BERLIN (AP) -- The European Union's antitrust authority has cleared U.S. pharmaceutical company Baxter's proposed $2.76 billion takeover bid of Sweden's dialysis products firm Gambro.
The European Commission said Monday the acquisition can go ahead on condition that Baxter divest its renal replacement therapy, which serves patients suffering from acute kidney failure.
The Commission, the 28-nation bloc's antitrust watchdog, said Baxter's commitment to selling that business line has appeased concerns the takeover would stifle competition in the segment.
Gambro AB makes dialysis products for patients with acute or chronic kidney disease and it has annual sales of about $1.6 billion.
Baxter International Inc., based in Deerfield, Illinois, proposed to buy the privately held Swedish firm in December.