AbbVie and Allergan have cleared a major hurdle in completing the merger of the two companies that began in June of 2019. On Tuesday, the European Commission gave the green light to the merger following the divestiture of an investigational autoimmune treatment.
With the nod from the European Commission, all eyes are now on the U.S. Federal Trade Commission as it continues to review the pending merger. The FTC does not have a set timeline, but AbbVie and Allergan said they have a timing agreement with the agency that could result in a decision early in the second quarter of this year. AbbVie and Allergan said they continue to fully cooperate with the FTC during its review and intend to close the transaction at the earliest possible date.
The European Commissions approval of the $63 billion merger was contingent on the divestiture of brazikumab, an investigational IL-23 inhibitor in development for autoimmune diseases, to AstraZeneca. In January, AbbVie and Allergan announced their intentions to divest some assets in order to avoid regulator concerns over a monopoly. In addition to the deal with AstraZeneca for brazikumab, which is currently in Phase IIb/II development for Crohn's Disease and in Phase II development for ulcerative colitis, the companies sold the approved Zenpep (pancrelipase), a treatment for exocrine pancreatic insufficiency due to cystic fibrosis and other conditions, and Viokace, a pancreatic enzyme preparation, to Nestle.
With clearance from the European Commission, share prices for both companies are climbing this morning. AbbVie is up 3.57% to $90.70 per share as of 10:27 a.m. and Allergan is up % to $194.74 per share, as of 10:27 a.m.
While the news is positive for investors, particularly after a tumultuous week in the stock market, some consumer groups have been trying to stop the merger of AbbVie and Allergan. The groups opposed to the merger of the companies have raised concerns over the creation of a monopoly that will stifle competition in the immunology market. The organizations, which includes American Federation of State, County, & Municipal Employees, Public Citizen, Service Employees International Union, Doctors for America and Prescription Justice, argue that even with the divestiture of brazikumab, AbbVie dominates the immunology market through a variety of exclusionary tactics to hamper rivals.
In a letter sent to the Federal Trade Commission, the group said even with the divestiture to AstraZeneca, there is a chance that drug will not increase competition in the market since its still an investigational medication.
In January, AbbVie and Allergan announced plans for a new, stand-alone company called Allergan Aesthetics that will include Allergans blockbuster aesthetics treatment Botox as a tent pole.
Read more from the original source:
Allergan and AbbVie Turn Eyes to the FTC for Approval of their $63 Billion Merger - BioSpace
- GW Pharma Reports Preliminary Topline Results Of Ulcerative Colitis Trial - October 15th, 2014 [October 15th, 2014]
- Ulcerative Colitis: Facts on Symptoms, Treatment and Diet - October 15th, 2014 [October 15th, 2014]
- Ulcerative Colitis - National Digestive Diseases ... - October 15th, 2014 [October 15th, 2014]
- CCFA: What is Ulcerative Colitis | Inflammatory Bowel Disease - October 15th, 2014 [October 15th, 2014]
- Ulcerative Colitis: Get Facts on Symptoms and Diet - October 15th, 2014 [October 15th, 2014]
- Ulcerative colitis - Wikipedia, the free encyclopedia - October 15th, 2014 [October 15th, 2014]
- Ulcerative Colitis Testimonial - Video - October 15th, 2014 [October 15th, 2014]
- My Fight With Ulcerative Colitis - Video - October 15th, 2014 [October 15th, 2014]
- Diet in Ulcerative Colitis - Best and Worst Foods - Video - October 15th, 2014 [October 15th, 2014]
- Why Ulcerative Colitis is (Literally) a Pain in the Butt - Video - October 15th, 2014 [October 15th, 2014]
- My Journey= Ulcerative Colitis Proctitis PART 1 - Video - October 15th, 2014 [October 15th, 2014]
- Top 15 Ways to Cure Ulcerative Colitis Naturally - Diet & Home Remedies - Video - October 15th, 2014 [October 15th, 2014]
- Updates in Ulcerative Colitis & Crohn's disease - October 17th, 2014 [October 17th, 2014]
- Ulcerative colitis Symptoms - Diseases and Conditions ... - October 17th, 2014 [October 17th, 2014]
- Dr. Morse Explains Ulcerative Colitis and Intestinal Conditions - Video - October 20th, 2014 [October 20th, 2014]
- Depression Stress Anxiety IBS Colitis Arthritis Treatment Allergy Testing Reiki Healing Scotland W - Video - October 20th, 2014 [October 20th, 2014]
- Taylor Healing process - Video - October 20th, 2014 [October 20th, 2014]
- Treating Pediatric Inflammatory Bowel Disease - Video - October 20th, 2014 [October 20th, 2014]
- Take Steps Walk for Crohn's and Colitis - Video - October 21st, 2014 [October 21st, 2014]
- Ulcerative Colitis & Me - Video - October 21st, 2014 [October 21st, 2014]
- Ferring Pharmaceuticals: CORTIMENT MMX, a new treatment for ulcerative colitis, receives European approval - October 22nd, 2014 [October 22nd, 2014]
- Sleep duration affects risk for ulcerative colitis - October 22nd, 2014 [October 22nd, 2014]
- My Journey= Ulcerative Colitis Proctitis PART#3 - Video - October 23rd, 2014 [October 23rd, 2014]
- Added benefit of vedolizumab is not proven - October 24th, 2014 [October 24th, 2014]
- My Journey= Ulcerative Colitis Proctitis PART#2 - Video - October 24th, 2014 [October 24th, 2014]
- Why Food Network Star Sunny Anderson Can't Eat Vegetables - October 24th, 2014 [October 24th, 2014]
- New compounds reduce debilitating inflammation - October 26th, 2014 [October 26th, 2014]
- Sleep Duration Linked to Ulcerative Colitis Risk in Study - October 27th, 2014 [October 27th, 2014]
- Ulcerative colitis: MedlinePlus Medical Encyclopedia - October 27th, 2014 [October 27th, 2014]
- Ulcerative Colitis - American Society of Colon and Rectal ... - October 27th, 2014 [October 27th, 2014]
- NHS Ulcerative Colitis - NHS Choices - Your health, your ... - October 27th, 2014 [October 27th, 2014]
- Ulcerative Colitis - October 27th, 2014 [October 27th, 2014]
- How to heal intestines | Ulcerative Colitis | SCD Lifestyle - Video - October 27th, 2014 [October 27th, 2014]
- Ulcerative Colitis - Causes, Symptoms, Diet & Herbal Remedies in Punjabi - Video - October 27th, 2014 [October 27th, 2014]
- Receptos: good results for ulcerative colitis drug - October 29th, 2014 [October 29th, 2014]
- Should I Drink Alcohol if I Have Crohn's Disease or Ulcerative Colitis - Video - October 29th, 2014 [October 29th, 2014]
- New clinical trial data: Multiple sclerosis drug candidate also shows promise for ulcerative colitis - October 30th, 2014 [October 30th, 2014]
- TSRI's MS Drug Also Shows Promise In Ulcerative Colitis - November 1st, 2014 [November 1st, 2014]
- Justin Mirigliani repping 260lbs on the Bench! Never Surrender! Fighting Ulcerative Colitis! - Video - November 1st, 2014 [November 1st, 2014]
- Managing Ulcerative Colitis Naturally: Outlook & Perspective - Video - November 1st, 2014 [November 1st, 2014]
- My Ulcerative Colitis Diet - Video - November 1st, 2014 [November 1st, 2014]
- Healing my Ulcerative Colitis - Video - November 2nd, 2014 [November 2nd, 2014]
- Peoria Connections Interview - Successes with autoimmune disease, ADHD, ulcerative colitis - Video - November 2nd, 2014 [November 2nd, 2014]
- Crohns Disease & Ulcerative Colitis The Diagnosing Difficulties - Video - November 2nd, 2014 [November 2nd, 2014]
- My Ulcerative Colitis Story - Video - November 3rd, 2014 [November 3rd, 2014]
- Pudge Rodriguez will be special guest at Crohns and Colitis Foundation dinner - November 4th, 2014 [November 4th, 2014]
- Diagnosing Crohns Disease & Ulcerative Colitis - Video - November 4th, 2014 [November 4th, 2014]
- Natural Treatment for Ulcerative Colitis with Causes and Symptoms - Video - November 5th, 2014 [November 5th, 2014]
- Acute Severe Ulcerative Colitis - Video - November 5th, 2014 [November 5th, 2014]
- CME Outfitters and USF Health to Host Medical Symposium in Conjunction with the 2014 Advances in IBD Crohns & Colitis ... - November 7th, 2014 [November 7th, 2014]
- How sleep affects my Ulcerative Colitis Symptoms - Video - November 7th, 2014 [November 7th, 2014]
- Healing my Ulcerative Colitis Webcam video from November 4, 2014 05:49 PM - Video - November 7th, 2014 [November 7th, 2014]
- Managing Extra-Intestinal Manifestations of Crohn's Disease & Ulcerative Colitis - Video - November 7th, 2014 [November 7th, 2014]
- Causes and Treatment of Crohns Disease and Ulcerative Colitis - Video - November 8th, 2014 [November 8th, 2014]
- How to stop the Cause of IBS, Crohn's and Ulcerative Colitis - Video - November 8th, 2014 [November 8th, 2014]
- Introduction to Ulcerative Colitis - Video - November 8th, 2014 [November 8th, 2014]
- Ulcerative Colitis Dr Tehsina0 - Video - November 8th, 2014 [November 8th, 2014]
- Taking Steps Against Crohn's and Colitis - November 9th, 2014 [November 9th, 2014]
- How To Make Chicken 3 Ways + Gut Healing Bone Broth - by Thyroid Loving Care - Video - November 10th, 2014 [November 10th, 2014]
- Ileal Pouch - Anal Anastomosis in Chronic Ulcerative Colitis - Video - November 10th, 2014 [November 10th, 2014]
- Vlog #1 - November 10 2014 - Video - November 11th, 2014 [November 11th, 2014]
- Ulcerative Colitis Patient Success Story - Video - November 11th, 2014 [November 11th, 2014]
- How to Recover from Ulcerative Colitis - Video - November 12th, 2014 [November 12th, 2014]
- Vlog #2 - November 11, 2014 - Living with Ulcerative Colitis - Video - November 13th, 2014 [November 13th, 2014]
- How IBD (Crohn's Disease and Ulcerative Colitis) Affects Mental Health - Video - November 15th, 2014 [November 15th, 2014]
- Ulcerative Colitis Got Me Down - Video - November 15th, 2014 [November 15th, 2014]
- Surgeon Spotlight: Dr. Amit Merchea - Chronic Ulcerative Colitis - Video - November 16th, 2014 [November 16th, 2014]
- Ulcerative Colitis Proctitis: Doctor Update, Medications - Video - November 16th, 2014 [November 16th, 2014]
- Ulcerative Colitis Got You Down Too? - Video - November 16th, 2014 [November 16th, 2014]
- Management of ulcerative colitis - Wikipedia, the free ... - November 17th, 2014 [November 17th, 2014]
- IBD Support Group: Crohn's Disease and Ulcerative Colitis - November 17th, 2014 [November 17th, 2014]
- Crohn's Disease, Ulcerative Colitis and the Team Challenge endurance training program - Video - November 17th, 2014 [November 17th, 2014]
- Let's CRUSH Ulcerative Colitis LIke a Coke Can - Video - November 19th, 2014 [November 19th, 2014]
- 21 Weeks Pregnant Update! - Ultrasound & Ulcerative Colitis - Video - November 20th, 2014 [November 20th, 2014]
- Healing my Ulcerative Colitis Webcam video from November 17, 2014 02:48 PM - Video - November 20th, 2014 [November 20th, 2014]
- Is Crohns Disease or Ulcerative Colitis Hereditary? - Video - November 22nd, 2014 [November 22nd, 2014]
- Celebrity chef Sunny Anderson on living with irritable bowel disease - November 23rd, 2014 [November 23rd, 2014]
- 13 Years with Ulcerative Colitis - Video - November 26th, 2014 [November 26th, 2014]
- Mark: Healed of Ulcerative Colitis - Video - November 26th, 2014 [November 26th, 2014]
- Colonoscopy of Ulcerative Colitis - Video - November 30th, 2014 [November 30th, 2014]