Watson Pharmaceuticals Inc. (WPI:US), maker of the generic version of Lipitor cholesterol pills, won European Union approval to buy closely held drugmaker Actavis Group hf to create the third-largest global generic-drug maker.
The European Commission said the combined company would continue to face competition from a sufficient number of credible and strong rivals, according to an e-mailed statement today.
Parsippany, New Jersey-based Watson agreed in April to buy Actavis for 4.25 billion euros ($5.6 billion), expanding its reach in Europe and Asia.
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