Signal: FTC granted injunction to pause IQVIA’s acquisition of Propel Media

The US Federal Commerce Fee (FTC) has been granted a short lived injunction towards well being tech large IQVIA’s acquisition of digital promoting firm Propel Media and its healthcare advertising subsidiary DeepIntent as a consequence of fears it could result in anti-competitive practices.

IQVIA, identified for its scientific trial and healthcare info provision, seemed to buy Propel in July of final 12 months. Shortly after, the FTC sought to dam the deal, citing issues over DeepIntent’s programmatic drug advertising enterprise. The physique argued that the acquisition would incentivise IQVIA to “withhold key info to forestall rival firms and potential entrants from successfully competing.”

IQVIA already has its personal advertising platform, Lasso Advertising and marketing, which along with DeepIntent makes up two of the three prime suppliers of drug promoting aimed toward healthcare professionals. This alone was trigger for concern for the FTC, but it surely was compounded by IQVIA’s standing because the purveyor of “gold normal” datasets of supplier id and prescribing behaviour.

Decide Edgardo Ramos’ 29 December ruling within the Southern District Court docket of New York agreed with the FTC, granting a preliminary injunction. A spokesperson for IQVIA advised Reuters: “We keep that the FTC’s arguments on this case are inconsistent with the fact of {the marketplace} and unsupported by the legislation.”

DeepIntent’s CEO beforehand stated that the corporate would stroll away from the deal ought to the FTC’s block stand, making it unlikely to come back to fruition. The events might also be cautious of participating in a prolonged authorized battle following the high-profile failure of diagnostics company Illumina to defend its acquisition of Grail towards the FTC’s needs.

The worth of the acquisition has not been introduced, however IQVIA isn’t any stranger to costly offers. In 2021 it acquired the remaining 40% of Q2 Options, a scientific trials laboratory companies group, for $760m. Lots of the firm’s different offers have an undisclosed worth, together with its 2022 acquisition of Lasso.

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The corporate is nonetheless in a position to elevate a whole bunch of tens of millions in public debt choices, predominantly to repay its earlier bond issuances.

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