Pfizer, Allergan Receive FTC Request for Further Info in Pending $160 Billion Merger
Pfizer Inc. and Allergan have received a request for additional information from the US Federal Trade Commission (FTC) with respect to their previously announced pending combination in which the two companies will combined in an approximate $160 billion deal. The companies said that the request for information from the FTC, often referred to as a “second request,” was fully anticipated as part of the regulatory process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act).
The companies said that they continue to work cooperatively and expeditiously with the FTC in connection with its review. Completion of the transaction remains subject to the expiration of the waiting period under the HSR Act and certain other conditions, including governmental and regulatory approvals in certain other jurisdictions, including the European Union, the receipt of necessary approvals from both Pfizer and Allergan shareholders, and the completion of Allergan's pending divestiture of its generics business to Teva Pharmaceuticals Industries Ltd. Pfizer and Allergan continue to expect the transaction to close in the second half of 2016.
