Email Last Updated Feb 13, 1: Merger plans are apparently not very far along. There's an integration team in place with "people from every corner of the company," Kerins said. Pfizer is keen to avoid the rancor caused by the previous merger with Pharmacia.
The Wall Street Journal reported Friday that the companies have been in talks for months, although the report said any deal is not near completion and the state of the global markets could undo any plans.
Such a deal could cheer investors and analysts who have been pushing Pfizer — struggling with flat revenue, diminishing returns on research and looming generic competition to the world's top-selling drug — to make a bold move to get out of its doldrums.
Until now, it has been taking baby steps, cutting staff here, closing plants there and trimming its research portfolio. But acquiring Madison, N.
Representatives for both Wyeth and New York-based Pfizer declined to comment. Pfizer shares declined 45 cents, or Pfizer and wyeth.
Such declines are typical for a company doing a big acquisition. Lipitor is expected to face generic competition in Novemberand a high-profile effort to come up with a successor drug flamed out when torcetrapib had to be axed in late-stage testing because it triggered heart problems.
Last fall, Pfizer publicly conceded that failure when it narrowed its research areas and eliminated all new research on heart disease, the world's top killer. Wyeth's Heartburn drug Protonix got generic competition last year, when antibiotic Zosyn also lost patent protection, but that drug still has no generic competitors.
In any case, Wyeth's fortunes don't depend as heavily on any one drug as Pfizer's do on Lipitor. Wyeth is now one of the world's top biotech drugmakers and most of its revenue now comes from those drugs, vaccines and veterinary medicines, not chemically synthesized pills. That decision is now questioned by some analysts.
Analysts have predicted tie-ups in the pharmaceutical industry in recent months as most big companies prepare for a wave of major patent expirations over the next few years. Like most rivals, Pfizer and Wyeth have slashed jobs and other costs to prepare for that period, and Pfizer is widely expected to announce plans to eliminate one-third of its sales force when it announces fourth-quarter earnings Wednesday, the day before Wyeth releases its results.
At the same time, the Food and Drug Administration has become more reluctant to approve new drugs, leading to greater research expenses and costly delays in getting drugs approved.
Pfizer and Wyeth have responded by focusing on specific disease and scrapping research areas considered less promising. Pfizer is concentrating on Alzheimer's disease, cancer, schizophrenia, pain, inflammation and diabetes.
IP/09/ Brussels, 17 th July Mergers: Commission clears Pfizer's proposed acquisition of Wyeth, subject to conditions. The European Commission has approved under the EU Merger Regulation the proposed acquisition of the US pharmaceutical and health care products company Wyeth by the US global pharmaceutical company Pfizer. Pfizer and Wyeth will begin joint operations tomorrow, October 16, The merger of local Pfizer and Wyeth entities may be pending in various jurisdictions and integration is subject to completion of various local legal and regulatory obligations. Pfizer, which took over Wyeth and its property a year after Eldridge's departure, scaled back its Pearl River operation and sold a acre section of the campus to Industrial Realty Group in
Wyeth's core areas are cancer vaccines and drugs, neurological disorders, inflammation, metabolic disorders and musculoskeletal conditions. Wyeth got three drugs approved last year — antidepressant Pristiq, Relistor for constipation caused by narcotic painkillers, and the hemophilia drug Xyntha.
But shortly before that it had a grinding stretch where FDA repeatedly shot down its applications or demanded more information.Jan 26, · Pfizer's (PFE) announcement on Jan.
26 that it will buy Wyeth (WYE) for $68 billion in cash and stock called up visions of past Pfizer acquisitions for . Wyeth Pharmaceutical Division of Wyeth Holdings LLC, a subsidiary of Pfizer Inc. HIGHLIGHTS OF PRESCRIBING INFORMATION These highlights do not include all the information needed to use TRUMENBA safely and effectively.
The acquisition of Wyeth was a cash-and-stock transaction valued, based on the closing market price of Pfizer’s common stock on the acquisition date, at $ per share of Wyeth common stock (Pfizer.
Forward-Looking Statements of Pfizer Inc.
The webcast may include forward-looking statements about, among other things, our anticipated future operating and financial performance, business plans and prospects, in-line products and product candidates, strategic reviews, capital allocation, business-development plans, the benefits expected from our business development transactions and plans.
Pfizer has inherited Wyeth's liabilities in the American Cyanamid site in Bridgewater, New Jersey. This site is highly toxic and an EPA declared Superfund site.
Pfizer has since attempted to remediate this land in order to clean and develop it for future profits and potential public uses. Pfizer and Wyeth’s combined presence will be significant in high-growth emerging markets, such as Latin America, the Middle East and China, where Wyeth has an impressive presence in infant nutritionals and Pfizer is a recognized leader in pharmaceuticals.