By Mauro Orru
The European Union gave International Flavors & Fragrances the go-ahead to sell its pharma solutions business to French company Roquette for up to $2.85 billion, saying the deal wouldn't stifle competition in the bloc.
The European Commission, the EU's executive arm, said it cleared the deal because IFF and privately-owned Roquette aren't close competitors, adding that the French group would continue to compete with a sufficient number of rivals following the transaction.
New York-based IFF agreed last year to sell the unit to Roquette in a deal that would hand it 10 research-and-development and production sites and roughly 1,100 employees.
IFF's pharma solutions business develops pharmaceutical excipients, substances other than the active pharmaceutical ingredient present in a drug formulation. The unit made about $1 billion in revenue in 2023.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
February 18, 2025 07:25 ET (12:25 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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