FTC Clears J&J-Pfizer Deal

The Federal Trade Commission has given the go-ahead for Johnson & Johnson(JNJ Quote) to acquire Pfizer's(PFE Quote) consumer products division.

The agency's decision, announced after the markets had closed Tuesday, means the $16.6 billion cash transaction should be completed by year-end. The European Union approved the deal on Monday.

Approval by both regulators included a requirement that a handful of products be sold, and the companies have complied.

The deal was announced in June, as Pfizer opted to focus almost solely on prescription drugs and J&J decided to augment its already large consumer products division.

Last year, Pfizer's consumer products accounted for $3.9 billion, or 7.5%, of its corporate revenue. J&J's consumer products represented $9.1 billion, or 18%, of its total sales in 2005.