Pfizer Inc announced that the European Commission (EC) has approved under the European Union (EU) Merger Regulation the company's pending acquisition of Wyeth. The commission's decision includes Pfizer's commitment to divest certain animal health assets in the EU.
"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.
In addition, Pfizer announced that China's Ministry of Commerce has extended its review of Pfizer's regulatory submission beyond the initial thirty-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.
Schulman stated, "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."