Commission clears Pfizer Laboratories to acquire Pharmacia
Published04 Apr 2003
The Commerce Commission has cleared Pfizer Laboratories Limited to acquire the business assets of Pharmacia Limited Company subject to a confidential undertaking.
The acquisition forms part of an international agreement announced by Pfizer Inc and Pharmacia Corporation whereby Pfizer Inc is to acquire Pharmacia Corporation in a stock-for-stock transaction.
Chair John Belgrave said the Commission was satisfied that the proposed acquisition would not have, nor would be likely to have, the effect of substantially lessening competition in the markets considered in this application.
The Commission's written decision on the application will be available soon on the Commission's website, www.comcom.govt.nz, select Adjudication.
Background
Pfizer Inc is a publicly held corporation listed on the New York Stock Exchange. Pfizer NZ is a subsidiary of Pfizer Corporation (Panama). The principal activities of Pfizer in New Zealand are the distribution and marketing of a range of pharmaceutical, consumer and animal health products.
Pharmacia NZ is an overseas company registered in New Zealand and is a wholly owned subsidiary of Pharmacia Corporation. The principal activities of Pharmacia in New Zealand are the distribution and marketing of pharmaceutical and veterinary products.
Media contact: Fritha Mackay, Market Structure Manager
