Pfizer responds to FTC, says merger with Wyeth remains on track

By Lisa Kerner

Charlotte, N.C., April 3 - The Federal Trade Commission asked Pfizer Inc. for additional information regarding the company's proposed acquisition of Wyeth.

Pfizer said it intends to respond "expeditiously" to the second request and will work cooperatively with the FTC.

Both companies expect the transaction to close at the end of the third quarter or during the fourth quarter of 2009, a Pfizer news release said.

In January, the pharmaceutical giants agreed to combine in a cash-and-stock deal valued at $50.19 per share, or a total of approximately $68 billion.

As previously reported, each outstanding share of Wyeth common stock will be converted into the right to receive $33.00 in cash and 0.985 of a share of Pfizer common stock.

According to New York-based Pfizer, it plans to finance the deal using a combination of cash, debt and stock. The company said it has bank commitments for $22.5 billion in debt.

Wyeth is located in Madison, N.J.

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