Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

FTC requests AbbVie, Allergan for more information on $63 billion deal

Published 09/27/2019, 04:58 PM
Updated 09/27/2019, 05:01 PM
FTC requests AbbVie, Allergan for more information on $63 billion deal
AGN
-
ABBV
-

(Reuters) - The U.S. Federal Trade Commission (FTC) has requested for more information from AbbVie Inc (N:ABBV) and botox maker Allergan Plc (N:AGN) on their $63 billion deal, the companies said on Friday.

AbbVie and Allergan said they still expect the deal to close in early 2020, and were cooperating with the antitrust regulator.

The scrutiny into the deal, which combines two of the world's biggest pharmaceutical companies, follows a request by a dozen advocacy groups and unions to the FTC to block the purchase.

In a letter seen by Reuters, the groups noted that the deal would create the fourth largest pharmaceutical company at a time when rising drug prices have become a hot political issue.

AbbVie said the FTC's second request for information was expected.

The deal to buy Allergan, announced in June, came as Abbvie faced pressure to diversify its portfolio, and as its blockbuster drug Humira, the world's best selling medicine, faces competition from cheaper versions.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.