Pharmacia & Upjohn Gets Final Clearance
The final hurdle for the merger of the Swedish company Pharmacia with US drug firm Upjohn has been cleared. Pharmacia shareholders representing 96% of the firm's shares have accepted the merger plan, the company has announced. Shares in the new firm Pharmacia & Upjohn start trading on the Stockholm Stock Exchange on November 6, and P&U stocks started trading on the New York Stock Exchange on November 3.
Upjohn shareholders approved the merger in October and the two companies concluded talks with the US Federal Trade Commission last month, with Pharmacia agreeing to license out an anticancer agent in development because Upjohn is developing a compound in the same class.
The final count and certain essential measures of a formal nature, which are required before the merger can occur, were expected to be completed as the Marketletter went to press. It is planned that to make it possible for stockholders who have not submitted their shares to accept the offer, the acceptance period will be extended through November 17.
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