Pfizer's pending acquisition of Wyeth has been approved by the European Commission.

However, despite this step forward, final completion of the deal still remains subject to a number of factors; expiration of the waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act, various other governmental and regulatory approvals and, perhaps most importantly, approval by Wyeth stockholders.

In a press release, Amy Schulman, senior vice president and general counsel at Pfizer said: "We are pleased to have achieved another significant milestone for the pending acquisition with the EC's approval of the transaction."

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