Federal Trade Commission
approved the terms of a consent decree granting regulatory clearance for their merger.
The companies said they now have all the necessary regulatory approvals and expect to close the merger on Dec. 27. The U.K. court date to approve the creation of GlaxoSmithKline is scheduled for Dec. 20. In order to receive approval for the merger, SmithKline Beecham agreed to divest the antiemetic product Kytril and the antiviral products Famvir and Vectavir/Denavir.
The companies don't expect the combination of their smoking cessation products to raise any competitive issues, but the FTC has said it will continue to review this area following the completion of the merger.
Shares of Glaxo slipped $1.19, or 2.1%, to $55.94 in recent
New York Stock Exchange
trading. SmithKline was also down, dropping 94 cents, or 1.5%, to $63.50.