July 17, 2009
EU regulators grant conditional approval for Pfizer's takeover of Wyeth
by Anna Bratulic
EU antitrust regulators cleared Pfizer's proposed $68-billion merger with Wyeth on the condition that Pfizer carry through with its commitments to divest certain animal health assets in the EU.
Officials noted that the companies' activities with regard to human health are largely complementary. With respect to Alzheimer's disease, regulators examined products currently under development by both companies, and considered future developments in the field. The agency found that competition would likely not be hampered in this therapeutic area "because a sufficient number of competitors would remain after the transaction and potential competitors would enter these markets."
In related news, Pfizer indicated that China’s Ministry of Commerce extended its review of the company's regulatory submission for the merger beyond the initial 30-day period. The merger proposal is also undergoing an antitrust review in the US. Amy Schulman, general counsel for Pfizer, commented that the company "continues to expect the transaction to close at the end of the third quarter or during the fourth quarter of 2009."
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