The Federal Trade Commission approved the deal Wednesday, and Pfizer said the Canadian Competition Bureau also gave its blessing. Pfizer will have to sell about half of Wyeth's animal health business and change a Canadian distribution agreement, and the company said it will also sell its horse vaccine business.
German drugmaker Boehringer Ingelheim will buy those divisions, including Wyeth's vaccines for cattle, dogs, and cats, and medicines used in treating cattle, dogs, cats, and horses.
The sale will pump up the sales and pipeline of New York-based Pfizer by giving it Madison, N.J.-based Wyeth's biotechnology drugs and vaccines like Prevnar. Its top selling drugs include the antidepressant Effexor, and Enbrel for rheumatoid arthritis.
Wyeth shares rose 43 cents to $49.59 in afternoon trading, and hit an annual high of $49.90. Pfizer stock added 15 cents to $16.93.