Around the region
Pfizer Inc. of New York yesterday said it has completed its $68 billion purchase of rival drug maker Wyeth, following the approval of regulatory agencies and Wyeth stockholders.
Shares of Wyeth, which is based in Madison, N.J., ceased trading on the New York Stock Exchange yesterday. Under terms of the merger, each outstanding share of Wyeth common stock has been converted into the right to receive $33 in cash and 0.985 of a share of Pfizer’s common stock.
The merger will increase Pfizer’s presence in Massachusetts, where it runs research and development labs. As part of the deal, Pfizer will take over Wyeth’s biopharmaceutical campus in Andover.
© Copyright 2009 Globe Newspaper Company.
