European regulators have approved Abbott Laboratories‘ plans to buyout Belgian conglomerate Solvay‘s entire pharmaceutical business for a deal worth around €4.8bn.

The European Commission’s approval for the deal is conditional on the divestment of the cystic fibrosis testing business of Solvay Pharma‘s subsidiary Innogenetics.

The sale will see Abbott take over all of Solvay’s pharmaceuticals employees, a range of new hypertension and Parkinson’s disease drugs and will provide new market access to areas in Eastern Europe and Asia.

The deal also gives Abbot full control of two cholesterol and triglyceride drugs, Tricor and Trilipix, which Abbott and Solvay previously marketed together.

Solvay has said it will invest the proceeds into its original chemicals and plastics business, focusing on geographical expansion and new products with a low carbon footprint.