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Pfizer to provide more details on Wyeth merger

07 Apr 2009

Pfizer''s acquisition of Wyeth has been temporarily stalled after the Federal Trade Commission (FTC) asked for further details on the merger.

The "second request" is not unusual, nor was it unexpected, the company said.

It expects the deal to be completed by the end of the year and anticipated the delay as part of the legal proceedings.

In order for the acquisition to go ahead, the transaction must meet certain governmental and regulatory approvals, as well as have the backing of Wyeth''s shareholders.

"[We] intend to respond expeditiously to this request and continue to work cooperatively with the FTC in connection with its review," Pfizer announced.

The company today (April 7th) announced its intention to press ahead with its planned leadership and organisational changes as soon as the acquisition is complete.

It is set to establish a research model designed to advance both firms'' scientific capabilities.