Experiments and modeling of the drainage of the thin liquid film between two deformable spherical drops approaching each other at constant velocity in another liquid are being presented. Two numerical models based on the lubrication theory have been developed considering the cases of immobile or mobile drop interfaces. The absolute film thickness and the thinning rate have been measured using laser interferometry for a wide range of capillary numbers. In all studied cases, the model with immobile interfaces was found to give the best predictions of the experimental time evolution of the film thickness and radial expansion. These results made it possible to derive a typical time scale of the drainage process.