AbbVie Buy of Allergan Passes Muster in Europe, But U.S. Review Continues
March 03 2020 - 9:07AM
Dow Jones News
By Colin Kellaher
AbbVie Inc. and Allergan PLC on Tuesday said they cleared the
final European regulatory hurdle for their $63 billion union, but
that the U.S. review of the deal will push the closing beyond the
current quarter.
The companies said the European Commission has approved the sale
of brazikumab to AstraZeneca PLC, which was a condition of the EC's
January blessing of AbbVie's pending acquisition of Allergan.
AbbVie had previously said it expected to complete the Allergan
acquisition in the first quarter, but the companies Tuesday said
the U.S. Federal Trade Commission is still reviewing the
transaction.
The companies said they have entered into a timing agreement
with FTC staff that would likely result in a decision early in the
second quarter, adding that they plan to close the transaction at
the earliest possible date.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 03, 2020 08:52 ET (13:52 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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