DOW JONES NEWSWIRES
Pfizer Inc. (PFE) said it won approval from the European
Commission for its $64.8 billion purchase of Wyeth (WYE), but
China's Ministry of Commerce had extended its review of the deal
beyond the initial 30-day period.
The deal also is awaiting the approval of U.S. regulators and
Wyeth shareholders, who are holding a meeting Monday to vote on the
deal. It is one of three pharmaceutical industry megamergers
announced this year and is slated to close later this year.
The European Commission's decision includes Pfizer's agreement
to divest certain animal-health operations.
The deal is seen easing the mounting pain that Pfizer has been
feeling from generic competition, especially with the looming 2011
patent expiration of its blockbuster Lipitor cholesterol drug. The
combined company would have more than $70 billion in revenue, with
17 products with more than $1 billion each in annual sales.
Pfizer's shares were down 11 cents to $14.96 in recent trading
while Wyeth dropped 18 cents to $45.99.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com