Progen Pharmaceuticals Limited - proposed merger with Avexa Limited
Type of assessment
Informal Review
Reference
36168
Acquirer(s)
Progen Pharmaceuticals Limited
Target(s)
Avexa Limited
Industry
Pharmaceuticals
Summary
On 22nd December 2008, Progen Pharmaceuticals Limited and Avexa Limited announced they had signed a Merger Implementation Agreement.
Outcome of assessment
Not opposed
Total review days *
13
Commenced public review
6th January 2009
Date completed
22nd January 2009
Market definition
The parties overlap in the research and development of pharmaceuticals. Neither party currently has a product on-market.
The ACCC considered that due to the lack of competition concerns it is not necessary to reach a definitive view on market definition in this matter.
Competition analysis
The ACCC considered that there is no competitive overlap between the pipeline products of the two firms with Progen focusing on developing treatment for cancer and Avexa specialising in the treatment of infectious diseases.
Review timeline
Date
Event
6th January 2009
ACCC commenced review under the Merger Review Process Guidelines.
20th January 2009
Closing date for submissions from interested parties.
22nd January 2009
ACCC announced it would not oppose the proposed acquisition.
* Total Review days = Total business days less public holidays and time during which the review was suspended.
