Merck & Co. is set to complete its $41 billion acquisition of Schering-Plough Corp. later Tuesday, creating the world's second-largest drugmaker, behind Pfizer Inc.

The companies expect the deal will close after the end of market trading Tuesday.

The completion comes after the U.S. Federal Trade Commission approved the deal Thursday. Regulators in Europe and elsewhere, and shareholders of both companies, have already approved it.

The two companies have been jointly selling the cholesterol drugs Vytorin and Zetia for years.

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The deal adds allergy drugs Nasonex and Clarinex to Merck's Singulair and its diabetes pill Januvia. It also gives Merck animal and consumer health products, and a promising biotech division.

(CORRECTS to say deal will close later Tuesday.)