Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: Pfizer, Allergan receive FTC request for additional information on pending merger, (Mar 31, 2016)
Organizations Mentioned:Allergan plc | Pfizer Inc. | Teva Pharmaceuticals
By Linda O’Brien, J.D., LL.M.
Drug companies Pfizer Inc. and Allergan plc today announced that the companies have received a request for additional information from the FTC regarding their proposed merger. The request for information from the FTC, referred to as a “second request,” is part of the regulatory process under the Hart-Scott-Rodino Antitrust Improvements Act.
Pfizer is a global pharmaceutical corporation headquartered in New York City and is one of the world’s largest pharmaceutical companies. Pfizer develops and produces a variety of medicines and vaccines, including Lipitor (used to lower blood cholesterol), Lyrica (for neuropathic pain/fibromyalgia), Viagra (for erectile dysfunction), and Celebrex/Celebra (an anti-inflammatory drug).
Headquartered in Dublin, Ireland, Allergan markets products that provide treatments for the central nervous system, eye care, medical aesthetics, gastroenterology, women's health, urology, cardiovascular, and anti-infective therapeutic categories.
In November 2015, the companies announced that they entered into a definitive merger agreement, valued at $160 billion. The merger would be the largest in the health care industry. Under the terms of the proposed transaction, Pfizer and Allergan would be combined under the name “Pfizer plc” and the combined company would maintain Allergan’s lrish legal domicile.
According to the companies’ joint statement, Pfizer and Allergan continue to work cooperatively and expeditiously with the FTC in connection with its review. Completion of the transaction remains subject to the expiration of the waiting period under the HSR Act and certain other conditions, including governmental and regulatory approvals in the European Union, the receipt of necessary approvals from both Pfizer and Allergan shareholders, and the completion of Allergan’s pending divestiture of its generics business to Teva Pharmaceuticals Industries Ltd. Pfizer and Allergan expect the transaction to close in the second half of 2016.
Companies: Pfizer Inc.; Allergan plc
News: AcquisitionsMergers Antitrust