Mylan gets EU clearance for Perrigo clearance

Drug company Mylan has regulatory approval for its takeover of Perrigo, a merger which would create one of the world’s biggest sellers of low price medicines.

Mylan proposed earlier this year to buy rival Perrigo for $28.9bn, and a merger has been approved by the European Commission.

The European Commission said the transaction did not raise competition concerns because the companies were complementary.

Executive chairman Robert Coury said he expected to complete the transaction in the coming months.

Shares in Mylan were up by 0.69% to $56.73 at 1540 BST.