At the closing of the transaction, Wyeth stockholders will be entitled to receive $33 in cash and 0.985 of a share of Pfizer common stock for each share of outstanding Wyeth stock. The transaction remains subject to necessary global regulatory approvals and other customary closing conditions. On July 17, 2009, an important condition was met when European regulators announced that they had approved the merger. A closing date for the merger has not been announced, but the companies continue to expect the transaction to close at the end of the third quarter or during the fourth quarter of this year.
Summarizing highlights from the past year, Mr. Poussot stated: "The strength and diversity of the Company we have built enabled us to achieve strong 2008 financial results, bring important new products to market, and continue to make good on our research commitment to tackle the world's most difficult diseases such as Alzheimer's and cancer. Despite a difficult economic environment and an unexpected generic attack on our third largest product, Protonix, Wyeth delivered solid financial performance with record revenues of $22.8 billion in 2008, an increase of 2%."
Wyeth also reported solid first quarter 2009 results, confirming that its long-term strategy to build one of the most diversified pharmaceutical companies is on course. By focusing on diversity by product line, by business, by technology platform and by geography, the Company generated 52% of its first quarter revenue outside the United States and 60% o
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