Competition Bureau approves Pharmascience as buyer of Pfizer products
Transaction fulfills Pfizer’s obligation under 2015 consent agreement
March 03, 2016 — OTTAWA, ON — Competition Bureau
The Competition Bureau announced today that it has approved Pfizer’s sale of four pharmaceutical products to Pharmascience.
The sale is a requirement of the August 2015 consent agreement between the Bureau and Pfizer, which addressed competition concerns related to Pfizer’s acquisition of Hospira, Inc.
Following its review of the proposed transaction in 2015, the Bureau concluded that Pfizer’s acquisition of Hospira would likely have resulted in a substantial lessening or prevention of competition in the supply of four pharmaceutical products in Canada. This concern was addressed through a consent agreement, whereby Pfizer agreed to sell the four products to a buyer, or buyers, to be approved by the Commissioner of Competition.
Pharmascience is the third largest generic pharmaceutical company in Canada and is based in Montreal. The Bureau determined that Pharmascience would be an acceptable buyer, as it is likely to compete effectively in the supply of these products.
The four products to be sold to Pharmascience are:
- Pfizer’s marketed injectable cytarabine, which is used to treat various types of blood cancers;
- Pfizer’s marketed injectable epirubicin, which is used to treat a variety of cancerous tumour types;
- Pfizer’s marketed oral tablet methotrexate, which is used to treat certain cancers, severe psoriasis and arthritis; and
- Hospira’s pipeline injectable voriconazole, which is intended to treat serious, invasive fungal infections.
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