Pfizer and Wyeth to Divest Certain Animal Health Assets to Boehringer Ingelheim
Pfizer Inc (NYSE: PFE) and Wyeth (NYSE: WYE) 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 U.S. 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 U.S. 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 U.S., 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 July 17, 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.
Pfizer Inc: Working together for a healthier world™ Founded in 1849, Pfizer is the world's premier biopharmaceutical company taking new approaches to better health. We discover, develop, manufacture and deliver quality, safe and effective prescription medicines to treat and help prevent disease for both people and animals. We also partner with healthcare providers, governments and local communities around the world to expand access to our medicines and to provide better quality health care and health system support. At Pfizer, colleagues in more than 90 countries work every day to help people stay happier and healthier longer and to reduce the human and economic burden of disease worldwide.About Wyeth Wyeth is one of the world’s largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products, nutritionals and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.About Pfizer Animal Health Pfizer Animal Health, one of six business units of Pfizer Inc (NYSE: PFE), is a world leader in discovering and developing innovative animal prescription medicines and vaccines, investing an estimated $300 million annually. For more information on how Pfizer works to ensure a safe, sustainable global food supply with healthy livestock, or how Pfizer helps companion animals to live longer, healthier lives, visit www.PfizerAH.com.About Fort Dodge Animal Health Fort Dodge Animal Health is a leading manufacturer and marketer of animal health products for the livestock, companion animal, equine, swine and poultry industries in North America and international markets. The company has research and development facilities in Iowa and New Jersey, and manufacturing facilities/offices in Brazil, Argentina, Spain, Ireland, France, The Netherlands, Italy, India, Taiwan and Australia. Its headquarters is in Overland Park, Kan.