The CNMC has officially blocked Curium Pharma Holding Spain, S.L.U. from acquiring the Institut de Radiofarmacia Aplicada de Barcelona (IRAB). This decision comes after an in-depth analysis revealed that the acquisition would significantly hinder competition in the PET radiopharmaceutical market, particularly affecting the supply of PSMA radiopharmaceuticals used in cancer detection.

Curium, which operates multiple cyclotrons across Spain, sought to gain exclusive control over IRAB, which operates a single cyclotron in Barcelona. The CNMC's investigation, initiated upon receiving the acquisition notification on October 17, 2024, identified substantial risks to competition, prompting a second phase of analysis that ultimately led to the prohibition.

The merger was found to threaten the competitive landscape in the northeast of Spain, where the combined market share of Curium and IRAB would exceed 80-90% in certain segments. The CNMC concluded that the commitments proposed by Curium to mitigate these risks were insufficient and ineffective.

Despite the prohibition, the decision is not final. It will be communicated to the Minister of Economy, Commerce, and Enterprise, who may refer it to the Council of Ministers for further consideration based on broader public interest criteria.

The CNMC's analysis focused on the supply of PET radiopharmaceuticals, particularly PSMA, and the contract manufacturing services market, which are crucial for operators lacking their own cyclotron facilities. The potential reduction of operators from three to two in the region raises significant barriers to entry and could lead to higher prices and fewer product varieties.