Cooper Consumer Health gains conditional EU nod to buy Viatris' assets
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By Foo Yun Chee
BRUSSELS, June 26 (Reuters) - France-based Cooper Consumer Health on Wednesday secured EU antitrust approval to buy U.S. drugmaker Viatris' European over-the-counter drug business after agreeing to sell its rights and interests in an infant laxative medicine and earwax removal product.
The companies announced the $3.6 billion deal last October, with Viatris selling some of its businesses to focus on ophthalmology, gastroenterology and dermatology.
The European Commission, which acts as the EU competition enforcer, said Cooper's concessions came after it voiced concerns about the high combined market shares as a result of the deal and also insufficient competitive pressure from rivals.
Cooper will divest its rights, title and interests in its infant laxative medicine Bebegel and its rights, title and 비닉스 최저가 interests in its earwax removal product Otowaxol to address the Commission's competition concerns, the EU watchdog said.
"The remedies offered by Viatris and Cooper will ensure that competition on these markets remains effective and that, ultimately, consumers in Portugal and Germany do not end up paying higher prices for certain pharmaceutical products," EU antitrust chief Margrethe Vestager said.
Viatris was formed through the merger of Mylan and Pfizer Inc's Upjohn business and deals with generic and key branded drugs in its portfolio, including arthritis treatment Celebrex, erectile dysfunction drug Viagra, epilepsy treatment Lyrica, and antidepressant Zoloft. (Reporting by Foo Yun Chee)
BRUSSELS, June 26 (Reuters) - France-based Cooper Consumer Health on Wednesday secured EU antitrust approval to buy U.S. drugmaker Viatris' European over-the-counter drug business after agreeing to sell its rights and interests in an infant laxative medicine and earwax removal product.
The companies announced the $3.6 billion deal last October, with Viatris selling some of its businesses to focus on ophthalmology, gastroenterology and dermatology.
The European Commission, which acts as the EU competition enforcer, said Cooper's concessions came after it voiced concerns about the high combined market shares as a result of the deal and also insufficient competitive pressure from rivals.
Cooper will divest its rights, title and interests in its infant laxative medicine Bebegel and its rights, title and 비닉스 최저가 interests in its earwax removal product Otowaxol to address the Commission's competition concerns, the EU watchdog said.
"The remedies offered by Viatris and Cooper will ensure that competition on these markets remains effective and that, ultimately, consumers in Portugal and Germany do not end up paying higher prices for certain pharmaceutical products," EU antitrust chief Margrethe Vestager said.
Viatris was formed through the merger of Mylan and Pfizer Inc's Upjohn business and deals with generic and key branded drugs in its portfolio, including arthritis treatment Celebrex, erectile dysfunction drug Viagra, epilepsy treatment Lyrica, and antidepressant Zoloft. (Reporting by Foo Yun Chee)
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