AstraZeneca PLC (LON:AZN) announced it has received EU approval for the US$39bn (£27.5bn) acquisition of Alexion Pharmaceuticals, Inc., expected to complete in the third quarter.
The pharma giant has already received approval in the US, Canada, Brazil, Russia and Japan but is still waiting for the green light from the UK.
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Last month, the UK Competition and Markets Authority (CMA) started an investigation into the acquisition to decide whether it would constitute a merger, which in turn could potentially lessen competition.
The megadeal, announced in December, would allow the Anglo-Swedish group to boost its growing presence in immunology and rare diseases.
The deal will see Alexion shareholders paid US$175 for each share, made up of US$60 in cash and 2.1243 American depositary shares (ADSs), which each represent one-half of one ordinary AstraZeneca share.
"We are pleased to have secured clearance from the European Commission for the proposed acquisition of Alexion, a pioneer in the discovery and development of medicines for rare diseases,” said AstraZeneca’s chief financial officer Marc Dunoyer.
“We are now another step closer to closing the acquisition and combining the two companies to create a leader in immunology and precision medicines. We continue to progress towards the completion of the acquisition during this quarter."
Shares were flat at 8,689p on Tuesday at the opening bell.