Theramex/European Rights to Viatris’ Femoston and Duphaston products
The CMA investigated the anticipated acquisition by Theramex HQ UK Limited of the European Rights to Viatris’ Femoston and Duphaston Products.
Statutory timetable
| Phase 1 | Action |
| 12 August 2024 | Undertakings in lieu of reference accepted |
| 24 June 2024 | Consultation on proposed undertakings in lieu of reference |
| 4 April 2024 | Deadline for phase 1 decision |
| 6 February 2024 | Launch of merger inquiry |
| 5 February 2024 to 19 February 2024 | Invitation to comment |
| 20 November 2023 | Initial enforcement order |
Phase 1
Case closure
27 August 2024: The sale of the Assets pursuant to the undertakings in lieu of reference completed on 19 August 2024. This brings the merger investigation to a close.
Undertakings in lieu of reference accepted
12 August 2024: The CMA has accepted undertakings in lieu of reference to a phase 2 investigation for the anticipated acquisition by Theramex HQ UK Limited of the European rights to Viatris Inc’s Femoston and Duphaston products.
- (12.8.24)
- (27.8.24)
Undertakings in lieu of reference consultation
24 June 2024: The CMA is consulting on proposed undertakings in lieu of a reference to a phase 2 investigation offered by the Parties.
- (24.6.24)
- (24.6.24)
Extension of consideration of undertakings in lieu
29 May 2024: The CMA has extended the consideration of UILs until 12 August 2024.
- (29.5.24)
CMA to consider undertakings offered
18 April 2024: The Parties have offered undertakings in lieu of a reference to the CMA, which involve the divestment of the UK rights to Femoston and Duphaston and provision of related assets. The CMA considers that there are reasonable grounds for believing that the undertakings offered by the Parties, or a modified version of them, might be accepted by the CMA under the Enterprise Act.
- (10.6.24)
Reference unless undertakings accepted
4 April 2024: The CMA has decided on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.
- (16.5.24)
- (4.4.24)
- Press notice: Pharma deal could reduce choice and lead to higher prices for HRT treatments (4.4.24)
Launch of merger inquiry
6 February 2024: The CMA announced the launch of its merger inquiry by notice to the parties.
- (6.2.24)
Invitation to comment: closed
5 February 2024: The CMA is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
To assist it with this assessment, the CMA invites comments on the transaction from any interested party.
These comments should be provided by the deadline set out above.
Initial enforcement order
20 November 2023: The Competition and Markets Authority has served an initial enforcement order under section 72 (2) of the Enterprise Act 2002 on CEP V Investment 25 S.à.r.l., CIM Europe S.à.r.l., Galaxy Acquisitions S.à.r.l., PAI Partners S.à.r.l., Theramex HQ UK Limited and Viatris Inc.
- (9.4.24)
- (21.11.23)
Amendments / consents granted
- (21.11.23)
- (2.4.24)
- (10.6.24)
Contact
Please send written representations about any competition or public interest issues to:
- Elizabeth Coulter: elizabeth.coulter@cma.gov.uk
- Georgia Cummings: georgia.cummings@cma.gov.uk
Updates to this page
Last updated 27 August 2024 + show all updates
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Full text decision published.
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Accepted undertakings in lieu of reference. Final undertakings published.
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Proposed undertakings and consultation notice published.
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Decision that undertakings might be accepted and derogation letter published
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Notice of extension published
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Decision published.
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CMA to consider undertakings offered
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Variation order published
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Phase 1 decision announced.
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Derogation published
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Merger inquiry launched.
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Invitation to comment published.
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First published.