The third quarter in the life sciences space showed that
business is generally proceeding as usual, with large pharma
players successfully acquiring or licensing in clinical stage
assets without running into antitrust delays. That said, even these
inherently procompetitive deals appear to be receiving at least
some attention from the agencies. As such, being ready for scrutiny
should help avoid extensive and costly reviews. Indeed, a recent
trio of mergers within the sickle cell disease space shows the
importance of adequate preparation and engagement.
Antitrust agency activity in other sectors is also instructive.
The FTC's challenge to the Meta/Within merger could portend
difficulties for the life sciences space, but recent court defeats
could temper the agencies' appetite for challenges based on
novel and/or more aggressive theories, including potential
competition.
