The EU's competition services will examine US drug manufacturer Pfizer Inc's takeover of rival Wyeth, the largest pharmaceutical takeover deal in nearly a decade, the European Commission announced Tuesday.
The EU Commission will give its opinion on July 6 on whether the deal breaches European competition rules, the EU executive said in a statement.
On that date Brussels could give its green light to the 68 billion dollar deal, with or without conditions, or -- if it is not satisfied -- launch a more in-depth enquiry into the takeover.
Pfizer, already the world's biggest pharmaceutical firm, announced the deal in January, seeking diversification as it prepares for the expiration of patents on its blockbuster drugs.
Analysts say Pfizer, the maker of some of the world's biggest selling pharmaceuticals including the anti-cholesterol treatment Lipitor and erectile dysfunction drug Viagra, is aiming to widen its revenue stream as some of its key drugs face competition from generic manufacturers.
The deal appears to be the biggest takeover in the pharmaceutical sector since Pfizer acquired Warner-Lambert Co. for 93.4 billion dollars in 2000.
The combined company will be number one in terms of biopharmaceutical revenues in the United States with a market share of about 12 percent.
It will hold about 10 percent of the market in Europe.
Copyright 2009 AFP Global Edition
