EU: Mylan gets approval for $7.2BN Media purchase

EU antitrust regulators said on Wednesday they had cleared generic drugmaker Mylan’s planned cash-and-stock purchase of Sweden’s Meda subject to it selling certain assets.

The approval is conditional on the divestment of a number of businesses in Austria, Belgium, Estonia, France, Luxembourg, Ireland, Italy, Norway, Portugal, Spain and the UK.

Reuters last week reported that Mylan was set to get the green light after offering concessions.

The Commission said it had identified 15 markets where it had competition concerns, because of the strong position of the two companies and the lack of sufficient alternatives.

The deal, worth some $7.2 billion, was made in February and is the third attempt by the US company to buy Meda, which makes branded, over-the-counter and generic drugs.

The acquisition will give Mylan entry into a number of emerging markets where it does not have a presence, including China, Southeast Asia, Russia and the Middle East.

Full Content: Reuters

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