WASHINGTON (Reuters) - Generics drug companies Amneal Pharmaceuticals LLC and Impax Laboratories Inc IPXL.O have won U.S. antitrust approval to merge, the U.S. Federal Trade Commission said on Friday.
The $1.45 billion deal was approved on condition that the companies sell 10 Impax products, including extended release aspirin, azelastine nasal spray for allergies and an antibiotic, erythromycin tablets, the FTC said in a statement.
Under the terms of the proposed settlement, the FTC said ANI Pharmaceuticals Inc (ANIP.O) will acquire seven products, Perrigo Company Plc (PRGO.N) will acquire Impax’s rights to two products that it had partnered with Impax to manufacture and sell, and G&W Laboratories Inc will acquire Impax’s marketing rights to one product that G&W manufactures for Impax.
The deal, which was announced in October, comes at a time when speedy approvals of generics by U.S. regulators have ratcheted up competition in the sector.
Adding to their woes, U.S. retail pharmacies, including Wal-Mart Stores Inc (WMT.N) and Walgreens Boots Alliance Inc (WBA.O), are wielding more leverage when buying such drugs, leading to price erosion.
Reporting by Diane Bartz, additional reporting by Eric Beech; editing by Lisa Lambert and G Crosse