Mergers: Commission waives the commitments made by Takeda to obtain clearance of its acquisition of Shire
The European Commission has waived, under the EU Merger Regulation, the commitments made by Takeda to obtain clearance of its acquisition of Shire.
The Commission approved the acquisition of Shire by Takeda on 20 November 2018, subject to the divestment of a biologic drug under development by Shire to treat inflammatory bowel diseases (“IBD”), namely SHP 647. Upon receipt of the request by Takeda to waive the commitments, the Commission has initiated a market investigation to determine whether a waiver is justified in light of the changed market conditions and developments.
The Commission’s investigation revealed that several permanent, significant and unforeseeable developments took place during the divestiture process, affecting both the evolution of the competitive landscape in IBD treatments and the development of Shire’s pipeline drug.
The Commission concluded that the combination of these developments amounted to exceptional circumstances so that the divestment of SHP 647 was no longer necessary to render Takeda’s acquisition of Shire compatible with the internal market. As a result, the Commission has decided to waive the commitments submitted by Takeda in November 2018, in their entirety.
Arianna Podesta –