Proposed Acquisition of Cialis Assets by Zuellig Pharma

Announcements

CCS Consults on the Proposed Acquisition of Certain Assets by Zuellig Pharma Holdings Pte. Limited

2 April 2026

1.       The Competition and Consumer Commission of Singapore (“ CCS ”) is inviting public feedback on the proposed acquisition of certain assets by Zuellig Pharma Holdings Pte. Limited and its relevant affiliates (“ ZP ”) from Eli Lilly and Company and its relevant affiliates (“ Lilly ”) (collectively, the “ Parties ”) (the “ Proposed Transaction ”).

2.       CCS accepted an application from ZP on 27 March 2026 for a decision on the Proposed Transaction. CCS is now assessing whether the Proposed Transaction may result in a substantial lessening of competition within any market in Singapore.

The Parties

ZP

3.       ZP is a privately owned integrated healthcare services company that is headquartered in Singapore with operations across Asia. ZP operates through three business units globally and in Singapore: (i) Distribution (distribution of pharmaceutical products, consumer healthcare products, medical devices and animal health products); (ii) Commercialisation (sales and marketing services for pharmaceutical products as well as consumer healthcare products); and (iii) Clinical trial support (logistics services for clinical trials).

Lilly

4.       Lilly is a publicly listed company whose common stock is traded on the New York Stock Exchange. Lilly researches, develops, manufactures, markets and distributes pharmaceutical products. Lilly’s products are manufactured in the United States, Europe and Asia.

5.       In Singapore, Lilly undertakes related party transactions involving the provision of clinical trial support services and support services on behalf of other Lilly affiliates through its subsidiary, Lilly Centre for Clinical Pharmacology Pte Ltd. Lilly also undertakes related party transactions involving the provision of services to other Lilly affiliates through its subsidiary, Eli Lilly (Singapore) Pte Ltd.

The Proposed Transaction

6.       ZP will be acquiring certain assets from Lilly that will confer on it the rights to manufacture, register, commercially use, distribute and otherwise exploit all strengths of the prescription pharmaceutical, Cialis (Tadalafil), for human use in Singapore. Cialis is a prescription medication used to treat erectile dysfunction (“ ED ”). Cialis is currently distributed in Singapore by DKSH Singapore Pte. Ltd.

7.       Currently, ZP distributes competing ED products for various suppliers in Singapore. ZP does not have any existing supply arrangement with Lilly for ED medications in Singapore.

8.       ZP submitted that the Proposed Transaction would not give rise to vertical effects, as there is no change to the ability or incentive for ZP to foreclose the market to other distributors, suppliers of ED medications or customers given:

a.     the numerous types of ED medication in the Singapore market;

b.     the availability of alternative distributors and modes of distribution; and

c.      the countervailing buyer power from the Ministry of Health which procures ED medication for restructured hospitals in Singapore.

Public Consultation

9.       CCS is inviting public feedback on the Proposed Transaction. The closing date for submissions is 16 April 2026, 5 p.m.

10.     More information on this public consultation can be accessed and downloaded from the CCS website at www.ccs.gov.sg under the section “Public Consultation”. If any submission or correspondence in response to this public consultation contains confidential information, please also provide CCS with a non-confidential version of the submission or correspondence.

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