Final European approval secured for AbbVie’s Allergan acquisition

Credit: shutterstock.com/ Natee Meepian

AbbVie has received final European approval to close its $63 billion acquisition of Ireland’s Allergan.

The European Commission (EC) has approved the divestiture of brazikumab, an investigational IL-23 inhibitor in development for autoimmune diseases, to AstraZeneca.

Back in January, the EC ruled that its approval of the acquisition was contingent upon Allergan’s divestiture of brazikumab to a suitable purchaser.

At the time, Allergan also agreed to divest zenpep, a treatment for exocrine pancreatic insufficiency due to cystic fibrosis and other conditions, to Nestlé.

Although the acquisition remains subject to additional customary closing conditions, the EC’s final approval clears the pathway in Europe to close the transaction.

Over in the US, the federal Trade Commission (FTC) continues to review the pending transaction, which is not subject to a specific timeline.

However, both companies have entered into a timing agreement with FTC staff that would likely result in a decision by the FTC early in Q2 2020.

Allergan’s shareholders voted to approve the deal in November 2019.

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