Wyeth Announces Full Redemption of Floating Rate Convertible Senior Debentures Due...

Wyeth Announces Full Redemption of Floating Rate Convertible Senior Debentures
Due 2024

MADISON, N.J., Aug. 17 /PRNewswire-FirstCall/ -- Wyeth (NYSE: WYE) (the
"Company") announced today that it has called for the full redemption of all
of its outstanding Wyeth Floating Rate Convertible Senior Debentures due 2024
(the "Convertible Debentures") on September 15, 2009. As of August 14, 2009,
there was $22,664,000 in aggregate principal amount of Convertible Debentures
outstanding.

Convertible Debentures will be redeemed by the Company at a cash purchase
price of $1,000 per $1,000 principal amount at maturity of the Convertible
Debentures, plus accrued and unpaid interest from July 15, 2009, the regular
interest payment date, to, but excluding, the redemption date.

At any time prior to the close of business on the business day immediately
preceding the redemption date, holders may elect to convert all, or a portion
of, their Convertible Debentures. The current conversion rate of the
Convertible Debentures is 16.7356 shares of Wyeth common stock, par value
$0.33 1/3 per share (the "Common Stock"), payable at the option of the Company
in cash and/or Common Stock, per $1,000 aggregate principal amount at maturity
of Convertible Debentures outstanding. The Company intends to settle the
entire amount of any conversion of the Convertible Debentures in cash.
Assuming that the price per share of the Common Stock is $46.78, which was the
closing price of the Common Stock on the New York Stock Exchange on August 12,
2009, the amount that holders of Convertible Debentures would be entitled to
receive upon conversion would be $782.89 per $1,000 aggregate principal amount
at maturity of Convertible Debentures outstanding. Holders who convert
Convertible Debentures will generally not be entitled to any accrued and
unpaid interest and will only receive the amount due upon conversion.

The Company is implementing this redemption pursuant to a request from Pfizer
Inc. under the terms and conditions of the Agreement and Plan of Merger (the
"Merger Agreement") dated January 25, 2009, between the Company and Pfizer.
Holders who convert Convertible Debentures will not receive any amounts
pursuant to the Merger Agreement and will only receive the amount due upon
conversion discussed above.

A Company Notice of Redemption detailing the redemption and conversion rights
is being sent by The Bank of New York Mellon, the Trustee under the indenture
relating to the Convertible Debentures, on behalf of the Company to The
Depository Trust Company as sole record owner of Convertible Debentures.
Copies of the Company Notice of Redemption and additional related information
may be obtained from the Trustee by calling (800) 275-2048.

About Wyeth
Wyeth is one of the world's largest research-driven pharmaceutical and health
care products companies. It is a leader in the discovery, development,
manufacturing and marketing of pharmaceuticals, vaccines, biotechnology
products, nutritionals and non-prescription medicines that improve the quality
of life for people worldwide. The Company's major divisions include Wyeth
Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.

The statements in this press release that are not historical facts are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed or
implied by such statements. These risks and uncertainties include, among
others, risks related to our proposed merger with Pfizer, including
satisfaction of the conditions of the proposed merger on the proposed
timeframe or at all, contractual restrictions on the conduct of our business
included in the merger agreement, and the potential for loss of key personnel,
disruption in key business activities or any impact on our relationships with
third parties as a result of the announcement of the proposed merger; the
inherent uncertainty of the timing and success of, and expense associated
with, research, development, regulatory approval and commercialization of our
products and pipeline products; government cost-containment initiatives;
restrictions on third-party payments for our products; substantial competition
in our industry, including from branded and generic products; emerging data on
our products and pipeline products; the importance of strong performance from
our principal products and our anticipated new product introductions; the
highly regulated nature of our business; product liability, intellectual
property and other litigation risks and environmental liabilities; the outcome
of government investigations; uncertainty regarding our intellectual property
rights and those of others; difficulties associated with, and regulatory
compliance with respect to, manufacturing of our products; risks associated
with our strategic relationships; global economic conditions; interest and
currency exchange rate fluctuations and volatility in the credit and financial
markets; changes in generally accepted accounting principles; trade buying
patterns; the impact of legislation and regulatory compliance; risks and
uncertainties associated with global operations and sales; and other risks and
uncertainties, including those detailed from time to time in our periodic
reports filed with the Securities and Exchange Commission, including our
current reports on Form 8-K, quarterly reports on Form 10-Q and annual report
on Form 10-K, particularly the discussion under the caption "Item 1A, Risk
Factors" in our Annual Report on Form 10-K for the year ended December 31,
2008, which was filed with the Securities and Exchange Commission on February
27, 2009. The forward-looking statements in this press release are qualified
by these risk factors. We assume no obligation to publicly update any
forward-looking statements, whether as a result of new information, future
developments or otherwise.

SOURCE Wyeth

Media, Douglas Petkus, +1-973-660-5218, or Investors, Justin Victoria,
+1-973-660-5340, both of Wyeth