A federal judge in Brazil has reportedly approved Pfizer's sale of assets to Aspen Pharmacare, ending a suspension caused by lack of quorum at the country’s competition watchdog.
Brazil's Administrative Council for Economic Defence (CADE) in June unconditionally cleared Aspen’s proposed acquisition of Pfizer’s bisurated magnesium assets. The deal was part of a divestiture order imposed by the competition authority on GlaxoSmithKline's (GSK) and Pfizer’s €10.8 billion (US$12 billion) joint venture.
However, CADE announced last month that it was suspending all procedural deadlines after commissioner Paulo Burnier da Silveir’s term ended, leaving the authority with only three commissioners. Because CADE's tribunal requires at least four commissioners for a quorum, all cases before the internal court are paused until new commissioners are appointed.
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