Our prior updates covered how FTC enforcement activity largely
proceeded "as usual" during 2022 in the life sciences
industry, with large pharmaceutical players buying or licensing
promising, but still risky, assets from clinical- or
preclinical-stage companies. But recent enforcement activity
indicates the FTC is prepared to move from rhetoric to action in
the life sciences space, at least for the very largest
transactions. The agency had previously cleared all life sciences
transactions involving therapeutics (with the notable exception of
consolidations in generics), but on May 16, 2023, the FTC announced
that it had filed a lawsuit to block the Amgen/Horizon
transaction. We further cover the recent FTC decision in the
Illumina/Grail transaction, which presents vertical issues
not as applicable to therapeutics, in our Antitrust &
Competition Healthcare Quarterly Update Q1 2023.
