European Union regulators have set an Oct. 3 deadline for approving or denying Eli Lilly's ($LLY) $5.4 billion bid for the animal health business of Switzerland's Novartis ($NVS). Eli Lilly agreed to buy the unit in April. If approved, the combined company would create the second-biggest animal health company in the world. According to the EU's antitrust authority, the deal was sent to the European Commission last week. Report | More