Pfizer Inc. agrees to divestitures of certain assets to complete its acquisition of Pharmacia Corporation
On July 13, 2002, Pfizer Inc. entered into an agreement to acquire Pharmacia Corporation by way of a merger. Due to the overlap in their product offerings, on April 11, 2003, Pfizer Inc. entered into a consent agreement with the Commissioner of Competition to divest certain pharmaceutical assets pertaining to the treatment of human sexual dysfunction and overactive bladder symptoms. The divestitures were required to be completed within 10 business days from the closing of the transaction.
The merger was also reviewed by the FTC in the US; the FTC required Pfizer to divest pharmaceutical products in nine separate product categories including: extended release drugs for the treatment of overactive bladder; combination hormone replacement therapies; treatments for erectile dysfunction; drugs for canine arthritis; antibiotics for lactating cow mastitis; antibiotics for dry cow mastitis; over-the-counter hydrocortisone creams and ointments; over-the-counter motion sickness medications; and over-the-counter cough drops. Similar to Canada, the FTC required the divestitures be completed within 10 business days from the closing of the transaction. The transaction closed on April 16, 2003.
