Decision Nº M/10/037 from Competition and Consumer Protection Commission, 2010-11-24

Decision NumberM/10/037
Date24 November 2010
PartiesKing Pharmaceuticals Inc.,Pfizer Inc.
StatusCleared (Phase 1)
Merger Notification No. M/10/037 – Pfizer/King Pharmaceuticals
DETERMINATION OF MERGER NOTIFICATION M/10/037 -
Pfizer/King Pharmaceuticals
Section 21 of the Competition Act 2002
Proposed acquisition by Pfizer Incorporated of King Pharmaceuticals
Incorporated.
Dated 24 November 2010
Introduction
1. On 29 October 2010, in accordance with section 18 of the Competition
Act 2002 (the “Act”), the Competiti on Authority ( the “Authority”)
received a notification of a proposed trans action whereby Pfizer
Incorporated (“Pfizer”) would acquire sole control of King
Pharmaceuticals Incorporated (“King”).
The Undertakings Involved
The Acquirer
2. Pfizer is incorporated in the United States of A merica (“U.S.A.”) an d is
listed on the New York, London and Swiss stock exchanges. Pfizer is a
global pharmaceutical company active in research and development,
manufacturing, marketing and sale of human and animal health
products
1
. A separate division of Pfizer, Pfizer Animal Health, is
dedicated to animal health products.
3. In the State, Pfizer is active in the manufacture and sale of human
health products and the sale of animal health products.
4. For the financial year ending 31 December 2009, Pfizer generated a
world wid e turnover of €35,854 million and a turnover in the State of
approximately €[…].
2
The Target
5. King is incorporated in the U.S.A. and is li sted on the New York Stock
Exchange. King is a pharmaceutical company active, mainly in the
U.S.A. and Canada, in research and development, manufacturing,
marketing and sale of human health products
3
. King, through its
wholly owned subsidiary, Al pharma LLC, is also active internati onally in
the development, manufacture, marketing and registration of animal
health products.
6. In the State, King is only active in the sale of ani mal health products.
1
Human health products include
pharmaceuticals and other medicines for human use and animal
health products include pharmaceutical and nutritional products for animals.
2
The parties have used the ECB reference rate of €1=US$1.3948 for the year 2009.
3
Included in King’s human health products are therapies and technologies for specialty-driven
markets including neuroscience, hospital and acute care medicine. For example, King develops
and manufactures the “EpiPen”, an auto-injector for emergency drug delivery.

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