NEW YORK, October 14, 2009 (AFP) - Pfizer said Wednesday it was ready to close its deal to buy pharmaceutical rival Wyeth, boosting the size of the world's biggest drugmaker, after getting US and Canadian regulatory approval.

Pfizer, the maker of Viagra for erectile dysfunction and Lipitor for cholesterol, said it would close the transaction on Thursday after getting approval from the US Federal Trade Commission and Canadian authorities.

"With the receipt of these clearances, Pfizer has now satisfied the regulatory approval requirements under the merger agreement to complete the acquisition of Wyeth," the company said.

Regulators had required Pfizer to sell certain animal health assets in the US and Canada to Boehringer Ingelheim, as previously announced.

"We are pleased to have received all of the requisite regulatory approvals for our combination with Wyeth," said Jeffrey Kindler, chairman and chief executive officer.

"We now look forward to combining the two companies so that we can achieve meaningful results for patients, customers and the communities we serve, as well as for our shareholders."

The Federal Trade Commission said it would approve the $68-billion deal but require "significant divestitures to preserve competition in multiple US markets for animal pharmaceuticals and vaccines."

An FTC statement said that a "thorough investigation" concluded that "the transaction does not raise anticompetitive concerns in any human health product markets."

"The Commission is dedicated to promoting competition in health care markets to ensure that costs are contained and to protect incentives for pharmaceutical companies to develop new medications," the statement added.

The Canadian Competition Bureau also issued a statement approving the merger.

"The Bureau is very pleased with this result," said Melanie Aitken, Canada's commissioner of competition. "The parties’ commitments address our concern that the merger would lessen competition substantially in the supply of certain human and animal health products."

Pfizer, already the world's biggest pharmaceutical firm, announced the planned merger in January, seeking diversification as it prepares for the expiration of patents on its blockbuster drugs.

The EU's executive branch -- which enforces EU competition law -- approved the deal earlier this year, also contingent on Pfizer's commitment to divest some of its operations in animal health vaccines, pharmaceuticals and medicinal feed additives in Europe.

Analysts say Pfizer is aiming to widen its revenue stream some of its key drugs face competition from generic manufacturers.

In announcing the deal in January, the New York-based firm said it would be cutting its global workforce by around 10 percent, eliminating jobs in sales, manufacturing, research and development, and administration. It will also reduce the number of manufacturing sites to 41 from 46.