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Pfizer Closer to $52B Pharmacia Purchase

March 17, 2003

NEW YORK (AP) _ Pfizer Inc. and Pharmacia Corp. said Monday they struck a deal with the staff of the Federal Trade Commission on what assets they will sell to secure government approval of Pfizer’s planned $52 billion purchase of Pharmacia.

The companies said they have signed agreements for the assets to be sold, but they did not disclose what they were or who the buyers are.

In a joint statement, they said the products and compounds to be divested are ``not material, either individually or on the aggregate, to the company’s business or operations.″

Pfizer’s proposed purchase of Pharmacia would bolster its position as the world’s biggest drug company.

Last month, the European Commission cleared the deal after the companies agreed to sell some businesses. The companies agreed to sell some of their Viagra-type and incontinence drugs currently in development, as well as an animal penicillin drug in Germany. It also will sell or license the hypertension drug Ketensin in the Netherlands.

New York-based Pfizer has blockbuster drugs such as cholesterol-lowering agent Lipitor and erectile dysfunction drug Viagra. Pharmacia, based in Peapack, N.J., makes the cancer drug Camptosar as well as Rogaine hair products and the Nicorette smoking cessation line.

The companies said Monday they hope to win U.S. regulatory approval of their deal in time to close the transaction sometime next month.

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