Teva Pharmaceutical Industries Ltd (TEVA.TA) has offered concessions to allay EU antitrust concerns over its $40.5 billion bid for Allergan’s (AGN.N) generics unit which will cement its position as the world’s largest generics drugmaker.
“Commitments have been submitted and the new legal deadline is set on 10 March,” European Commission spokesman Ricardo Cardoso said in an email on Friday, without providing details.
The EU competition enforcer is expected to seek feedback from third parties before deciding whether to accept the proposal, demand more changes or open a lengthy investigation that could last up to five months.
Teva also declined to provide details.
“Those discussions (with the Commission) are productive and positive, but we’re not in a position at this time to predict or comment on how or when they will be completed,” it said.
Teva plans to sell about $1 billion worth of assets in the United States, Europe and the Middle East to resolve antitrust concerns, people familiar with the matter have told Reuters. The deal also needs U.S. regulatory approval.
Earlier this month, the American Antitrust Institute flagged competitive concerns about the deal to the U.S. Federal Trade Commission.
Dublin-based Botox-maker Allergan in turn is to be acquired by Pfizer Inc (PFE.N) which would slash the latter’s tax rate once it moves its headquarters to Dublin.
(Reporting by Foo Yun Chee, additional reporting by Tova Cohen in Tel Aviv; editing by Julia Fioretti and Adrian Croft)
Fri Feb 19, 2016