US-based global specialty pharmaceutical company, Watson Pharmaceuticals has received European Commission's (EC) approval for its pending acquisition of the privately held Actavis Group.

Watson president and CEO Paul Bisaro said,"Approval from the EC represents a significant milestone as we work toward the completion of the combination of Watson and Actavis later this year."

The transaction, which is expected to close in the fourth quarter of 2012, awaits regulatory approval from the Federal Trade Commission (FTC) in the US.

Watson aims to develop, manufacture, market and distribute generic pharmaceuticals and specialized branded pharmaceutical products to treat urology and women health related ailments.