ACCC WILL NOT OPPOSE PROPOSED ACQUISITION OF WYETH BY

PFIZER AFTER PROPOSED SALE OF ANIMAL HEALTH ASSETS

The Australian Competition and Consumer Commission today announced that it will not
oppose the proposed acquisition of Wyeth Corp by Pfizer Inc after competition concerns
were resolved by Pfizer's undertaking to sell certain Australian animal health assets.

Pfizer and Wyeth, both global pharmaceutical companies, entered into an agreement
under which Pfizer proposed to acquire Wyeth. The transaction is being reviewed by a
number of competition agencies around the world.

In Australia, Pfizer and Wyeth compete in a number of human and animal health
markets, with Wyeth operating its animal health business here under the name Fort
Dodge Australia.

After consultation with a range of market participants, including wholesalers,

veterinarians, government agencies and other pharmaceutical manufacturers, the ACCC
identified a number of animal health markets where divestitures were required to
address competition concerns.

The ACCC concluded that the proposed acquisition would significantly increase
concentration in a number of animal vaccine markets, due to the limited number of
current suppliers. Without the proposed divestitures, there would be three or less
suppliers, including Pfizer, in the animal vaccine markets.

"The ACCC found that new entrants or imports were unlikely to effectively constrain the
merged entity due to significant regulatory and other barriers associated with the
manufacture and importation of vaccines," ACCC chairman, Graeme Samuel, said.

Further, the ACCC concluded that the merged entity would have considerable market
power in certain animal pharmaceutical markets, through the supply of market leading
cattle and sheep worming products. The ACCC found that other cattle and sheep
worming products would be unlikely to constrain the merged firm and generic entry was
unlikely to be timely or effective given the difficulties in accessing the active ingredient
used to make these worming products.

To address these concerns Pfizer offered a court enforceable undertaking that will see
certain Fort Dodge assets sold after completion of the acquisition. In consulting on the
undertaking, market participants widely agreed the competition concerns would be
resolved through the sale of the assets as two packages -
• the Fort Dodge companion animal business, including a number of companion
animal products, to be sold to Boehringer Ingelheim, which the ACCC has approved
as the purchaser, and
• the livestock business, which includes a number of Fort Dodge livestock products, a
manufacturing facility located in Penrith.

Generally, market participants did not raise competition concerns in relation to the
human health markets and the ACCC did not identify any further concerns in these
markets.

In conducting its review the ACCC closely coordinated with agencies in other countries
which were also reviewing the transaction.

"The ACCC is satisfied, taking into account the undertaking, that the proposed
acquisition of Wyeth by Pfizer is unlikely to substantially lessen competition," Mr Samuel
said.

The undertaking will be available on the ACCC's website, www.accc.gov.au

A Public Competition Assessment outlining the ACCC's reasons for its decision will be
available on the ACCC's website in due course (refer to Public Competition
Assessments).

Media inquiries
Mr Graeme Samuel, chairman, (03) 9290 1812 or pager/mobile 0408 335 555
Ms Lin Enright, director, media unit, (02) 6243 1108 or 0414 613 520
General inquiries
Infocentre: 1300 302 502
NR 241/09
30 September 2009