Pfizer Acquires Wyeth

Pfizer has completed its acquisition of Wyeth following the receipt of regulatory approval from all government authorities required by the merger agreement and approval by Wyeth shareholders.

Under the terms of the transaction, each outstanding share of Wyeth common stock has been converted into the right to receive $33 in cash (without interest) and 0.985 of a share of Pfizer common stock.

The company has said that effective as of the close of trading on October 15, 2009, Wyeth common stock will cease trading.

Reportedly, Pfizer and Wyeth are expected to begin joint operations on October 16, 2009. The merger of local Pfizer and Wyeth entities may be pending in various jurisdictions and integration is subject to completion of various local legal and regulatory obligations.