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. Last Updated: 07/27/2016

Pfizer Merger Approved

BRUSSELS, Belgium -- European regulators gave their blessing Tuesday to the imminent wedding of U.S. drug giant Pfizer Inc. and rival Warner-Lambert Co. to create the world's second biggest drug-making company.

The European Commission said the companies agreed to three divestments to address competition concerns in particular markets, but analysts said the conditions amounted to "peanuts" for the drugs powerhouse, valued at around $105 billion.

The new group will get rid of all European assets relating to Warner-Lambert's anti-Alzheimer drug Cognex and out-license Warner-Lambert's high blood pressure Dilzem drug in Austria.

The Commission also found the merger would give the new group a dominant market share in Austria and Germany for antihelmintics - drugs used to destroy worms in the gastro-intestinal tract.

The new group therefore agreed to sell all assets for either Pfizer's Helmex/Combantrin antihelmintic product or Warner-Lambert's Vanquin on these markets to third parties.