EU opens probe into Johnson & Johnson's Synthes buy (press release)
-- EU launches investigation due to antitrust concerns
-- To make a final decision on acquisition in March
BRUSSELS -(MarketWatch)- U.S. pharmaceutical company Johnson & Johnson's JNJ -0.34% $21.3 billion bid for Synthes Inc. has been referred to a second-phase in-depth probe by the European Union's antitrust unit, giving Brussels authorities until March to decide on the case.
In a statement issued early Friday, the European Commission said it has concerns that the proposed deal would limit competition in already "concentrated" markets.
"The proposed acquisition would remove a competitor from some markets which are already concentrated. The commission needs to make sure that effective competition is preserved, in order to maintain innovation and prevent harm to patients," said European Competition Commissioner Joaquin Almunia
The commission has until March 19, 2012 to make a final decision. Under a second-phase procedure, it will now take fresh evidence from interested parties.
In a statement, Synthes said it had expected the EU probe because of the complexity of the deal.
"It [the launch ...
