The European Commission has extended the period of its antitrust review of Abbott Laboratories’ proposed purchase of Belgian drugmaker Solvay by 10 days until February 11.
The move buys the Commission more time to consider new commitments offered by Abbott to help address any competition concerns the regulator may have and thus sweeten its view of the deal, according to media reports.
While it has not been revealed what measures Abbott has proposed, a company spokesman for Solvay reportedly told Bloomberg that the Commission’s concerns relate to a diagnostic test. “It’s a small element and doesn’t jeopardize our goal of completing the transaction in the first quarter,” he assured the publication.
Abbott announced its intention to buy the pharmaceutical operations of Solvay for 5.2 billion euros back in September last year, explaining that the move would provide it with “a significant presence in key global emerging markets” as well as add more than $3 billion in annual sales to its books.
