Pfizer to Acquire Wyeth as Lipitor Patent Ends?

pfizerReports indicate that the world’s largest drug-maker, Pfizer, is in direct acquisition talks with competing drug-maker Wyeth. The buy-out could cost as much as $62 billion. Pfizer, the maker of Lipitor, has also been hit hard by the global financial crisis. The company recently announced 15,000 job cuts in a cost cutting move. The company CEO, Jeffrey Kindler, is facing mounting pressure to ensure the company remains competitive as the patent to Lipitor is set to expire in 2011. The cholesterol drug Lipitor has become the world’s best selling drug, earning Pfizer $12 billion in 2007. Many more drug-related patents are set to expire in the coming years, paving the way for competitors to cash in on some of the top medicine in the world. It is believed Pfizer could limit falling profits to about 11% as opposed to about a 23% projected decline in 2011 with the buy-out. If this acquisition occurs, we can expect job cuts simply given how big the acquisition is.


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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to hercules@business2press.com
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