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EC extends J&J/Pfizer look

This article was originally published in The Tan Sheet

Executive Summary

The European Commission extends its antitrust review of Johnson & Johnson's planned $16.6 bil. acquisition of Pfizer's consumer healthcare unit to consider remedies proposed by the companies to resolve potential competition problems previously identified by the commission. EC planned to rule on the deal Nov. 27, but moved the deadline to Dec. 11 (1"The Tan Sheet," Oct. 30, 2006, In Brief). An EC spokesperson on Nov. 22 said the agency extends inquiries by 10 working days when companies being reviewed have offered remedies to competition concerns cited in an investigation. To facilitate completing its acquisition of Pfizer's OTC brands, including Nicorette and Sudafed, J&J already agreed to sell its OTC Zantac heartburn medication to Boehringer for $509 mil. (2"The Tan Sheet" Oct. 16, 2006, p. 9)...

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