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news.Approval pending in the US and Canada
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Pfizer has announced that the Australian Competition and Consumer Commission (ACCC) has approved the company’s pending acquisition of Wyeth. The ACCC’s decision includes Pfizer’s commitment to divest certain animal health assets in Australia.
Jeff Kindler, chairman and chief executive officer of Pfizer, said: “We are pleased to have achieved another significant milestone this week with the ACCC’s approval of the pending acquisition.”
The transaction remains subject to regulatory approval in the US and Canada. Pfizer expects to obtain these approvals shortly and to close the transaction early in the fourth quarter 2009.
Earlier in January 26, 2009, Pfizer and Wyeth announced that they have entered into a definitive merger agreement under which Pfizer will acquire Wyeth in a cash-and-stock transaction.
Pfizer discovers, develops, manufactures and delivers prescription medicines to treat and help prevent disease for both people and animals.
A New Jersey-based company, Wyeth is focused on pharmaceuticals, consumer health care products, and animal health care products. It manufactures over-the-counter drugs and prescription drugs.