Blast From the Past: FTC Revives Conglomerate Concerns as Basis for Merger Challenges
JD Supra: Mergers
MAY 19, 2023
On May 16, 2023, the Federal Trade Commission filed a complaint in the Northern District of Illinois seeking to enjoin closing of Amgen Inc.’s proposed $28 billion acquisition of Horizon Therapeutics. This is the first time in over 40 years that a US antitrust agency has challenged a transaction based on a “conglomerate” theory of competitive harm—that is, concerns based on neither direct competition nor a supplier-purchaser relationship between the merging parties.
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