Pfizer Inc announced that the Australian Competition and Consumer Commission (ACCC) has approved the company's pending acquisition of Wyeth, with the decision including Pfizer's commitment to divest certain animal health assets in Australia.

''We are pleased to have achieved another significant milestone this week with the ACCC's approval of the pending acquisition,'' said Jeff Kindler, chairman and chief executive officer, Pfizer.

This follows after the recent approval from China's Ministry of Commerce.

The transaction remains subject to regulatory approval in the US and Canada. Pfizer expects to obtain these approvals shortly and to close the transaction early in the fourth quarter 2009.

Pfizer is a world leading biopharmaceutical company that develops, manufactures and delivers prescription medicines to treat and help prevent disease for both people and animals.