Pfizer, Wyeth to sell animal drugs business to Boehringer
23 September 2009
Drug makers Pfizer Inc. and Wyeth said they have agreed to sell certain animal health assets to Boehringer Ingelheim as a part of the regulatory approval process for Pfizer's $68-billion merger deal with Wyeth.
However, the companies have not disclosed the financial terms of the deal, which is expected to close in the fourth quarter of the year.
In January 2009, Pfizer and Wyeth have announced that they have entered into a definitive merger agreement under which Pfizer will acquire Wyeth in a cash-and-stock transaction valued at approximately $68 billion (See: Pfizer-Wyeth create $68-billion blockbuster deal).
The deal got European Commission regulatory approval on 17 July, subject to Pfizer divesting certain animal health assets in the EU (See: EC approves Pfizer's $68-billion acquisition of Wyeth).
Hence, the companies decided to sell those assets to Boehringer Ingelheim.
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 US and Canada.