The commission is studying whether the acquisition would infringe section 54 of the Competition Act 2004, which prohibits mergers that have resulted or may result in a substantial lessening of competition within any market in Singapore.
The merged entity will continue to face significant competitive constraints from larger global pharmaceutical companies that have a comprehensive range of existing CCFT products, and existing and potential competitors that can easily expand or enter the relevant market; There are no significant switching costs for intermediate and end customers across the various sales channels such as supermarkets and retail pharmacies. Further, there is substantial countervailing buyer power as large and sophisticated intermediate customers are generally able to multi-source and can also switch to other suppliers of CCFT products with minimal cost;
iNova and Mundipharma’s consumer healthcare business do not supply or procure any products or services from each other. The proposed transaction also does not add significantly to the product range that iNova and its target business each already offer to retail customers before the proposed transaction.
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