Wolf Theiss advises the shareholders of Medical Center HERA on its sale to FutureMeds

Sofia, 6 November 2026 – Wolf Theiss advised Emil Kostov, the founder-shareholder of Medical Center HERA and Philip Atanasov, the founder-shareholder of Medical Center HERA-Kyustendil, in connection with the sale of their interests in the respective companies to FutureMeds, a UK-based clinical research site network and decentralised trial provider.

Medical Center HERA is a Bulgarian private healthcare provider. The transaction forms part of FutureMeds’ strategy to expand its clinical research network footprint and strengthen patient access to trials and new treatments in the Central and Eastern European life sciences sector.

Wolf Theiss acted as lead Bulgarian counsel to the sellers throughout the transaction. The mandate included the structuring and negotiation of the transaction, encompassing the drafting and negotiation of the share purchase agreement, escrow arrangements, disclosure documentation, governance provisions, completion mechanics and post-signing implementation matters. The team also advised on shareholder rights, share consideration arrangements, management and employment-related issues, data protection considerations and foreign direct investment approval requirements.

The transaction required the coordination of multiple stakeholders and the resolution of complex governance, risk allocation and implementation issues arising from the interaction between existing investors, founder-shareholders and the incoming strategic investor. Following signing, the Wolf Theiss team also advised on the satisfaction of conditions precedent, foreign investment approval processes, restructuring steps and closing preparations.

The Wolf Theiss team was led by Richard Clegg (Partner) and Ralitsa Genkova (Senior Associate, both Corporate/M&A), supported by Alexander Radichkov (Senior Associate, Employment), Evgeni Karadaliev (Associate) and Petya Balkanska (Legal Trainee, both Corporate/M&A).

“We are pleased to have supported our clients on this strategically important transaction. The matter required careful management of both legal and commercial considerations across several workstreams, reflecting the increasingly sophisticated nature of healthcare sector investments in the region.”

– Richard Clegg, Partner

The transaction remains subject to certain closing conditions and implementation steps. The parties continue to work towards satisfaction of the remaining conditions and completion of the acquisition.