Noticias

The FNE approved, in Phase 2 of investigation, the operation through which Laboratorios Saval S.A. plans to acquire Instituto Sanitas S.A. and Chemopharma S.A., after concluding that the remedies proposed by the merging parties are effective, proportionate, and feasible, and sufficient to ensure that the transaction does not to substantially reduce competition.

After conducting an in-depth analysis, the FNE concluded that the acquisition would substantially lessen competition in three pharmaceutical products:

• Anfebutamone (bupropion) in 150 mg tablets, sold under the brands Buxon and Bupredol, whose active pharmaceutical ingredient is one of the five best-selling antidepressants in pharmacies throughout the country.
• Acetaminophen / pseudoephedrine / chlorphenamine in its liquid presentation and pseudoephedrine / chlorphenamine in drops, sold under the brands Duoval, Nastul and Trioval, the latter being the leading anti-flu brand in terms of retail-channel sales in the country.

The analysis included the conduct of multiple proceedings with various stakeholders, such as pharmacies, laboratories, doctors and public authorities, among others, as well as the performance of qualitative and quantitative analyses.

The investigation revealed that the operation would entail unilateral and coordinated horizontal risks in the retail (pharmacies), private institutional (clinics and medical centers) and public institutional (hospitals and municipalities) channels, which could lead to price increases and/or reductions in quality and/or variety in those markets, as well as facilitate coordination among competitors in those products.

Given the risks identified by the FNE, Saval and Sanitas/Chemopharma offered structural commitments, consisting of the divestment of two assets packages, related to the brands Nastul and Bupredol, to a buyer that must be previously approved by the FNE.

The report and resolution approving the operation will be made available on the FNE website once their public versions are finalized.

The parties

Saval and Sanitas/Chemopharma are national pharmaceutical laboratories, dedicated to the production, importation and wholesale distribution of pharmaceutical products.