Brazilian court clears GSK/Pfizer divestiture

Partner Eduardo Frade talked to Global Competition Review (GCR) about the approval, by a Brazilian federal judge, of Pfizer’s sale of assets to Aspen Pharmacare, ending a suspension caused by lack of quorum at the country’s competition watchdog. 

Back in June, CADE unconditionally cleared Aspen’s proposed acquisition of Pfizer’s bisurated magnesium assets. However, last month CADE announced that it was suspending all procedural deadlines after commissioner Paulo Burnier da Silveira’s term ended, leaving the authority with only three commissioners.

Aspen and Pfizer challenged the suspension before a federal court in Brasilia. Judge Edna Márcia Silva Medeiros Ramos of 13th Federal Court of the Federal District found that it was unreasonable to halt the tie-up because of the competition authority’s quorum issues, adding that the suspension was being lifted to prevent financial losses to the companies from delays.

Full article available here.