July 2, 2019 / 1:14 PM / 16 days ago

GSK-Pfizer joint venture gets conditional approval from South Africa's competition regulator

FILE PHOTO: The GlaxoSmithKline (GSK) logo is seen on top of GSK Asia House in Singapore, March 21, 2018. REUTERS/Loriene Perera

(Reuters) - GlaxoSmithKline Plc (GSK.L) and Pfizer Inc’s (PFE.N) planned joint venture received conditional approval from a South African regulator on Tuesday, clearing a hurdle in the creation of a consumer health giant with sales of 9.8 billion pounds.

South Africa’s Competition Commission said although the deal was not likely to reduce competition, it would impact local manufacturers of pharmaceuticals for Pfizer.

To address those concerns, the regulator suggested the merging parties continue using Spechpharm Holdings, a South African firm that provides manufacturing and packaging services, for three years.

Reporting by Shashwat Awasthi in Bengaluru; Editing by Anil D'Silva

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