IQVIA nixes Propel Media acquisition
After a U.S. court upheld a temporary FTC block of the IQVIA-Propel merger, IQVIA will terminate its agreement to acquire Propel Media, Axios has confirmed.
Why it matters: The FTC continues to make anti-competition in health care a high priority.
Catch up fast: IQVIA tried to buy Propel, which owns health care ad platform DeepIntent, in 2022 for an undisclosed price, but the FTC blocked the deal last year.
- Per the FTC's complaint in 2023, the merger would result in a "heightened motivation" for IQVIA to withhold crucial information, harming competition.
What they're saying: "In light of the Court's decision, the acquisition agreement between IQVIA and Propel Media has been terminated," an IQVIA spokesperson tells Axios.
- "We maintain that the FTC's arguments in this case are inconsistent with the reality of the marketplace and unsupported by the law."
- "We remain focused on the many opportunities for the continued growth of our digital enablement business – new offerings, new geographies, new capabilities."
The FTC and Propel Media did not respond to a request for comment.