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PARSIPPANY, N.J. — European regulators have approved U.S. drug maker Watson's acquisition of Switzerland-based Actavis, Watson said.
Watson said the European Commission had approved its $5.6 billion purchase of the drug maker, formerly based in Iceland, which Watson announced in April 2012.
Watson expects the transaction to be finished by the end of this year, subject to regulatory approval by the Federal Trade Commission. The acquisition is expected to create the world's third-largest generic drug maker.
"Approval from the EC represents a significant milestone this week as we work toward the completion of the combination of Watson and Actavis later this year," Watson president and CEO Paul Bisaro said.