J&J hopes to meet EC conditions to complete Pfizer buy

The European Commission has cleared the proposed acquisition of Pfizer's consumer health care business by US health care major Johnson & Johnson, subject to conditions. The Commission found that the proposed transaction as initially notified would give rise to competition concerns in three product areas: topical dermatological antifungals in Italy, daily-use mouthwash in Greece and nicotine replacement therapy products in the European Economic Area.

However, J&J has offered to divest the overlapping activities in Italy and in Greece and, in whole or in part, its global nicotine patch manufacturing business. The remedies remove all overlaps between J&J and the Pfizer unit for topical dermatological antifungals and daily-use mouthwash and remove the vertical relationship between J&J's nicotine patch manufacturing activities and the latter's NRT business. In light of these commitments, the Commission has concluded that the proposed transaction would not impede competition in the EEA or any substantial part of it.