On July 23, the Department of Justice Antitrust Division announced its return to targeted Second Request investigations to expedite merger review under the Hart-Scott-Rodino (HSR) Act. BX: Can you explain what targeted Second Request investigations mean in practical terms for biopharma companies planning mergers—and how does this differ from the previous approach? For biopharma companies, this is significant. BX: Should biopharma companies take full advantage of this development, and if yes, why? The bottom line is that while the targeted process may be more efficient, the substance of the competitive analysis remains rigorous.