Notification of transaction
On 22 November 2019, Biocodex notified the Autorité de la concurrence of its proposed acquisition of sole control of Iprad.
Parties to the transaction
Biocodex is active in the creation, manufacture and distribution of health products in France and abroad. It mainly markets medicinal products and dietary supplements (particularly the Symbiosys range, based on probiotic strains).
Iprad is active in the creation, manufacture and distribution of health and well-being products in France and abroad, notably in the gynaecology and intimate feminine hygiene sector. In particular, Iprad markets medicinal products and dietary supplements.
The proposed transaction is not likely to harm competition
Given Biocodex's and Iprad's activities, the Autorité, in its investigation of the case, analysed in particular whether the acquisition of Iprad by Biocodex was likely to restrict competition in the dietary supplement market. It considered that these products are distinct from basic foodstuffs (due to their unique nutritional and physiological effect) and from pharmaceutical products (notably given the very different regulatory framework).
The Autorité’s finding was that after the transaction, Biocodex’s positions in the dietary supplements market would be very limited and that it would face competition from other operators, such as Pileje and Probiotil.
The Autorité also analysed the effects of the transaction on the pharmaceutical products market. Given that the product portfolios of Biocodex and Iprad are different, the Autorité ruled out any competition concerns in this market.
The Autorité de la concurrence therefore ruled out any competition concerns and cleared the transaction unconditionally.