DOW JONES NEWSWIRES
Boehringer Ingelheim Gmbh agreed to acquire animal health assets
that Wyeth (WYE) is required to sell to win regulatory approval for
its $68 billion sale to Pfizer Inc. (PFE).
Financial terms weren't disclosed.
The German company will acquire products, research and
manufacturing facilities in Iowa and related assets and
intellectual property. The products include cattle and small animal
vaccines and some animal pharmaceuticals.
Boehringer Ingelheim also intends to acquire animal health
assets in other jurisdictions, including companion animal vaccines
in Australia and cattle vaccines in the European Union and South
Africa.
Pending antitrust approvals and further sales of overlapping
operations, Pfizer expects to close the transaction early in the
fourth quarter.
In a similar scenario, Merck & Co. (MRK) also was required
to sell some animal health assets to close its pending $41 billion
acquisition of Schering-Plough Corp. (SGP). Last week, French drug
company Sanofi-Aventis SA (SNY) said it completed the acquisition
of Merck's 50% interest in Merial Ltd., an animal health joint
venture of the two companies, for $4 billion.
Pfizer's shares were at $16.65, up 1 cent, in after-hours
trading, while Wyeth's rose 0.4% to $48.45.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com