Introduction On 21 November 2019, the Spanish Competition Authority (“CNMC”) authorized, in first phase with commitments, the acquisition by COFARES, the main wholesale distributor of pharmaceuticals in Spain, of Cofarta Cooperativa’s pharmaceutical distribution business (the “Target”). This merger (the “Merger”) was subject to behavioural commitments consisting in the amendment of COFARES’ bylaws. The Merger took place in the market for the wholesale distribution of full-line pharmaceutical products to pharmacies, including both regulated products (medicines) and non-regulated products (parapharmacy products). The Spanish pharmaceutical distribution market is highly vertically integrated. As such, the main
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The Spanish Competition Authority approves in first phase with commitments a merger in the wholesale distribution of pharmaceutical products (Cofares / Cofarta)
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