China biotechs appear increasingly interested in partnering with domestic counterparts amid signs the Chinese government's restrictive "COVID Zero" policies are likely to stay until well into 2023.

Pfizer’s acquisition of Arena without FTC intervention and Hikma’s acquisition of Custopharm with one product divestiture shows the commission is bound by anticompetitive facts of a deal. A more controversial merger may not get through, former FTC attorney says.

Hikma has completed its acquisition of Custopharm, expanding its US injectables business as the company continues to look for more deals.

Hikma has moved closer to completing a deal worth more than $400m to acquire Custopharm, which promises to bolster its US injectables business. However, the FTC’s approval of the transaction comes with conditions.