Today’s Antitrust Landscape: What Innovation Leaders Should Be Watching

Antitrust is no longer a regulatory consideration that surfaces at the end of a deal. For many technology and life sciences companies, it is becoming a core factor in how growth opportunities are evaluated, structured and executed. 

In a recent conversation, Cooley global antitrust and competition chair Norman Armstrong joined global M&A chair Jamie Leigh to discuss the trends shaping today’s antitrust environment and what companies should be thinking about as they plan for growth in an evolving regulatory landscape. Drawing on nearly two decades at the US Federal Trade Commission (FTC), including service as deputy director of the FTC Bureau of Competition, Armstrong shares perspectives on how regulators evaluate transactions and where scrutiny is likely to emerge next.

Three Takeaways

Growth markets are facing more antitrust attention.

  • Technology and life sciences companies continue to face scrutiny around AI, platforms, data, talent competition and innovation-driven transactions. Companies should expect regulatory attention from agencies in the US and globally.

Antitrust strategy starts earlier than ever.

  • Armstrong emphasizes that early planning is critical because regulatory strategy is often most effective before regulators begin asking questions. Drawing on his experience overseeing merger reviews, investigations and enforcement matters at the FTC, he emphasizes the value of understanding how agencies evaluate risk, pressure-testing transaction narratives early and anticipating potential concerns before they become obstacles.

Planning for uncertainty is now a competitive advantage.

  • Companies should be prepared for an evolving enforcement landscape shaped by domestic and international regulators, state attorneys general and broader political dynamics.