MADISON, N.J., July 20 /PRNewswire-FirstCall/ -- Wyeth (NYSE: WYE) today announced that its stockholders overwhelmingly approved the adoption of its merger agreement with Pfizer (NYSE: PFE) at Wyeth's Annual Meeting of Stockholders. Based on a preliminary vote count by Wyeth's transfer agent, over 98 percent of shares voted favored the merger. Approval of the merger agreement required an affirmative vote of the majority of outstanding shares.
Commenting on the transaction, Bernard Poussot, Wyeth's Chairman, President and Chief Executive Officer, stated: "The merger is in the best interests of our Company and our stockholders. Combined with Pfizer, we see opportunities for increased scale where needed and resources to become the world's premier biopharmaceutical company and an industry leader in human, consumer and animal healthcare, in both disease prevention and treatment. The combined organization will continue Wyeth's mission to bring innovative medical solutions to patients around the world."
Mr. Poussot also said that the Pfizer transaction resulted from recognition of Wyeth's success in research and development and its early entry into biotechnology, which led to $8 billion in revenue from biopharmaceutical and vaccine products in 2008, making Wyeth the fourth largest biotechnology company in the world.
Mr. Poussot also provided an update on the merger integration planning process with Pfizer. "Wyeth is very engaged in the integration planning process and is working with Pfizer to continue the strategies that have led to our successes. Pfizer views this merger unlike others it has done in the past. They are adding entire businesses and capabilities to enable a significant pre
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