The EU Commission conditionally clears a merger in the pharmaceutical sector creating the largest pharmaceutical company in the world in terms of sales and R&D spending (Pfizer / Pharmacia)

"Merger Control: Main developments between 1st January 2003 and 30th April 2003"* The European Commission authorised, subject to conditions, the acquisition of Pharmacia Corporation (Pharmacia) by Pfizer Inc. (Pfizer) in a deal creating the largest pharmaceutical company in the world in terms of sales and R&D spending. The two companies’ activities were considered to be largely complementary. However the operation gave rise to a number of horizontal overlaps in human pharmaceuticals (including existing and pipeline products) and animal healthcare. The approval followed an investigation into a number of treatment areas both in human pharmaceuticals and in animal healthcare, where the transaction raised serious doubts as to the compatibility with the common market. In reaction to the