Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: Canada Competition Bureau approves sale of Pfizer products to Pharmascience, (Mar 4, 2016)
Organizations Mentioned:Hospira, Inc. | Pfizer | Pfizer, Inc. | Pharmascience
By Michael Menzhuber, J.D., LL.M.
The Canada Competition Bureau has approved Pfizer Inc.’s sale of four pharmaceutical products to Pharmascience, the agency announced today.
The sale was a requirement of the August 2015 consent agreement between the Bureau and Pfizer, which addressed the Bureau’s competition concerns related to Pfizer’s acquisition of Hospira, Inc. The Bureau had concluded that the proposed transaction would likely result in a substantial lessening or prevention of competition in the supply of the following pharmaceutical products in Canada: (1) injectable cytarabine; (2) injectable epirubicin; (3) oral tablet methotrexate; and (4) injectable voriconazole.
To address this concern, the Bureau and Pfizer entered into a consent agreement whereby Pfizer would sell these four products to a buyer, or buyers, approved by the Commissioner of Competition. Pharmascience, the third largest generic pharmaceutical company in Canada, was determined to be an acceptable buyer because it is likely to compete effectively in the supply of these products.
The sale of the four pharmaceutical products to Pharmascience fulfills Pfizer’s obligation under the consent agreement with respect to its proposed acquisition of Hospira.
Companies: Pfizer, Inc.; Hospira, Inc.; Pharmascience
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