The Life Sciences Capital Markets team advised the underwriters for PACS Group on the completion of its initial public offering of 21,428,572 shares of its common stock sold by the company at a public offering price of $21.00 per share, for total gross proceeds of approximately $450 million, before deducting underwriting discounts and commissions and offering expenses. The transaction was upsized from its original launch size of $400 million. In addition, the underwriters have exercised their 30-day option to purchase an additional 3,214,284 shares of the company’s common stock at the initial public offering price from the selling stockholders, less underwriting discounts and commissions.  PACS did not receive any proceeds from sales of shares by the selling stockholders. PACS’ common stock began trading on the New York Stock Exchange under the ticker symbol “PACS” on April 11, 2024. 

PACS is a holding company investing in post-acute healthcare facilities, professionals, and ancillary services. Founded in 2013, PACS is one of the largest post-acute platforms in the United States. Its independent subsidiaries operate over 200 post-acute care facilities across nine states serving over 20,000 patients daily. 

The Goodwin team was led by Ben Marsh, Adam Johnson, Karin Yoo, Alexa Folco and Haylee Brown, and included Sarah Bock and Chris Jones (Executive Compensation); Roger Cohen, Matt Wetzel and Anne Brendel (Healthcare); Benjamin Tschann and Sean Kiernan (Real Estate); Dan Karelitz (Tax); Maggie Wong (Opinions); and Peter LaVigne (FINRA), with invaluable assistance from Bill Harrington and Sari Lerner.

For additional details on the offering, please read the press release