EU regulators said Tuesday that they had cleared Belgian biopharmaceutical group UCB's takeover of German company Schwarz Pharma.

After reviewing the deal for antitrust issues, the European Commission found that "the operation would not significantly impede effective competition" in Europe and therefore authorized UCB to go ahead with the takeover.

The Belgian group announced at the end of September a takeover bid worth 4.4 billion euros (5.6 billion dollars) for German company Schwarz Pharma, aimed at strengthening its position in the neurology sector.

The new entity, to retain the name UCB and be based in Brussels, would have annual sales of 3.3 billion euros, according to the the two firms.