It has been reported that the increased investment by the Nigerian government in healthcare, pharmaceutical companies, product manufacturers and service providers in the health and pharma (H&P) industry in Nigeria since the onset of the pandemic, has spurred great interest from private investors.

These investments are quite important at a time like this when report by Knight Frank Research indicates that Nigeria falls short of the global average hospital bed-to-population ratio of 2.7 beds per 1000 people and requires significant investment in healthcare infrastructure. The country would require 386,000 additional beds and $82 billion of investment in healthcare real estate assets to reach the global average.

Over the years, mergers and acquisitions bring economies of scale that are not possible through organic growth. This article sets out the legal and regulatory considerations in a typical merger and acquisition transaction in the health & pharma industry in Nigeria. This article reviews the various legal considerations regarding M&A transactions in the H&P industry including legal due diligence, deal structure, transaction documentation, and regulatory approvals.

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