Clifford Chance
The Door Is Not Closed for Agency Divestitures
May 10, 2022
In recent months, both the Department of Justice's Antitrust Division and the Federal Trade Commission signaled renewed skepticism of the viability of behavioral and structural remedies as a means to preserve competition in merger control actions. However, despite the agencies' strong pronouncements, the recent outcomes in In the Matter of Hikma Pharmaceuticals PLC et al., and In the Matter of American Securities Partners VII, L.P. et al., suggest that structural remedies continue to be an option at the FTC. In particular, parties in the pharmaceutical space should feel encouraged that the FTC is clearing mergers pursuant to consent orders.
