Pfizer Set to Close Purchase of Rival Wyeth

Oct. 15, 2009
Has received regulatory approvals from U.S .and Canada

Pfizer said on Oct. 13 it was ready to close its deal to buy pharmaceutical rival Wyeth, boosting the size of the world's biggest drugmaker.

Pfizer, the maker of Viagra for erectile dysfunction and Lipitor for cholesterol, said it would close the transaction on Oct. 14 after getting approval from the U.S. Federal Trade Commission and Canadian authorities.

Regulators had required Pfizer to sell certain animal health assets in the U.S. and Canada to Boehringer Ingelheim, as previously announced. The Federal Trade Commission said it would approve the $68 billion deal but require "significant divestitures to preserve competition in multiple US markets for animal pharmaceuticals and vaccines."

The Canadian Competition Bureau also issued a statement approving the merger.

The EU's executive branch -- which enforces EU competition law -- approved the deal earlier this year, also contingent on Pfizer's commitment to divest some of its operations in animal health vaccines, pharmaceuticals and medicinal feed additives in Europe.

Pfizer, already the world's biggest pharmaceutical firm, announced the planned merger in January, seeking diversification as it prepares for the expiration of patents on its blockbuster drugs. Analysts say Pfizer is aiming to widen its revenue stream some of its key drugs face competition from generic manufacturers.

In announcing the deal in January, the New York-based firm said it would be cutting its global workforce by around 10%, eliminating jobs in sales, manufacturing, research and development, and administration. It will also reduce the number of manufacturing sites to 41 from 46.

Copyright Agence France-Presse, 2009

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!