Biopharmaceutical company AbbVie (NYSE:ABBV) said on Tuesday that the US Federal Trade Commission (FTC) has accepted the proposed consent order in connection with its pending acquisition of Allergan plc (NYSE:AGN), a leading global pharmaceutical company.

The acceptance by the FTC satisfies all required antitrust clearances needed to be obtained for the acquisition of Allergan by AbbVie. The closing remains subject to other customary closing conditions and Irish High Court approval. A hearing is scheduled for 6 May 2020.

Under the terms of the proposed consent, Allergan has agreed to sell its brazikumab, an investigational IL-23 inhibitor in development for autoimmune diseases, to AstraZeneca and Zenpep, a treatment for exocrine pancreatic insufficiency due to cystic fibrosis and other conditions, to Nestle. Nestle will also be acquiring Viokace, another pancreatic enzyme preparation.

Upon closing, only one Allergan director will join the AbbVie board. Allergan's current chair and CEO Brent Saunders has elected not to join the AbbVie board to provide more flexibility to pursue other opportunities in the sector.