CADE to review transaction between biopharma firms AstraZeneca and Alexion
MERGER AND ACQUISITION
This Wednesday, 3 March, the Administrative Council for Economic Defense (CADE) published the notice of a transaction between AstraZeneca PLC and Alexion Pharmaceuticals. The publication in the Official Gazette is the official disclosure to the public that an M&A is under review.
AstraZeneca, a biopharmaceutical company headquartered in the United Kingdom, is the parent company of the AstraZeneca Group. Its operations are focused on the research, development, and commerce of prescription drugs used in treatments related to oncology; respiratory and immune systems; and cardiovascular, renal, and metabolic diseases.
The acquired firm, Alexion, is a global biopharma with its head office in the United States and a portfolio of drugs and therapies for rare and ultra-rare diseases.
According to the premerger notification form, the acquisition creates an opportunity for AstraZeneca to strengthen its global presence and expand access to rare disease treatment, drawing on Alexion's experience in some of the AstraZeneca's main areas of operation.
Deadlines for Review
Under Brazilian competition law, the merger review must be completed within 240 days. However, the statutory deadline can be extended for 90 days when decided by CADE's Administrative Tribunal — stating the reasons for the extension — or for 60 days at the request of the parties' lawyers.
Mergers and acquisitions can be summary (or fast-track), which are simple from the point of view of competition law, or ordinary, which require an in-depth analysis. The review of summary proceedings should be concluded within 30 days, as provided in Resolution 02/2012.
See the public documents and check current stage of the proceedings here:
Tags: Merger and Acquisition