Press Release: Mergers: Commission approves proposed acquisition of Pfizer’s consumer healthcare business by Johnson & Johnson, subject to conditions

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of Pfizer's consumer healthcare business ("PCH") by Johnson & Johnson (“J&J”), subject to conditions. The Commission found that the proposed transaction as initially notified would give rise to competition concerns in three product areas: topical dermatological antifungals in Italy, daily-use mouthwash in Greece and nicotine replacement therapy ("NRT") products in the EEA. However, J&J has offered to divest the overlapping activities in Italy and in Greece and, in whole or in part, its global nicotine patch manufacturing business. The remedies remove all overlaps between J&J and PCH for topical dermatological antifungals and daily-use mouthwash and remove the vertical relationship between J&J's nicotine patch manufacturing activities and PCH's NRT business. In the light of these commitments, the Commission has concluded that the proposed transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.