ANALYSIS: FTC Rethinks Pharma M&A After a Decade of Mega Deals

The Federal Trade Commission has not blocked a single pharmaceutical mega deal, valued at $10 billion or greater, announced in the past decade. In our review of Bloomberg M&A data on completed and terminated deals, and publicly available antitrust review information, we found that the FTC imposed conditions and divestitures on fewer than one-third of these deals, all of which subsequently closed. The current FTC is rethinking that outcome.

Acting FTC Chairwoman Rebecca Kelly Slaughter announced on March 16 that the FTC will work with several other competition regulators, from U.S. and international agencies, to examine and update their approach ...