Drug giants seek deal

British-based pharmaceutical giants Glaxo Wellcome and SmithKline Beecham have applied for monopolies clearance for the merger of their New Zealand businesses.

The merger plan follows the proposed merger of the British-based parents. The local companies are principally involved in pharmaceutical product importation and distribution, the Commerce Commission said.

Clearance would be granted if the commission was satisfied that the merger would not result in dominance being acquired or strengthening in any market.

- NZPA