WASHINGTON (Legal Newsline) – The Federal Trade Commission (FTC) approved a modified final order that settles charges against Mylan N.V.

Mylan was in the midst of a takeover of Perrigo Co. PLC, an action the FTC believed would harm competition. An initial FTC order mandated that Mylan sell the rights and assets of seven generic drugs to a competitor in order to complete the acquisition.

Mylan, however, failed to procure the requisite amount of Perrigo shares to complete the acquisition and is therefore abandoning it entirely.

Accordingly, the FTC modified its final order, relieving the interim monitor it had appointed to ensure Mylan’s compliance with the order. Additionally, Mylan only needs to provide annual compliance reports for three years, instead of the initially appointed 10.

The FTC voted 4-0 to approve the modified final order.

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