Breaking: FTC Seeks More Info on Pfizer's Seagen Merger Plan
- July 15th, 2023
- 677 views
Seagen Inc. (Nasdaq: SGEN) and Pfizer Inc. (NYSE: PFE) have encountered a regulatory hurdle in their planned merger. According to a regulatory filing with the SEC, both companies received a Second Request from the Federal Trade Commission (FTC) on July 14, 2023, regarding additional information and documentary materials related to the merger. This request triggers an extension of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The companies aim to comply promptly and cooperate with the FTC to advance the review process.
Furthermore, the merger has also been referred to the European Commission (EC) for review under Article 4(5) of the EU Merger Regulation. The EC has accepted jurisdiction, making approval from the EC a crucial condition for the completion of the merger.
Despite the regulatory challenges, Seagen and Pfizer expect the merger to be finalized in late 2023 or early 2024, subject to meeting customary closing conditions and obtaining required regulatory approvals.
On Friday, $SGEN closed at $198.00 (+0.43%), and $PFE closed at $36.32 (+0.72%).
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