EU Approves Mylan's $7.2 Billion Acquisition of Meda

BRUSSELS—European Union competition regulators on Wednesday approved Dutch drugmaker Mylan NV's roughly $7.2 billion acquisition of its Swedish rival Meda on the condition the newly-merged company sheds businesses in around a dozen European countries.

Mylan offered to divest either its own or Meda's local businesses in various European countries, including the U.K., Belgium, Ireland and Italy, where the EU found insufficient alternatives on the market, the European Commission said.

The European Commission said it initially had concerns the deal would shrink competition in markets for several pharmaceutical products but that the commitments offered by Mylan addressed those concerns.

In February, Mylan said it had agreed to buy Meda in a bid to build Mylan's portfolio of specialty generic and over-the-counter products. The acquisition will also give Mylan access to new markets like China, Russia and the Middle East.

Write to Natalia Drozdiak at [e-mail]

(END) Dow Jones Newswires

July 20, 2016 12:05 ET (16:05 GMT)

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