The $68B deal diversifies the collective product portfolio of the merged companies.Pharmaceutical company Wyeth, in Madison, officially became part of Pfizer Inc. on Thursday. The health care companies completed the acquisition deal originally announced in January.
At the close of business Thursday, the Wyeth common stock will cease trading, and each share will be converted to the right to receive $33 in cash and 0.985 of a share of Pfizer common stock. Wyeth shareholders approved the deal in July.
The $68 billion deal diversifies the collective product portfolio of the companies, which will begin joint operations on Friday. The full impact on employment isn’t yet known.
On Wednesday, Pfizer, in New York, said the U.S. Federal Trade Commission and the Canadian Competition Bureau gave final clearance for the deal to commence. The U.S. and Canadian agencies called for the divestment of certain Pfizer animal health assets in North America, which the company sold to Boehringer Ingelheim.
E-mail JoÃ£o-Pierre Ruth at [email protected]
Follow me on Twitter @jpruth