Pfizer Inc. has received conditional approval from the European Commission for its pending acquisition of rival drug maker Wyeth. New York-based Pfizer is the parent company of Pfizer Animal Health. Wyeth, of Madison, N.J., is the parent company of Fort Dodge Animal Health. The approval is conditional upon Pfizer’s commitment to divest several types of animal health vaccines, pharmaceuticals and medicinal feed additives. The commision said the original transaction would have raised competition issues in the field of animal health products on a number of national markets. The merger received the approval of shareholders at Wyeth’s annual meeting July 20. The deal needs the approval of China’s Ministry of Commerce, which extended its review of Pfizer’s regulatory submission beyond the initial 30-day period, and governmental and regulatory approvals in certain other jurisdictions. The transaction, announced in January, is expected to close at the end of the third quarter or during the fourth quarter. The companies say the merger will create “the world’s premier biopharmaceutical company” and establish it as a leader in animal health. <HOME>
