Pfizer and Pharmacia report ’encouraging progress’ with plans.
Pfizer and Pharmacia announced "encouraging progress" in discussions with the European Commission (EC) and US bodies regulating the proposed merger.
If approved, the new mega-pharma will be valued at $55 billion. The companies are negotiating with the EC’s Merger Task Force (MTF) and the US Federal Trade Commission (FTC). A "relatively small number of questions remain to be resolved" by the regulators.
The two companies announced their merger plans in July, hoping to complete it before the end of year 2002. However, requests for information by the EC’s regulator may now delay closure until early 2003.
Shareholders of Pfizer have to decide today on the merger proposals and a new issue of capital in connection with the operation. A meeting of Pharmacia shareholders is due to be held on Monday, December 9.
Pfizer is best known for its impotence treatment Viagra, cholesterol lowering Lipitor, and anti-hypertension drug Norvasc.
Pharmacia, based in Peapack, New Jersey, markets the arthritis treatments Celebrex and Bextra, baldness treatment Rogaine and Detrol for incontinence.
Keywords : Pfizer Pharmacia Merger Mega-Pharma Shareholders meetings Share issue
