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Pfizer wraps up Wyeth acquisition
October 15th, 2009
Pfizer Inc. said Thursday that it has completed its acquisition of Wyeth.
The pharmaceutical company announced Wednesday that it had received clearance from the U.S. Federal Trade Commission and the Canadian Competition Bureau to close the transaction.
At the close of trading on Thursday, Wyeth common stock will cease trading, according to Pfizer, and the two companies will begin joint operations on Friday.
Under the terms of the transaction, each outstanding share of Wyeth common stock has been converted into the right to receive $33 in cash (without interest) and 0.985 of a share of Pfizer common stock.
Pfizer and Wyeth unveiled the blockbuster deal, valued at a total of about $68 billion, in late January after the boards of both companies approved the merger agreement.