Alden Abbott on why the FTC should not interfere in biopharma mergers:

But in March 2021, the FTC sued to block the merger, claiming a theoretical threat to competition in some future market for “multi-cancer early detection tests.” Such purely speculative concern about a market that does not yet even exist is at odds with accepted antitrust norms, which focus on likely harm in actual markets. It also gives short shrift to the clear benefits of the transaction.
A former FTC chair and chief economist together condemned this lawsuit. They explained that “it would be tragic if the FTC’s misapplication of the appropriate standards for evaluating a vertical merger were to delay the American people[’s] access to such an important lifesaving breakthrough in cancer treatment for the benefit of a hypothetical future competition.” Their words serve as a dire warning applicable to future biopharma mergers.

Tom Hebert on why market cap is a terrible criteria for legislation:

In June 2021, Meta (then known as Facebook) hit $1 trillion in market capitalization for the first time. Now, the company’s market cap stands around $565 billion, approximately 60 percent of what it did just seven months ago.
This example ought to be a teachable moment for those antitrust crusaders in Congress who want to break up companies larger than a government-determined size. Instead of legislating based on market cap, lawmakers should focus on ensuring antitrust law remains narrowly tailored to the interests of American consumers.