EC approves Pfizer's $68-billion acquisition of Wyeth

The European Commission (EC) has approved Pfizer's acquisition and merger of Wyeth Laboratories. The approval, granted under the European Union (EU) Merger Regulation, is subject to Pfizer divesting certain animal health assets in the EU.

In a statement, Pfizer also said that China's ministry of commerce has extended its review of Pfizer's regulatory submission beyond the initial 30-day period. The completion of the transaction remains subject to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the United States, governmental and regulatory approvals in certain other jurisdictions, and approval by the stockholders of Wyeth, it said.

The $68-billion (48.2 billion euro) deal will be the world's biggest takeover in the pharmaceutical sector since Pfizer's $93.4-billion acquisition of Warner-Lambert Co in 2000.

Pfizer is already the world's biggest biopharmaceutical company and the Wyeth merger will also remain the number one biopharmaceutical company in terms of revenues in the US and a market share of about 12 per cent. It will also hold about 10 per cent of the market in Europe.

"We are pleased to have achieved another significant milestone for the pending acquisition with the EC's approval of the transaction," said Amy Schulman, senior vice president and general counsel of Pfizer.

"The commission had concerns that the transaction, as originally notified, would have raised competition issues in the field of animal health products on a number of national markets," it said in a statement.