Novartis Closes Eon Labs Buy

The company is now the world's largest seller of generic drugs.
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Novartis

(NVS) - Get Report

on Thursday became the world's largest seller of generic drugs, completing its acquisition of

Eon Labs

(ELAB)

.

The company announced in February that it planned to buy the private German drugmaker

Hexal AG

and Eon Labs, of Lake Success, N.Y., for $8.3 billion. Both companies had been controlled by a German holding company.

Novartis closed the Hexal purchase last month, but the U.S. Federal Trade Commission required additional information on the Eon Labs acquisition. The FTC approved the purchase Tuesday.

Sandoz, Novartis' generic division, had about $3 billion in revenue last year. Acquiring Hexal and Eon Labs will add another $2.1 billion in sales.