EC approves GSK's buy of Pfizer's OTC business, subject to conditions

The European Commission has approved, under the EU Merger Regulation, the acquisition of US pharma giant Pfizer's (NYSE: PFE) Consumer Health Business by UK major GlaxoSmithKline (LSE: GSK).

However, the decision is conditional upon the global divestment of Pfizer's topical pain management business carried out under the ThermaCare brand.

GSK and Pfizer's Consumer Health Business are both manufacturers and suppliers of a variety of consumer healthcare pharmaceuticals, which are typically available to patients without a prescription from a doctor and generally referred to as over-the-counter (OTC) pharmaceutical products.