The DOJ Antitrust Division announced a return to targeted Second Request investigations under the Hart-Scott-Rodino Act, along with a model timing agreement. In practice, the agency says it will formalize a shift toward tailoring information demands to transaction-specific competitive concerns rather than broad, expansive document requests. For biopharma deal teams, the change affects how they prepare diligence responses, manage counsel and data-room scope, and model the probability and timing of regulator follow-ups. The announcement also reinforces heightened antitrust scrutiny around “innovation markets” theories of harm, where pipeline overlap can drive challenges. Companies evaluating M&A will likely need tighter early assessment of overlapping assets and more disciplined data-room planning to respond within a narrower, targeted framework.