17 Consumer Groups and Unions Ask FTC to Block AbbVie's Acquisition of Allergan
Seventeen consumer groups and unions have again voiced their opposition to AbbVie's (NYSE: ABBV) acquisition of Allergan (NYSE: AGN) in a letter to the Federal Trade Commission. The organizations, which represent over 10 million subscribers and members, originally raised concerns in September that the merger would harm competition.
Since then, the FTC has requested the drugmakers divest themselves of a few products to reduce the anticompetitive nature of the deal. In the Crohn's disease and ulcerative colitis space, Allergan agreed to hand the rights to brazikumab back to AstraZeneca (NYSE: AZN) from which it had licensed the drug. Brazikumab is in mid-to-late stage clinical trials for the two diseases.
Allergan also agreed to sell its gastrointestinal medication Zenpep to Nestle. The drug, which is used by patients who don't produce enough enzymes to break down fat, protein, and carbohydrates, competes with AbbVie's Creon.
Source Fool.com
