Pfizer and Wyeth yesterday said that Pfizer has completed its acquisition of Wyeth following the regulatory approvals 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.
Effective as of the close of trading yesterday, Wyeth common stock have ceased trading.
Pfizer and Wyeth will begin joint operations from today, 16 October 2009.
The two companies said that 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."
Operational Integration and Readiness