Pfizer gets European Commission clearance for acquisition of Wyeth

By Susanna Moon

Chicago, July 17 - Pfizer Inc. received approval from the European Commission under the European Union Merger Regulation for its proposed acquisition of Wyeth.

The approval requires Pfizer's commitment to divest several types of animal health vaccines, pharmaceuticals and medicinal feed additives in the European Economic Area or in specific member states, according to a commission release.

The commission said it had concerns that the transaction would have raised competition issues in the field of animal health products on a number of national markets. It said that in the light of the commitments offered by Pfizer, it has now concluded that the proposed deal would not significantly impede effective competition in the European Economic Area or any substantial part of it.

The companies' activities are largely complementary in the area of human health, the commission said.

To address the commission's competition concerns, Pfizer proposed to divest a number of businesses in several national markets as well as Wyeth's manufacturing facility in Sligo, Ireland.

In view of the commitments, the commission said it concluded the merger no longer raises competition concerns.

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.

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.

Wyeth will become a wholly owned subsidiary of New York-based Pfizer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.