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FTC clears J&J, Pfizer deal


Published : Fri, 19 Jan 2007 20:16
By : Agencies
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WASHINGTON (AFX) - Government regulators said Friday they have formally cleared Johnson & Johnson's $16.6 billion purchase of Pfizer Inc.'s consumer products division.

The Federal Trade Commission voted unanimously to approve the deal after the close of a public comment period. Such popular Pfizer brands as Neosporin ointment and Listerine mouth wash are now the property of Johnson & Johnson.

Johnson & Johnson announced the close of the purchase late last month after submitting to requirements from the Federal Trade Commission.

Under provisions set by the government, Johnson & Johnson and Pfizer Inc. agreed to sell four product lines in order to close the deal.

Shares of Johnson & Johnson rose 7 cents Friday to $67.78 while Pfizer rose 5 cents to $27.22, both on the New York Stock Exchange.

Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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