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Wyeth Announces Holder Right to Surrender Convertible Debentures
Date:6/16/2009

MADISON, N.J., June 16 /PRNewswire-FirstCall/ -- Wyeth (NYSE: WYE) (the "Company") announced today that holders of Wyeth Floating Rate Convertible Senior Debentures due 2024 (the "Convertible Debentures") have the right to surrender their Convertible Debentures for purchase by Wyeth pursuant to their terms effective on the July 15, 2009 purchase date. As of June 12, 2009, there was $787,803,000 in aggregate principal amount of Convertible Debentures outstanding.

At the option of each holder, Convertible Debentures will be purchased by the Company at a cash purchase price of $1,000 per $1,000 principal amount at maturity of the Convertible Debentures, plus accrued and unpaid interest to, but excluding, the purchase date, if any.

Because the purchase date coincides with the July 15, 2009 interest payment date, there should be no accrued but unpaid interest payable on the Convertible Debentures on the purchase date, although regular interest payments will be due on the same date to all holders of record on July 1, 2009, the regular interest payment record date.

Holders who were not the record holders of Convertible Debentures on July 1, 2009 will not be entitled to receive the July 15, 2009 interest payment on the Convertible Debentures.

The current conversion rate of the Convertible Debentures is 16.7356 shares of Wyeth common stock, par value $0.33 1/3 per share (the "Common Stock"), payable at the option of the Company in cash and/or Common Stock, if any, per $1,000 aggregate principal amount at maturity of Convertible Debentures outstanding, which is equivalent to a current conversion price of approximately $59.7529 per share.

Assuming that the price per share of the Common Stock is $44.80, the closing price of the Common Stock on the New York Stock Exchange on June 12, 2009,
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SOURCE Wyeth
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