The European Commission has approved the proposed acquisition of the US pharmaceutical company Catalent by the Danish investor Novo Holdings without conditions.

The transaction, which is valued at $16.5 billion including debt, is expected to be completed by the end of the year, as Catalent CEO Alessandro Maselli announced on Friday.

The approval is an "important milestone" for the completion of the sale, said Maselli.

Novo Holdings, majority shareholder of the Danish pharmaceutical group Novo Nordisk, plans to sell three central production sites of Catalent to Novo Nordisk for 11 billion dollars. This is intended to enable the drug manufacturer to further expand the production of its blockbuster medications for diabetes and obesity, including Wegovy.

The acquisition of Catalent marks a strategic step for Novo Holdings to strengthen its presence in the field of pharmaceutical contract manufacturing.

Catalent is a leading provider in the development and manufacturing of pharmaceuticals, biologics, and gene therapies.