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The mega pharmaceutical merger between Wyeth (NYSE: WYE) and Pfizer (NYSE: PFE) is one step closer to becoming official today after overwhelming approval by Wyeth shareholders.The shareholder vote to sell Wyeth to Pfizer was not even close. Around 98% of shareholders voted to approve the sale, which is expected to happen by the end of the year.
Before the merger can become official, it still has to be approved by antitrust regulators in the U.S. The European commission has already approved the deal subject to Pfizer shedding part of its animal health assets it has in Europe.
Assuming the deal goes through, Wyeth shareholder will be receiving $33 for each share that they own in the Wyeth, plus 0.98 shares of Pfizer for each Wyeth share. At Pfizer's current price of $14.98 that would mean Wyeth shareholders would be receiving an equivalent of $47.68 for each share of Wyeth. Wyeth stock is currently trading at $46.00.
The companies reached a cash and stock deal earlier this year totaling $68 billion.
Following the merger Pfizer expects that it will reducing the two company's work forces by about 15%.
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