The ACCC has launched a review into the proposed merger of Arrow and Apotex
Early last month, Arrow Pharmaceuticals and Apotex announced a proposed merger of their Australian and New Zealand generic pharmaceutical and OTC operations.
In a statement, the two companies said the move was still subject to several conditions, including ACCC approval and due diligence, and is anticipated for completion in the new financial year.
The ACCC has now announced that it will commence a public review of the proposed merger upon receipt of further information from both companies.
Arrow and Apotex say the combined operation, if approved, will become one of Australia’s leading pharmaceutical companies.
“Both companies are currently in a strong commercial position, but will be better positioned to meet the future challenges of the pharmaceutical industry following the merger, which is still subject to regulatory approval,” said Apotex Managing Director Asia Pacific, Roger Millichamp, who is expected to assume the role of CEO of the newly merged Australian company.
“Importantly, the proposed merger will also provide Australian pharmacists, their patients and consumers alike with ongoing access to a diverse range of almost 500 low cost medicines, and permit the expansion of our current product ranges, including OTC, vitamins and practitioner-only products.”