Pfizer acquisition agreed by EU

Published: 28-Feb-2003


Pfizer's acquisition of Pharmacia has been approved by the European Commission.

"We are very pleased to receive EC clearance, an important milestone toward the completion of the acquisition, said Pfizer chairman and ceo Hank McKinnell.

Pfizer and Pharmacia have agreed to divest Ketensin, an antihypertensive marketed in the Netherlands, and Parkemoxin, an animal antibiotic marketed in Germany. Combined annual sales for these products are approximately $2.5m (€2.1m).

In addition, the companies also agreed to divest three compounds in development. These include darifenacin for overactive bladder, apomorphine nasal spray for erectile dysfunction, and PNU-142774E, also for erectile dysfunction.

Separately, Pfizer said it is pleased with the progress it is making with the U.S. Federal Trade Commission, and the company continues to work toward closing the acquisition by the end of the first quarter.

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