2023-07-17 12:22:46 ET
The Federal Trade Commission sued to block IQVIA Holdings ( NYSE: IQV ) planned purchase of Propel Media, which owns an advertising tech company used by many drugmakers.
The FTC alleged that the proposed acquisition would give IVQIA a "market-leading" position in programmatic advertising for prescription drugs, according to a statement from the regulator on Monday.
"Given the rampant consolidation across the pharmaceutical industry, it’s critical that the market for health care product advertising remains competitive to ensure that patients and their doctors have access to high quality, affordable products, " FTC Bureau of Competition Director Holly Vedova said in the statement.
The Commission voted 3-0 to seek a preliminary injunction to block the transaction.
IQVIA ( IQV ) is known as a pharma data and analytics company. That data can be used by drugmakers to assess the potential demand for medications.
The FTC lawsuit comes after Politico reported in May that the antitrust regulator was investigating the $700 million–$800 million planned acquisition of Propel Media , which owns DeepIntent.
The FTC alleged on Monday that the proposed deal would eliminate "head-to-head' competition between IQVIA's Lasso and Propel Media' Deep Intent, which would increase prices and reduce quality and choice.
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FTC sues to challenge IQVIA's planned acquisition of Propel Media