Pfizer to acquire Wyeth
26 Jan 2009
New York - Pfizer is acquire Wyeth for around $68 billion to create a major new company in the global health care industry with a broad and diversified global product portfolio. The deal is expected to yield cost savings of about $4 billion within three years through efficiencies in selling, informational and administrative functions, research and development, and manufacturing.
Jeffrey Kindler, chairman and CEO of Pfizer, said: "The combination of Pfizer and Wyeth provides a powerful opportunity to transform our industry. It will produce the world¹s premier biopharmaceutical company whose distinct blend of diversification, flexibility, and scale positions it for success in a dynamic global health care environment. The new company will be an industry leader in human, animal and consumer health.
"With our combined biopharmaceuticals business, it will lead in primary and specialty care as well as in small and large molecules. Its geographic presence in most of the world¹s developed and developing countries will be unrivalled."
