Perrigo receives European approval for acquisition of GlaxoSmithKline products

Perrigo has received European Commission approval for the acquisition of a number of key assets from GlaxoSmithKline.

The authority has approved Perrigo's purchase of a number of GlaxoSmithKline consumer health products under the EU Merger Regulation, thus overcoming another key milestone towards the completion of the deal.

GlaxoSmithKline is divesting products in the areas of smoking cessation, cold and flu treatments, cold sore management and pain management in order to gain clearance for its plans to form a new consumer health joint venture with Novartis.

Perrigo has moved to purchase the assets in order to strengthen its own offering in the consumer health sector.

An official statement said: "The Commission concluded that the proposed acquisition would raise no competition concerns because of the limited overlaps and the presence of other strong players on all markets."

Perrigo achieved a record-breaking financial performance in the second quarter of 2015, thanks in large part to the recent acquisition of a number of assets from Omega Pharma.