Clearance application from Pfizer Laboratories

Commerce Commission receives clearance application from Pfizer Laboratories Limited

The Commerce Commission has received an application from Pfizer Laboratories Limited to acquire the business assets of Pharmacia Limited Company.

The application 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.

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.

In considering the application, the Commission’s role is to determine whether the merger has the effect of substantially lessening competition in a market.

A public version of Pfizer’s application will shortly be available on the Commission’s website under Adjudication.

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