Pfizer Inc announced that China's Ministry of Commerce has approved the company's pending acquisition of Wyeth. The Ministry's decision includes Pfizer's commitment to divest certain animal health assets in China.
"We are pleased to have achieved another significant milestone with the Ministry's approval of the pending transaction," said Jeff Kindler, chairman and chief executive, Pfizer.
The transaction remains subject to regulatory approval in Australia, Canada and the United States. Pfizer expects to obtain these approvals shortly and to close the transaction early in the fourth quarter 2009.