NEW DELHI: Competition Commission has approved pharma major Abbott Laboratories’ proposed acquisition of heart device maker St Jude Medical Inc, subject to certain “voluntary remedies”.
Both the companies have a presence in India.
For the deal, worth around USD 25 billion, both firms had entered into an agreement in April.
In a tweet, Competition Commission of India (CCI) said it has approved the “proposed combination between St Jude Medical and Abbott Laboratories; subject to voluntary remedies”.
Details about the voluntary remedies could not be immediately ascertained.
Abbott is a global healthcare company that researches, develops, manufactures and sells a diversified range of healthcare products.
SJM is a global medical device company engaged in cardiovascular medical devices.
Separately, the fair trade watchdog has cleared the acquisition of the exclusive right to commercialize the Arixtra and Fraxiparine brands of GlaxoSmithKline’s subsidiaries by Aspen Pharmacare.
In another tweet, the watchdog said it has cleared “acquisition of Fraxiparine and Arixtra brands of GlaxoSmithKline by Aspen Pharmacare”.
Fraxiparine and Arixtra are used to prevent and treat deep vein thrombosis (DVT). These medications reduce the clotting ability of the blood and can reduce the risk of harmful blood clots forming in blood vessels.
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Source: Economic Times
