The European Commission has announced approval for Pfizer’s pending acquisition of Wyeth under the European Union (EU) Merger Regulation.
The Commission’s decision to allow the pharmaceutical company’s $68bn takeover of rival Wyeth was subject to Pfizer’s commitment to divest certain animal health assets in the EU.
The Commission ruled that subject to these commitments by Pfizer the proposed transaction would not significantly impede effective competition in the European Economic Area and can now go ahead.
Pfizer senior vice-president and general counsel Amy Schulman said that the company was pleased to have achieved another significant milestone for the pending acquisition with the Commission’s approval of the transaction.
The transaction still remains subject to regulatory approval within the US and other jurisdictions and also needs clearance from Wyeth shareholders.