Pfizer Receives US and Canadian Go-Ahead for Wyeth Acquisition

14 October 2009 (Last Updated October 14th, 2009 18:30)

Pfizer has announced that the US Federal Trade Commission and the Canadian Competition Bureau have granted regulatory approval for the company's pending acquisition of Wyeth. The US Federal Trade Commission terminated the acquisition waiting period under the Hart-Scott-Rodino Antitrust Im

Pfizer has announced that the US Federal Trade Commission and the Canadian Competition Bureau have granted regulatory approval for the company's pending acquisition of Wyeth.

The US Federal Trade Commission terminated the acquisition waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

Following the receipt of these clearances, Pfizer expects to close the transaction on 15 October 2009.

Pfizer chairman and chief executive officer Jeffrey Kindler said that the company was pleased to have received all of the requisite regulatory approvals.

"We now look forward to combining the two companies so that we can achieve meaningful results for patients, customers and the communities we serve, as well as for our shareholders," Kindler said.

As previously announced the Federal Trade Commission's and Canadian Competition Bureau's agreements require Pfizer to divest certain animal health assets in the US and Canada, respectively, to Boehringer Ingelheim.

In addition, the Canadian Competition Bureau's decision includes Pfizer's commitment to amend an existing distribution agreement in Canada related to Estring.