Morgan Lewis Advises Pfizer on FTC Approval of $68 Billion Wyeth Acquisition and Related Litigation
news source:Press Releases
WASHINGTON, D.C., October 15, 2009: The Federal Trade Commission (FTC) has voted unanimously to approve Pfizer's acquisition of Wyeth. In January, Pfizer, the largest pharmaceutical company in the world, and Wyeth, the 12th largest drugmaker in the country, announced the $68 billion merger. The divestiture package of animal health products, which addressed each area of potential competitive concern, was one of the most complex ever approved by the Commission in terms of the number of affected products, the special challenges relating to transferring of vaccines, and the several requirements designed to ensure the success of the remedy. After a thorough eight-month investigation, the FTC found no concerns in any human health area. Morgan Lewis represented Pfizer before the FTC.
In addition, Morgan Lewis defended Pfizer in Golden Gate Pharmacy et al v. Pfizer and Wyeth, a private case filed in the U.S. District Court for the Northern District of California seeking to enjoin the acquisition. On October 14, the court denied the plaintiffs' motion for a temporary restraining order and granted Pfizer's motion to dismiss the complaint.
The Morgan Lewis team on these matters included Antitrust Practice leader Scott Stempel and Antitrust partners Harry Robins and J. Clayton Everett, Jr.; Litigation partners Franklin Brockway Gowdy, Kent Roger, and Lisa Tenorio-Kutzkey; and associates Dan Schiffer, David Brenneman, Sarah Rabinovici, R. Sturtevant Eaton, Jeanette Thurber, Amy Schuller, and Mark Hitchcock.
For additional information on the transaction, please see Pfizer's press release online at http://www.pfizer.com/news/press_releases/pfizer_press_releases.jsp?rssUrl=http://mediaroom.pfizer.com/portal/site/pfizer/index.jsp?ndmViewId=news_view&ndmConfigId=1016273&newsId=20091014006096&newsLang=en.
Daniel A. Schiffer, David R. Brenneman, J. C. Everett, Jr., Scott A. Stempel, Kent M. Roger, Harry T. Robins, Franklin B. Gowdy, Sarah S. Rabinovici