EU approves Eli Lilly’s $5.4b bid for Novartis division

Brussels: The European Union’s antitrust authority says it has approved the $5.4 billion (Dh19.83 billion) sale of Novartis’ animal health division to US pharmaceutical firm Eli Lilly.

The 28-nation bloc’s executive Commission said Friday the sale won’t hinder competition because the merged firm will continue to face a number of strong competitors.

Switzerland-based Novartis AG in April launched a major overhaul of its business which included the sale of the animal health division.