Novartis Pharma AG (NVS) Wins EU Approval To Acquire German Hexal AG
10/19/2005 5:09:46 PM
BRUSSELS (Reuters) - Swiss Novartis AG (NOVN.VX: Quote, Profile, Research) won conditional approval from the European Commission on Friday to buy unlisted German firm Hexal and its U.S. sister company Eon Labs (ELAB.O: Quote, Profile, Research) , creating the largest European producer of generic drugs.
The deal for Eon Labs and Hexal is worth 5.65 billion euros ($7.10 billion). Generic drugs are cheaper but identical copies of medicines whose patents have expired.