AbbVie's plans to acquire Allergan have been cleared by the US Federal Trade Commission (FTC).
To secure the regulator's consent, Allergan has agreed to divest brazikumab, an investigational IL-23 inhibitor in development for autoimmune diseases, to AstraZeneca and Zenpep, a treatment for exocrine pancreatic insufficiency due to cystic fibrosis and other conditions, to Nestle.
Nestle will also be acquiring Viokace, another pancreatic enzyme preparation, as part of the same transaction.
Additionally, AbbVie and Allergan have amended their Transaction Agreement to provide that only one Allergan Director will join the AbbVie board following close.
Allergan's current chairman and chief executive Brent Saunders has elected not to join the AbbVie Board to provide more flexibility to pursue other opportunities in the sector.
The closing of the acquisition remains subject to other customary closing conditions set forth in the transaction agreement and Irish High Court approval. A hearing is scheduled for May 6, 2020.