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Pharmaceutical

U.S. and Canada regulators approve Pfizer-Wyeth deal

October 14, 2009
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The Associated Press reports Pfizer Inc.''s $68 billion purchase of Wyeth has been approved by antitrust regulators in the U.S. and Canada clearing the way for the deal to close, which will make Pfizer the world''s largest drugmaker by revenue. The Federal Trade Commission approved the deal, and the Canadian Competition Bureau also gave its blessing. Pfizer will have to sell about half of Wyeth''s animal health business and change a Canadian distribution agreement for Estring, a hormone used to treat menopause symptoms. Pfizer said it would also sell its horse vaccine business. German drugmaker Boehringer Ingelheim will buy those divisions, including Wyeth''s vaccines for cattle, dogs, and cats, and medicines used in treating cattle, dogs, cats, and horses. The deal will pump up the sales and pipeline of New York-based Pfizer by giving it Madison, N.J.-based Wyeth''s biotechnology drugs and vaccines like Prevnar. Its top selling drugs include the antidepressant Effexor, and Enbrel for rheumatoid arthritis.
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