AGN Allergan plc

By Colin Kellaher

AbbVie Inc. and Allergan PLC on Tuesday said they cleared the final European regulatory hurdle for their $63 billion union, but that the U.S. review of the deal will push the closing beyond the current quarter.

The companies said the European Commission has approved the sale of brazikumab to AstraZeneca PLC, which was a condition of the EC's January blessing of AbbVie's pending acquisition of Allergan.

AbbVie had previously said it expected to complete the Allergan acquisition in the first quarter, but the companies Tuesday said the U.S. Federal Trade Commission is still reviewing the transaction.

The companies said they have entered into a timing agreement with FTC staff that would likely result in a decision early in the second quarter, adding that they plan to close the transaction at the earliest possible date.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 03, 2020 08:52 ET (13:52 GMT)

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