WASHINGTON (CN) - Mylan Pharmaceuticals will sell rights to seven generic drugs to get FTC approval of its $35.6 billion buyout of Perrigo Co., the FTC said Tuesday.
Mylan shareholders approved the giant merger in August. Mylan will issue more shares to help pay for the deal.
The Wall Street Journal said the merger would create "one of the world's top sellers of low-price medicines," with about $15 billion in annual sales.
Mylan will sell the rights to the seven drugs to the Alvogen Group, a New Jersey-based generic drugmaker, which the FTC says has the capacity to replace the competition lost to the merger.
The drugs are hydromorphone hydrochloride, a narcotic;
Scopolamine, for motion sickness;
Acyclovir, for herpes;
Bromocriptine mesylate, for type 2 diabetes and Parkinson's disease;
Clindamycin phosphate/benzoyl peroxide, for acne;
Liothyronine sodium, for hypothyroidism;
and polyethylene glycol 3350, for constipation.
The FTC will publish the consent agreement in the Federal Register. A 30-day public comment period began Tuesday.
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