Home > Financial > FTC probe AbbVie and Allergan for more information on $63 billion acquisition.

FTC probe AbbVie and Allergan for more information on $63 billion acquisition.

Added: (Mon Sep 30 2019)

Pressbox (Press Release) - The US Federal Trade Commission has put forward a request for more information from AbbVie incorporated and Allergan Plc the Botox manufacturer, after the recent announcement made by the companies of their $63 Billion USD Acquisition. AbbVie and Allergen both commented on the situation, ans stated that they are still expecting the deal to close in the first two quarters of 2020, and are cooperating fully with the anti trust regulator.

The inquest into the deal, which would see the combination of two of the worlds largest pharmaceutical companies, comes after a large number of requests by advocacy groups and trade unions to the FTC to block the purchase. In a letter published by Reuters, the groups have stated that the acquisition would create the fourth largest pharmaceutical company in the world, at a time where we are seeing increasing drug prices, which is causing a multitude of political issues.

In a statement issued by an AbbVie representative, they made clear that they are working with the FTC to produce all necessary documentation, and information, and the FTC's request for information was expected. The deal between the two pharmaceutical companies came as AbbVie saw an increased pressure to diversify their own portfolio and holdings. This alongside their flagship drug Humira the worlds best selling medicine, faces struggles increasing competition from cheaper versions of the product.

Harold Cho
ILA International
Info@ilainternational.com

Submitted by:ILA International
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