The purpose of this study is to determine whether bazedoxifene/conjugated estrogens combinations are effective in the treatment of moderate to severe vasomotor symptoms associated with menopause.

Inclusion Criteria:

• Generally healthy, postmenopausal women, aged 40 to 64, with last natural menstrual period completed at lease 6 months ago
• Intact uterus
• Seeking treatment for hot flushes and experiencing 7 moderate to severe hot flushes per day or 50 per week

Exclusion Criteria:

• History of active presence of thrombophlebitis, thrombosis, thromboembolic disorders
• History of active presence of stroke, TIA, heart attack or ischemic heart disease
• History of melanoma, breast or any gynecologic cancer at any time; history of any other cancer within the past 5 years