OR WAIT 15 SECS
The Federal Trade Commission has accepted a consent decree clearing the way for New York-based Pfizer Inc.'s acquisition of Pharmacia Corp.
The Federal Trade Commission has accepted a consent decree clearing the way for New York-based Pfizer Inc.'s acquisition of Pharmacia Corp. The companies commenced operating on a combined basis in April.
The FTC's unanimous vote accepting the consent decree followed a global regulatory review process that included European Commission approval on February 27.
"We are very pleased by this decision and we look forward to operating as a unified company," said Hank McKinnell, chairman and chief executive officer of Pfizer. "The new Pfizer will provide more products to help more patients than any other pharmaceutical company, and we will continue to be the world leader in privately funded biomedical research."
Pfizer also announced that Pharmacia Chairman and Chief Executive Officer Fred Hassan will not be joining Pfizer as vice chairman or a member of the board of directors.
"I am proud to have been associated with Pharmacia, its predecessors and its people - and I support the Pfizer plans to make this venture even more successful," said Hassan. "I have tremendous respect for Hank and his management team. I have every confidence in the future success of the company as I pursue other career opportunities."
Patient assistance programs run by Pfizer will be expanding now that the merger is complete, the company said. Pfizer will continue to operate Pharmacia's existing patient assistance programs without interruption, while working to integrate them into the appropriate Pfizer programs in the future.
"We are extremely pleased that our acquisition of Pharmacia will help us better address the challenge of providing access to healthcare for people in need," said McKinnell. "We continually look for ways to expand our role in the healthcare solution."
Pharmacia medicines that will soon be included in Pfizer's patient assistance programs include: CelebrexÂ® (celecoxib capsules) and BextraÂ® (valdecoxib tablets) for the treatment of arthritis, DetrolÂ® LA (tolterodine tartrate extended-release capsules) for the treatment of overactive bladder, and XalatanÂ® (latanoprost ophthalmic solution) for the treatment of glaucoma. PR