US antitrust clearance for Abbott's Kos buy

Healthcare major Abbott Laboratories says that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 applicable to its $3.7 billion offer to purchase all of the outstanding shares of fellow USA-based Kos Pharmaceuticals (Marketletter November 13).

The FTC's action satisfies one of the conditions necessary for the consummation of the pending acquisition, the tender offer for which is scheduled to expire at 12:00 midnight, EST time, on December 12, unless it is extended. Consummation remains subject to other customary closing conditions, including satisfaction of the minimum tender condition under the agreement and plan of merger entered into by the companies last month.