Pfizer, Wyeth Divest Some Assets to Boehringer

GLOBAL - Pfizer and Wyeth are to divest certain animal health assets to Boehringer Ingelheim. The agreement is subject to regulatory approval in several countries. The Pfizer/Wyeth transaction is expected to close early in the fourth quarter 2009.
calendar icon 22 September 2009
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Pfizer Inc. and Wyeth have announced that they have entered into an agreement with Boehringer Ingelheim to divest certain animal health assets in connection with the regulatory approval process associated with Pfizer's pending acquisition of Wyeth.

Under the terms of the agreement, Boehringer Ingelheim will acquire products, research and manufacturing facilities, located in Fort Dodge, Iowa, as well as related assets and intellectual property, primarily from Wyeth's Fort Dodge Animal Health portfolio in the US and Canada. Products primarily include cattle and small animal vaccines and some animal health pharmaceuticals. Boehringer Ingelheim also intends to acquire certain animal health assets in other jurisdictions, including companion animal vaccines in Australia, and cattle vaccines in the European Union and South Africa.

The closing of the agreement with Boehringer Ingelheim is contingent upon approval from the US Federal Trade Commission and the Canadian Competition Bureau, as well as the closing of the Pfizer/Wyeth transaction and the satisfaction of other customary closing conditions. The divestitures to Boehringer Ingelheim of animal vaccines in Australia and cattle vaccines in the European Union, which are included in this agreement, also are subject to approval from the Australian Competition and Consumer Commission and the European Commission, respectively. In addition, Pfizer has committed to divest certain other animal health assets in both of those jurisdictions.

The Pfizer/Wyeth transaction remains subject to regulatory approval in the US, Canada, China and Australia. Pfizer expects to obtain these approvals shortly and now expects to close the transaction early in the fourth quarter 2009.

The European Commission granted regulatory approval for the transaction on 17 July 2009, subject to the commitment to divest certain animal health assets in the European Union, some of which are among the assets Boehringer Ingelheim intends to acquire.

Financial terms of the agreement were not disclosed.

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