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Home Industry News Pfizer receives European commission approval for Wyeth acquisition

Pfizer receives European commission approval for Wyeth acquisition

20th July 2009

Pfizer has been granted approval from the European commission regarding the company’s pending acquisition of Wyeth.

In a statement, the organisation explained that the endorsement has been made under the EU merger regulation and that the decision includes Pfizer’s assertion of divestment of certain animal health assets in the EU.

Commenting, Amy Schulman, senior vice-president and general counsel of Pfizer, said that the approval represents “another significant milestone” for the acquisition of Wyeth.

“We continue to work cooperatively with the regulatory agencies to obtain the requisite approvals and continue to expect the transaction to close at the end of the third quarter – or during the fourth quarter of 2009,” she added.

As well as the commission’s approval, Pfizer announced that the Chinese ministry of commerce has extended the review of its regulatory submissions beyond the initial period of 30 days.

Earlier this month, the company announced that Graceway Pharmaceuticals has acquired worldwide commercial rights for three of its investigational dermatological molecules.

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