China Approves Pfizer's Wyeth Buyout

NEW YORK (AP) -- Drug developer Pfizer Inc. said Tuesday China's ministry of commerce approved the company's $68 billion buyout of rival Wyeth.

Pfizer will divest certain animal health assets in China, the New York-based company said.

The buyout deal still needs regulatory approval in the U.S., Canada, and Australia. The companies expect the deal to close early in the fourth quarter.

In afternoon trading, Pfizer shares rose 27 cents to $16.84 while shares of Madison, N.J.-based Wyeth rose 57 cents to $48.66.

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