The European Commission approved with conditions Feb. 27 a proposed merger between the U.S. pharmaceutical groups Pfizer and Pharmacia that would create the biggest drug group in the world.
"The approval follows an investigation into a number of treatment areas both in human pharmaceuticals and in animal healthcare, where the transaction raised serious doubts as to the compatibility with the common market," a commission statement read.
"In reaction to the serious doubts raised by the commission, the parties offered commitments to alleviate competition concerns."
They included the transfer of rights to several drug treatments, in particular for urinary incontinence, erectile dysfunction and hypertension.
In the animal health market, oral penicillin for cats and dogs also came under scrutiny, resulting in a proposal by the two companies to sell off Pharmacia's Parke-moxin product in Germany.
Pfizer announced in July 2002 it would buy rival Pharmacia in a surprise blockbuster deal worth 56 billion euros.
The merger would create an industry behemoth with over $48 billion in revenue and a research and development budget of more than 7 billion euros.
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