Pfizer Inc (PFE)

[DewDiligence]

FTC requests more info on PFE-SGEN merger:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001060736/000119312523187347/d432876d8k.htm

On July 14, 2023, the Company [SGEN] and Pfizer each received a request for additional information and documentary materials (a “Second Request”) from the Federal Trade Commission (“FTC”) in connection with the FTC’s review of the Merger.

The effect of a Second Request is to extend the waiting period imposed by…Hart-Scott-Rodino…until 30 days after the Company and Pfizer each have substantially complied with the Second Request…

The parties expect to promptly respond to the Second Requests and to continue to work cooperatively with the FTC in its review of the Merger.

…The Company continues to expect that the Merger will be completed in late 2023 or early 2024…

This doesn’t sound like a dealbreaker.

In addition, the above 8-K filing says the EU antitrust regulators will review the merger. However, I don’t expect any issues in the EU since SGEN does not have the European commercial rights to Adcetris or Padcev (#msg-172139039).