Bayer (OTC:BAYRY) can close the acquisition of Teva Pharmaceuticals' (NYSE:TEVA) U.S. animal health business after receiving the necessary regulatory approval from the Federal Trade Commission, and meeting all the conditions set forth in the initial agreement.

The announcement isn't insignificant, considering that deals for animal health products have run into antitrust issues in recent years. Pfizer (NYSE:PFE) had to sell off some of its assets to satisfy regulators when it acquired Wyeth. And Merck (NYSE:MRK) and Sanofi (NASDAQ:SNY) eventually gave up the idea of reuniting their animal health businesses, reportedly because of the same issue.

The companies announced the deal last September . Bayer will pay Teva $60 million upfront plus up to $85 million in milestone payments linked to the successful and timely achievement of manufacturing and sales targets.

Bayer will receive a broad range of products for companion animals, including dermatology products, nutraceuticals, anti-infectives, parasiticides, anti-inflammatory brands, and reproductive hormones. In addition to the products, Bayer will take control of a manufacturing site in St. Joseph, Missouri, and nearly 300 employees.