Conditional approval of the Ministry of Commerce decided to Pfizer's acquisition of Wyeth

Core Tip: the Ministry of Commerce 4, issued a public notice in its official website, make a conditional approval of Pfizer's acquisition of Wyeth's anti-monopoly review and decision. For the review found that the limitations of individual products or exclusion of competition issues, with the declaration of the Ministry of Commerce carried out a full consultation and the adverse competitive effects on the elimination of a solution to reach a consensus.

China news agency Xinhua October 4 on the 4th Chinese Ministry of Commerce issued a public notice on its official website to make conditional approval of Pfizer's acquisition of Wyeth's anti-monopoly review and decision.

Notice that this year, June 9, the Commerce Department received the U.S. company Pfizer's acquisition of Wyeth concentration of reporting applications, June 11, and additional information received on the 14th, June 15th to be placed on file. According to relevant laws and regulations, the Ministry of Commerce of the case, the implementation of a preliminary review of the preliminary review deadline for entry is July 15. The review process, the Commerce Department found that the focus on the field of animal health products exist to limit or exclude competition, a preliminary examination before the expiry of the implementation of the decision to further review the case, the phase of the review process for this year's October 13 deadline.

For the review found that the limitations of individual products or exclusion of competition issues, with the declaration of the Ministry of Commerce carried out a full consultation and the adverse competitive effects on the elimination of a solution to reach a consensus.

It is understood that in the mainland China market, trading on the existing overlapping products are as follows: First, human drugs, specifically including J1C (broad-spectrum penicillin) and the N6A (anti-depressants and mood stabilizers); two animal health products, specifically including pig Mycoplasma pneumonia vaccine, swine pseudorabies vaccine, and dogs with joint seedlings. Meanwhile, Pfizer and Wyeth competition in the market structure after the merger of substantive change, will have to limit or exclude competition.

To this end, the conditions attached to the Ministry of Commerce decided to approve the concentration, asked Pfizer, Inc. to fulfill seven obligations, including spin-off in China (referring to mainland China, excluding Hong Kong, Macau and Taiwan), Pfizer's brand of Swiss-fold fitness ( Respisure) and Shui-fold fitness - wang (Respisure One) of the swine mycoplasma pneumonia vaccine business; Pfizer Inc., the Ministry of Commerce approved the concentration must be passed within six months after the trustee for the purchaser of the divested business to find, and with the signing of sale and purchase agreement.

According to local media reports, Pfizer, Wyeth involving an amount of up to 68 billion U.S. dollars acquisition, is a global pharmaceutical industry's largest mergers and acquisitions in the past decade.