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News 235 views last update:6 Aug 2012

Pfizer – Wyeth deal set to close

World's biggest drugmaker Pfizer said it was ready to close its deal to buy pharmaceutical rival Wyeth, after getting US and Canadian regulatory approval.

"With the receipt of these clearances, Pfizer has now satisfied the regulatory approval requirements under the merger agreement to complete the acquisition of Wyeth," the company said.
 
Regulators had required Pfizer to sell certain animal health assets in the US and Canada to Boehringer Ingelheim.
 
The US Federal Trade Commission said it would approve the 68-billion-dollar deal but require "significant divestitures to preserve competition in multiple US markets for animal pharmaceuticals and vaccines."
 
FTC did not see any constraints on the transaction in raising anticompetitive concerns in human health product markets. The Canadian Competition Bureau also issued a statement approving the merger.
 
The EU's executive branch -- which enforces EU competition law -- approved the deal earlier this year, also contingent on Pfizer's commitment to divest some of its operations in animal health vaccines, pharmaceuticals and medicinal feed additives in Europe.
 
In announcing the deal in January, the New York-based firm said it would be cutting its global workforce by around 10%, eliminating jobs in sales, manufacturing, research and development, and administration. It will also reduce the number of manufacturing sites to 41 from 46.

Dick Ziggers

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