Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

EU clears Novartis plan to sell animal health to Eli Lilly

 

Novartis/AFP

Novartis/AFP

BRUXELLES, October 3- EU regulators cleared on Friday the proposed sale of the animal health business of Swiss pharmaceutical giant Novartis to US group Eli Lilly, saying it would not violate competition rules.

Novartis said earlier this year it would sell its animal health division to Eli Lilly for $5.4 billion (4.3 billion euros) — turning the US group into the world’s second-biggest maker of such products in terms of revenue.

“The European Commission has cleared the proposed acquisition of the Novartis Animal Health business (“NAH”) of Switzerland by the pharmaceutical company Eli Lilly,” the commission, the EU’s executive arm, said in a statement.

The commission said that, following an investigation of several EU markets, “the proposed transaction does not raise competition concerns, in particular because a number of strong players would remain in the markets after the merger.”

The commission said it probed the markets for anti-parasite medicine in Belgium, France, Greece, Ireland, Spain and The Netherlands.

It said it also investigated the markets for heartworm parasiticides in Italy, Spain and Portugal as well as for otitis externa, an ear condition, in Germany, Austria and the Czech Republic.

It said several competitors in these markets will remain active after the merger.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...