AGN Allergan plc

   By Stephen Nakrosis 
 

AbbVie Inc. and Allergan PLC said Tuesday they received clearance from the Federal Trade Commission regarding AbbVie's acquisition of Allergan.

As part of the proposed consent, Allergan will divest brazikumab, "an investigational IL-23 inhibitor in development for autoimmune diseases," to AstraZeneca, the companies said. AbbVie will also divest Zenpep, "a treatment for exocrine pancreatic insufficiency due to cystic fibrosis and other conditions," to Nestle, who will also acquire Viokace, another pancreatic enzyme preparation, as part of the deal.

AbbVie and Allergan also amended their agreement so only one Allergan director will join the AbbVie board after the deal closes. Allergan's current Chairman and Chief Executive Brent Saunders "has elected not to join the AbbVie Board to provide more flexibility to pursue other opportunities in the sector," the companies said.

In June, the two companies announced a $63 billion deal that would see AbbVie buy Allergan.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 05, 2020 18:38 ET (22:38 GMT)

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