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By Pietro Lombardi
European Union antitrust authorities conditionally approved late Wednesday the acquisition by GlaxoSmithKline PLC (GSK.LN) of Pfizer Inc.'s (PFE) consumer health business.
The approval is contingent on the sale of Pfizer's ThermaCare business, which makes products that cover topical pain management.
The deal in its original form would have reduced competition for topical pain management products, and could have caused an increase in prices in several European countries, including Germany, Italy and the Netherlands.
"These assets will have to be divested as a package to one suitable purchaser to be approved by the Commission," the European Commission said.
The sale of the business removes almost completely the overlap between the companies' activities in the field, it said.
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(END) Dow Jones Newswires
July 11, 2019 04:47 ET (08:47 GMT)
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