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By Pietro Lombardi
The European Commission has approved with conditions the planned $63 billion acquisition of Allergan PLC (AGN) by AbbVie Inc. (ABBV).
The decision came after AbbVie proposed to sell the rights to Allergan's brazikumab--a therapy that is under development--to assuage the Commission's concerns, the Commission said Friday. The approval is conditional on this divestment.
The European authorities' investigation focused on treatments for inflammatory bowel diseases, an area where the drug makers' activities overlap.
"Inflammatory bowel diseases are lifelong conditions with devastating effects on the life of millions of people," Executive Vice President Margrethe Vestager said.
"Our decision makes sure that the merger between AbbVie and Allergan will not disrupt the development of a promising innovative treatment for these diseases. This will increase the choice of treatments and offer better prices for patients."
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(END) Dow Jones Newswires
January 10, 2020 09:59 ET (14:59 GMT)
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