Pfizer Gets Clearance From US FTC, CCB For Wyeth Acquisition

Published: 14-Oct-2009

The US FTC’s and CCB’s decisions require Pfizer to divest certain animal health assets in the US and Canada, respectively, to Boehringer Ingelheim

Pfizer has reported that the US Federal Trade Commission (US FTC) has terminated the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to Pfizer’s pending acquisition of Wyeth. In addition, Pfizer has received approval from the Canadian Competition Bureau (CCB) for the pending acquisition.

Reportedly, with the receipt of these clearances, Pfizer has now satisfied the regulatory approval requirements under the merger agreement to complete the acquisition of Wyeth. Pfizer expects to close the transaction on October 15, 2009.

The company has said that the US FTC’s and CCB’s decisions require Pfizer to divest certain animal health assets in the US and Canada to Boehringer Ingelheim, as previously announced. In addition, CCB’s decision includes Pfizer’s commitment to amend an existing distribution agreement in Canada related to Estring.

Jeffrey Kindler, chairman and CEO at Pfizer, said: “We are pleased to have received all of the requisite regulatory approvals for our combination with Wyeth. 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.”

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