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news.UK-based GlaxoSmithKline has received clearance from the European Commission (EC) for its proposed three-part transaction with Swiss drug-maker Novartis.
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The approval is subject to certain conditions, which the two parties have agreed to undertake following completion of the proposed transaction.
The three-way transaction includes GSK buying Novartis’ vaccines business, Novartis acquiring GSK’s cancer drug portfolio, and the two groups establishing a consumer healthcare joint venture.
As part of the vaccines acquisition, GSK agreed to sell its meningitis vaccines Nimenrix and Mencevax on a global basis as well as divest two small Novartis bivalent vaccines for protection against diphtheria and tetanus in Italy and Germany.
In the European Economic Area (EEA), GSK also agreed to sell its NiQuitin products that help stop smoking and its Coldrex cold and flu products.
In Sweden, the British firm will sell its Panodil pain management, as well as its Nezeril/Nasin cold and flu products.