World News

Mylan offers concessions to address EU concerns about Pfizer deal

BRUSSELS (Reuters) – Generic drugmaker Mylan NV <MYL.O> has offered concessions to address European Union antitrust concerns about its bid for Pfizer’s <PFE.N> off-patent branded drugs business Upjohn, a filing on the European Commission site showed on Monday.

U.S. drugmaker Pfizer announced the deal in July as part of a strategy allowing it to focus on its more profitable newer medicines.

The European Commission set an April 22 deadline for its decision after Mylan put in its offer on March 27.

In line with its policy, the EU competition watchdog did not provide details of the concessions. It will now seek feedback from rivals and customers before deciding whether to accept the offer, demand more or open a full-scale investigation.

Companies typically have to sell assets or agree to licensing deals to allay regulatory concerns.

(Reporting by Foo Yun Chee; Editing by Edmund Blair)