Pfizer Inc announced that the European Commission (EC) has approved the company's pending acquisition of Wyeth with the condition to divest certain animal health assets in the EU.

The European Commission's decision marked a significant milestone for the pending acquisition, said Amy Schulman, senior vice president and general counsel of Pfizer.

In addition, Pfizer announced that China's Ministry of Commerce has extended its review of Pfizer's regulatory submission beyond the initial thirty-day period. The completion of the transaction remains subject to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the US, governmental and regulatory approvals in certain other jurisdictions, and approval by the stockholders of Wyeth.

Schulman said, ''We continue to work cooperatively with the regulatory agencies to obtain the requisite approvals, and continue to expect the transaction to close at the end of the third quarter or during the fourth quarter of 2009.''