January 26, 2009
Pfizer Agrees to Buy Wyeth for $68 Billion
Marking the largest pharmaceutical acquisition in nearly a decade, Pfizer, Inc., the world’s largest drug manufacturer announced today it will buy Wyeth for about $68 billion in a cash and stock acquisition valued at $50.19 per share. The deal happened as New York-based Pfizer is facing a host of issues including the expected loss of $13 billion a year in revenue for cholesterol fighter Lipitor starting in November 2011 when it gets generic competition, the payment of a hefty fine of $2.3 billion to settle allegations that it improperly marketed the now recalled anti-inflammatory drug Bextra, a low profit forecast for 2009, and nearly 8,000 job cuts starting immediately.
