Stephen A. Stack Jr.


Stephen A. Stack Jr.

Retired Partner

Philadelphia | Cira Centre, 2929 Arch Street, Philadelphia, PA 19104-2808
+1 215 994 2660 | +1 215 994 2222

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Stephen A. Stack, Jr., a member of Dechert's trial team and former co-chair of Dechert's antitrust/competition group, has 40 years of experience covering the full range of antitrust activities from litigation to preventive counseling to practice before U.S. federal and state and European enforcement agencies. A significant part of his recent practice has been focused in the areas of intellectual property antitrust and mergers.

Mr. Stack regularly counsels pharmaceutical and chemical clients on antitrust issues relating to patenting strategies, licensing, research and development collaborations, manufacturing joint ventures, patent litigation strategies, settlement of patent litigation and interference proceedings, and sales and marketing activities. He also counsels clients on antitrust problems under both U.S. and European competition laws, including intellectual property, mergers, joint ventures, price discrimination, vertical restrictions, and compliance programs.

Since 2003, Mr. Stack has been recognized as a leading lawyer for antitrust in Chambers USA, a referral guide to leading lawyers in the United States based on the opinions of their peers and clients. He also drew praise from the The Legal 500 (U.S.), which noted in its 2009 edition that “he offers a ‘rare knowledge of global competition standards, and is one of the few American lawyers who can function effectively as the global manager of multiple global merger filings.’” Mr. Stack is also listed as a "Life Sciences Star" in LMG Life Sciences.

Mr. Stack was the editor of the Issues in Antitrust and co-editor of the forthcoming Pharmaceutical Antitrust Handbook, both of which were published by the American Bar Association Antitrust Section. He has also been called upon to give expert testimony at several government hearings, including:

  • Testified at the hearings of the Antitrust Modernization Commission in Washington, D.C. on proposals to reform the patent laws (November 8, 2005).
  • Testified by invitation at the FTC/DOJ hearings on Competition and Intellectual Property Law and Policy in the Knowledge-Based Economy, “A Competition View of Patent Settlements” (May 2, 2002).
  • Testified by invitation at the FTC Hearings on Joint Ventures (June 5, 1997).
  • Testified by invitation at the Federal Trade Commission’s Hearings on Competition Policy in the New High-Tech, Global Marketplace, “How Innovation Occurs in the Pharmaceutical Industry: Lessons for Antitrust in Preserving Competition in Innovation” (October 23, 1995).

Before joining Dechert, Mr. Stack was a staff attorney with the Federal Trade Commission’s Bureau of Competition.


Significant Representations

Merger-Related Government Investigations

  • Mr. Stack represented FMC Corporation in a global competition law review of its proposed acquisition of ISP Technologies’ hydrocolloids business, developing an innovative strategy that resulted in first-phase clearance of the transaction despite difficult issues in the UK and Germany, the two most critical jurisdictions reviewing the transaction.
  • Mr. Stack represented Pfizer Inc. in an FTC investigation into the US$16 billion sale of its consumer products division to a strategic buyer. The transaction involved substantial compliance with a Hart-Scott-Rodino second request and negotiation of a consent order to divest three of the seller’s products. The entire process took less than five months from signing to closing.
  • Mr. Stack represented Airgas, Inc., an industrial gas company, in the successful purchase of assets required to be divested pursuant to an FTC consent order resulting from another company’s acquisition. The purchase price for the assets exceeded US$500 million, making it one of the largest divestitures to settle an FTC merger investigation.
  • Mr. Stack represented the acquiring company in a US$5 billion chemical industry acquisition, in which he negotiated a consent order providing for a divestiture allowing the acquisition to proceed. The consent order required divestiture of only one of a number of overlapping product lines, and the entire Hart-Scott-Rodino process was completed in less than 80 days--far more quickly than is usual for cash tender offers receiving a second request.
  • Mr. Stack represented a regional supermarket chain in its acquisition of another chain with overlapping operations in four local markets. He negotiated a buyer-in-hand consent order allowing the deal to close within sixty days, and the FTC staff advised that there have been few, if any, FTC consent orders that have been finalized this quickly.
  • Mr. Stack represented Crown Cork & Seal in obtaining a clearance by the European Commission of Crown’s US$5 billion acquisition of Carnaud MetalBox. At the time, this was the largest acquisition of a European company by a U.S. company to be cleared by the EU Commission. The matter involved four different product markets and went through full Phase II proceedings, including a two-day hearing in Brussels. The matter was resolved by an undertaking to divest certain aerosol can manufacturing facilities, the Commission having found no violation with respect to the other markets at issue.
  • Mr. Stack represented Amerisource Health Corporation in its proposed acquisition of McKesson Corporation. The case involved complex issues of competitive effects, market definition, and efficiency claims. The Federal Trade Commission ultimately obtained a preliminary injunction halting the transaction. This was one of two acquisitions in the same industry that were investigated on parallel tracks and litigated in a single proceeding.
  • Mr. Stack represented Rohm and Haas Company in its acquisition of the emulsion polymer business of Unocal. In order to resolve the staff’s concerns with one product line, Mr. Stack negotiated one of the first “buyer-in-hand” consent orders entered by the FTC -- a form which thereafter became the FTC’s preference for divestiture consent orders.

Non-Merger Government Investigations

  • Mr. Stack represented a major pharmaceutical company in an FTC investigation into alleged conduct to prevent generic competition for one of its flagship products. The Commission closed the investigation without taking any action against the client.
  • Mr. Stack represented a paper packaging manufacturer in a Federal Trade Commission investigation into allegations of a conspiracy to restrict output. The case against his client was dropped, although one of the other industry members was charged with an unlawful invitation to collude.
  • Mr. Stack represented a manufacturer of a pharmaceutical excipient in a Federal Trade Commission investigation into an alleged market allocation agreement. The matter was resolved by consent order.
  • Mr. Stack has handled numerous merger matters before both the Federal Trade Commission and the Department of Justice, including several deals valued in excess of US$1 billion, some involving consent orders and many others involving presentations that have successfully resolved competitive issues without enforcement actions and, in most cases, without a second request.
  • In 2000, Mr. Stack served as an advisor to the Presidential transition team on the Advisory Committee on the Department of Justice.
  • Yale University, B.A., 1967, cum laude, with honors
  • University of Pennsylvania Law School, J.D., 1970, cum laude
  • Pennsylvania
  • United States Court of Appeals for the Third Circuit
  • United States District Court for the District of Columbia
  • United States District Court for the Eastern District of Pennsylvania

Mr. Stack has been a member of the American Bar Association Antitrust Section for over 35 years. His positions within the Antitrust Section include:

Co-Chair, Content Committee (2016-present)
Co-Chair, Fall Forum (2003-2005)
Co-Chair, Pharmaceutical Task Force (2001-2003)
Program Officer (1999-2001)
Vice-Chair of the Antitrust Section (1993-1994)
Council Member (1989-1992, 1996-1999)
Chair, Continuing Legal Education Committee (1992-1993)
Chair, Federal Trade Commission Committee (1986-1989)
Member, FTC/DOJ Working Group (1994-1996)

Mr. Stack recently chaired the Antitrust Law Committee of the American Intellectual Property Law Association (AIPLA), where he has served on a special committee on the Hatch-Waxman Act. He has co-chaired, planned, and moderated AIPLA roundtables with staff members of both the FTC and the DOJ regarding IP issues related to standards development.