHealthcare Company (an American healthcare services provider)
- Surgical Institute of Reading in a strategic transaction with United Surgical Partners
- Wildcat Capital Management in its investment in Spring Fertility Management
- Multiple founder-owned businesses in strategic transactions with investors, including Spring Dental Management in the sale of a majority of its equity to Sorenson Capital and the sale of a controlling interest in Green Compass Global to an undisclosed investor
Recognitions
- Crain’s Chicago Business, Notable Gen X Leader in Law, 2021
- Chambers USA, Private Equity: Buyouts, 2022-2024
- Legal 500 US, Recommended, 2017, 2019, 2022-2024
- LMG Life Sciences, Life Sciences Star, 2016, 2018, 2019
- LMG Life Sciences’ 2015 “Collaboration Deal of the Year,” for representation of Baxalta in a global license and collaboration with Merrimack Pharmaceuticals
- The M&A Advisor, Top 40 Under 40 Legal Advisors 2015
Community
- North Park University Board of Trustees
- American Health Lawyers Association, former chair of the Life Science Practice Group, and editor in chief of the second edition of The Fundamentals of Life Sciences Law: Drugs, Devices, and Biotech
Credentials
Education
Northwestern University J.L. Kellogg School of Management, MBA, 2010
University of Illinois College of Law, JD, magna cum laude, 2002
North Park University Chicago, BA, cum laude, 1999
Admissions
Illinois