Coronavirus vaccine maker AstraZeneca's £27.5bn ($39bn) deal to buy an American drug company is set to be completed next week after being cleared by the UK's competition watchdog.
The Competition and Markets Authority (CMA) said in May it was looking into whether AstraZeneca's acquisition of Alexion Pharmaceuticals could harm competition in the UK.
AstraZeneca, which has a major base in Macclesfield, Cheshire, agreed to buy Alexion in Boston for £123 ($175) a share in December, marking the drug giant's biggest ever acquisition and a move to boost its expertise in immunology and rare diseases.
The cash-and-shares deal was approved by shareholders in May, before the CMA got involved.
It is a milestone for AstraZeneca - which has developed the Covid-19 jab together with Oxford University - and will diversify the group, adding to its fast-growing cancer treatment business.
AstraZeneca has said it hopes the deal will now be completed on July 21.
Marc Dunoyer, AstraZeneca's executive director and chief financial officer, said: "We are very pleased to have secured this critical final clearance from the UK Competition and Markets Authority for the acquisition of Alexion.
"We look forward to the imminent closing of the transaction so that we may pursue our shared ambition to bring more innovative medicines to patients worldwide and begin AstraZeneca's next chapter of growth."
When the deal completes, a group focusing on rare diseases will be created.
This group will be named 'Alexion, AstraZeneca Rare Disease', and will be headquartered in Boston, US.
