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EU clears Mylan's purchase of Pfizer's Upjohn unit with conditions

Reuters
·1 min read

BRUSSELS (Reuters) - The European Commission said on Wednesday it had approved generic drugmaker Mylan NV's <MYL.O> planned purchase of Pfizer's <PFE.N> off-patient branded drugs business Upjohn, subject to conditions.

The Commission, which oversees competition policy in the European Union, said its investigation had focused on genericised medicines, which are sold to pharmacies and hospitals, with overlaps in a number of fields.

Mylan and Upjohn have offered to divest Mylan's certain generic medicines across 20 countries in the European Economic Area and the United Kingdom, the Commission said.

Pfizer announced the deal in July as part of a strategy allowing it to focus on its more profitable newer medicines.

(Reporting by Philip Blenkinsop)