King Pharma says US FTC investigating Irish drug maker Elan

14 March 2003 14:29  [Source: ICIS news]

HOUSTON (CNI)--King Pharmaceuticals said Friday the US Federal Trade Commission (FTC) is investigating possible anti-competitive practices involving Irish drug maker Elan's primary care franchise, which King has agreed to buy in a $850m (Euro787m) deal.

King officials said the investigation could jeopardise completion of the proposed acquisition which includes the US rights to Skelaxin and sleep aid Sonata.

Jefferson Gregory, chairman and chief executive of King, said the company is reviewing the FTC's letter but added that it "raises serious concerns with respect to the consummation of our planned acquisition of Elan's primary care business."

On 30 January, King agreed to acquire Elan's primary care business including Sonata and Skelaxin in the US and Puerto Rico.

The deal was subject to certain contingencies including approval by Elan shareholders and other customary closing conditions.

King, headquartered in Bristol, Tennessee is a vertically integrated pharmaceutical company that manufactures, markets, and sells primarily branded prescription pharmaceutical products.

By: Mike Sheridan
+1 713 525 2653

< previous article(VIDEO – ICIS news Americas Lunchtime Bulletin 3 November 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly