The ongoing investigation into Novo Holdings' proposed acquisition of Catalent is unlikely to be affected by the recent election results, according to David Balto, a public interest and antitrust lawyer. Balto, who previously served as the policy director of the Federal Trade Commission (FTC), emphasizes that the FTC operates as a bipartisan agency, and its merger analysis is grounded in antitrust principles rather than political shifts.

Despite speculation that the FTC might abandon the investigation due to the change in administration, Balto argues that such expectations are misguided. He recalls his experience during the transition from the Clinton to the Bush administration, noting that antitrust enforcement often remains consistent across different presidential terms.

The Trump administration's record on antitrust enforcement further supports Balto's assertion. During Trump's presidency, the Department of Justice (DOJ) took significant steps to challenge mergers, including the landmark case against AT&T's acquisition of Time Warner, which was the first vertical merger challenge in nearly four decades. This history indicates that the current administration may continue to prioritize antitrust enforcement, particularly in high-profile cases like the Novo-Catalent merger.

Balto's insights suggest that stakeholders should prepare for the FTC to maintain its rigorous approach to merger investigations, regardless of political changes. The agency's commitment to antitrust analysis is expected to guide its decisions, ensuring that the investigation into the Novo-Catalent deal remains a priority.