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Novartis AG wins approval to buy GSK cancer drugs with conditions

Reuters - UK Focus

(Corrects name of inhibitor in paragraph two to MEK from MIK)

WASHINGTON, Feb 23 (Reuters) - Novartis AG (LSE: 0QLR.L - news) has won U.S. antitrust approval to buy GlaxoSmithKline (Other OTC: GLAXF - news) 's oncology drugs with conditions, the Federal Trade Commission said on Monday.

To win approval for the $16 billion deal, Novartis agreed to divest assets related to its BRAF and MEK inhibitor drugs, now in development to fight melanoma and other cancers, the agency said. (Reporting by Diane Bartz; Editing by Kevin Drawbaugh, Editing by Franklin Paul)