AbbVie acquisition of Allergan update : US biopharma company AbbVie has secured clearance from the US Federal Trade Commission (FTC) for its previously announced $63 billion acquisition of Botox developer Allergan.
According to AbbVie, the approval from the FTC satisfies all the necessary antitrust clearances required for the closing of the cash cum stock deal announced in June 2019. Read more about the terms of the AbbVie acquisition of Allergan here.
As part of the proposed consent order accepted by the FTC, Allergan had agreed to sell brazikumab, an investigational IL-23 inhibitor candidate for the treatment of autoimmune diseases, to AstraZeneca and Zenpep, a drug for the treatment of exocrine pancreatic insufficiency caused by cystic fibrosis and other conditions, to Nestle.
As part of the same transaction, Nestle will also be acquiring Viokace, which is a pancreatic enzyme preparation as well, from the Irish pharma company.
Apart from the various deals taken up to secure the FTC consent, AbbVie and Allergan have amended their transaction agreement so that only one Allergan’s director will join the board of the US biopharma company upon closing.
Brent Saunders, Allergan’s current Chairman and CEO, has decided not to join the AbbVie board to give more flexibility to pursue other opportunities in the sector.
The closing of AbbVie acquisition of Allergan continues to be subject to other customary closing conditions apart from approval from the Irish High Court.