After months of deliberation, the Federal Trade Commission approved AbbVie’s (ABBV) $63 billion acquisition of Allergan (AGN), although one commissioner offered a blistering dissent in which he argued the agency’s steps taken to allay antitrust concerns were “narrow, flawed, and ineffective.”
The deal, which was announced nearly a year ago, came as both companies struggled to convince investors they had long-term growth plans. AbbVie felt pressure to diversify as generic competition for its franchise product, the Humira rheumatoid arthritis treatment, is scheduled to arrive in 2023. And Allergan faced new rivals for its best-selling drugs, most notably Botox.
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