EU Grants Conditional Approval to AbbVie-Allergan $63 Billion Deal
January 10 2020 - 10:14AM
Dow Jones News
By Pietro Lombardi
The European Commission has approved with conditions the planned
$63 billion acquisition of Allergan PLC (AGN) by AbbVie Inc.
(ABBV).
The decision came after AbbVie proposed to sell the rights to
Allergan's brazikumab--a therapy that is under development--to
assuage the Commission's concerns, the Commission said Friday. The
approval is conditional on this divestment.
The European authorities' investigation focused on treatments
for inflammatory bowel diseases, an area where the drug makers'
activities overlap.
"Inflammatory bowel diseases are lifelong conditions with
devastating effects on the life of millions of people," Executive
Vice President Margrethe Vestager said.
"Our decision makes sure that the merger between AbbVie and
Allergan will not disrupt the development of a promising innovative
treatment for these diseases. This will increase the choice of
treatments and offer better prices for patients."
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
January 10, 2020 09:59 ET (14:59 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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