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EU: Pfizer promising changes to Wyeth bid.

Chemical Business Newsbase

| June 30, 2009 | COPYRIGHT 2000 Elsevier Engineering Information, Inc. (Hide copyright information)Copyright

US drug maker Pfizer Inc has promised to make changes to its takeover of rival Wyeth in order to win European Union regulatory approval for the deal. The European Commission gave no details of any potential selloffs or commitments put forward, merely saying it would extend a deadline to rule on the deal until 20 Jul 2009 to look at changes that aim at soothing antitrust concerns. New York-based Pfizer, the world's largest pharmaceutical company, launched the $68 bn takeover of Wyeth, of Madison, NJ in Jan 2009. The value of the deal has since declined with Pfizer's share price. The acquisition is fueled by Pfizer's need to address an expected revenue crash in 2011 when the world's …

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