Pfizer/Pharmacia merger gets shareholder go-ahead

pharmafile | October 23, 2003 | News story | |   

Shareholders of Pfizer and Pharmacia have overwhelmingly voted in favour of the proposed $60 billion merger of the two US companies.

Ninety nine per cent of Pharmacia shareholders and over 96% of Pfizer shareholders have given their approval of the tie-up, which was agreed in July.

Hank McKinnell, Pfizer's Chairman and CEO said he was "gratified" with the strong shareholder support. "Pfizer and Pharmacia represent a compelling strategic combination, with the innovative products, R&D and financial resources to sustain global leadership in our industry for many years to come", he said.

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The European Commission recently announced it would delay its month-long review of the merger to give the companies more time to provide information on the markets that would be affected by the deal. Analysts have, however, not foreseen any significant overlaps in products that would raise monopoly concerns.

Despite the delay to the European approval proceedings, the companies say they are happy with the progress being made.

Hank McKinnell said discussions with both US and European regulatory authorities continued to be productive and was confident the deal would be closed on schedule in the first quarter of next year.

Once the deal goes ahead Pharmacia shareholders will receive 1.4 Pfizer shares for every one of their Pharmacia shares, which works out as a total of around 1.8 billion Pfizer shares.

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