5.5 C
New York
Saturday, March 2, 2024

US judge allows FTC to temporarily block IQVIA acquisition of DeepIntent By Reuters

US judge allows FTC to temporarily block IQVIA acquisition of DeepIntent By Reuters

© Reuters. FILE PHOTO: The Federal Trade Commission seal is seen during a news conference at the FTC headquarters in Washington, U.S. July 24, 2019. REUTERS/Yuri Gripas/File Photo/File Photo

By GursimranKaur Mehar and Mrinmay Dey

(Reuters) – A U.S. court on Friday upheld a Federal Trade Commission (FTC) order to block IQVIA’s acquisition of DeepIntent, a health care advertising company, because it could harm competition .

DeepIntent, owned by Propel Media, a digital advertising company, has entered into an agreement with American healthcare data and analytics company IQVIA in 2022 with the aim of facilitating transparent communication between patients and healthcare providers health.

Earlier this year, the FTC stepped in to block the proposed merger of IQVIA and DeepIntent to prevent increased concentration in programmatic health care advertising.

The merger would harm competition, raise prices for consumers and harm patients, the FTC had said.

DeepIntent’s CEO previously said in an open letter that the company would withdraw from the deal and remain an independent company if the regulator wins the block. The financial terms of the agreement are not known.

Speaking in favor of the FTC, District Judge Edgar Ramos granted the U.S. Antitrust Department a preliminary injunction to block the deal.

In the decision, Ramos said, “The FTC has demonstrated that there is a reasonable probability that the proposed acquisition would materially harm competition in the relevant market and that the actions weigh in favor of injunctive relief.”

IQVIA said in an emailed statement to Reuters that it was disappointed by the court’s decision and was reviewing the ruling and evaluating its options.

“We maintain that the FTC’s arguments in this case are inconsistent with market reality and unsupported by the law,” IQVIA said.

DeepIntent and the FTC did not immediately respond to a Reuters request for comment.

Source link

Latest stories